All Forum Posts by: Steve Vaughan

Hey Kevin.  When you go in lower, I would have a specific figure.  $160,000 sounds like what it is, PFA (pulled from air).  I would do a nice specific number like $161, 747 and have a walk-away around $169k.  Looks like it came out of your calculator as NPV!  Also, the closing costs look pretty crazy high at $8k on a small dollar deal like this.  Gotta be a way to reduce that!

I would say your standard referral percentage is fine,  thank you!

For buy and hold, go with the complex.  Quality on-site mgt will be a huge blessing. Valuation's based on your numbers, not a house down the street.  4 green houses, 1 red hotel!  Good for you @Zamir Kazi ! Got some units and more $ to invest than most!

If an agent starts parading future buyers through my multi-families, disrupting my tenants and making me give notices to enter for nothing, I would no longer allow said agent to look at anything of mine.  You aren't only inconveniencing the agent.  Thought I'd throw that out there.

The good news is, it is doubtful any co would have a vacant property list that's any good.  If they did, everyone else would have this same list and you would have a lot of competition!  Get some bird dogs and other boots on the ground looking out for vacants for you if your time is too valuable to do it yourself.  You may have a niche with high barriers to entry.  No everything worthwhile is easy!

A lot of insurance carriers won't cover dwellings with PB pipes.  Be sure to check with yours!

I have had luck with a little heat gun.  A $39 unit gets it off pretty quick.  If it comes off in long strips, it's probably latex and you're ok!

I'd get bids from a couple plumbers and ask for the concession.  Every time I try and DIY a major deal like this, I under charge the seller and end up hosed.  

I had a washer that wasn't draining.  I pulled a child's sock out of the drain pump and it's worked great ever since.  Easy to check for that even though it may very well be the drain line.  I like to start with the low hanging fruit!

Wow, those taxes are crazy high!  Here I jump on anything priced at 100x monthly rent.  This, depending on condition and area, seems like it will pencil out.  Does it need work?  Is the area decent?  8-10% vacancy is high for my area.  Use it to your advantage when you negotiate.  If you are willing to deal with the higher tenant headache factor this appears to have, are satisfied as to why the owner is selling, and the tenants don't mention anything seriously wrong with the property when you ask them, I'd go for it!