All Forum Posts by: Aaron Thivierge

I had a response written, then I deleted it as to not offend anyone... I PROMISE you any/ ALL of the information Scott (or a paid salesman) will be presenting is available to you HERE on BIGGERPOCKETS FOR FREE. Furthermore, how many of your local REIA meetings have you attended? I guarantee you there are investors there looking to buy and sell. Do NOT spend $2000 on a guru. Do some reading here, go meet some local investors at your REIA meetings.

Have you analyzed the cashflow on this property? if you pay cash, you should net $700/ month: ( you didn't mention HOA). I budget repairs, cap expenses, property management and vacancy. With my numbers, I get 5.7% cash on cash return (COCR). I wouldn't touch this deal for a buy and hold. PS: If you financed it for 5% amortized 30 years, with 25% down, you'd cash flow $129/month or 3.17% COCR. I'd walk away from this one.

Joe, I LOVE it! nicely done... Please consider that realtor an ASSET to your business.  For her to be shopping around finding creative financing deals for you is not the standard.  Cherish this relationship as she seems to be working hard for you.  As mentioned, awesome job pulling the trigger on rental number 2. 

 Did you find it easier and less formidable once you all ready acquired number 1 to pull the trigger on the next one? 

Congrats on your REI success!

Nicely done. I love your strategy (also heard it 1st termed on the podcasts). I also appreciated your chronological updates start to finish, photos included, sharing the numbers with us.   Again, great job!

Edit to above post:  This sentence "Lastly, they are as cheap as you (2) $70 for the hardware:" 

Should have read: they are as cheap as you want to go, and get more expensive: 
NOT they are as cheap as you …I certainly did not mean like it was written.  

That was my question: How much do they pay in rent?  
$950/ month evokes a different answer than $500/ month.  At that rate, I don't see how you could loose by having it done now.  If I understand correctly, you have had this rented to a family for $950/ month for 7 months, there year lease may be coming up for consideration in 3-4 months.  This may make the difference between them renewing or looking elsewhere. 
This upgrade (when installed professionally) will just be more valuable for retaining tenants longterm. 
Lastly, they are as cheap as you (2) $70 for the hardware: 

https://www.google.com/#q=ceiling+fans+with+light&...

and 2 hours labor top for electrician to install. It may save/ make you money in the long run.  

I would be inclined to let him stay and not renovate at the moment (** As long as the current conditions are not a health hazard nor detracting from the other tenants in that vicinity).  I could only imagine as nasty of the conditions that you describe, your rehab will be in vain as he will not care for and maintain your upgrades thus leading to more expenses upon his vacancy.  Up the rent, and enjoy your mailbox money.  Then, when the time is right (he is no longer living there), put the funds into that rehab.  

hmmm, they work on my PC, iPhone, MacBook and iPad... Are they only viewed from the user of the account? I don't know the answer to that question. I can tell you they are awesome... And I think you have a couple free ones as non-pro member. 

Go to the analyze tab on top of the page, and then the calculators should appear. Try it- I think you get like 5 free then unlimited as a PRO account holder

Welcome to biggerpockets.  I would recommend listening to the iTunes podcast 'biggerpockets' starting at episode 1.  I started in January on episode 1 when I discovered BP, and just finished number 131 two days ago and eagerly awaiting the next episode.  The amount of information can be overwhelming.  But, it is ALL here for FREE:  you don't have to spend $33,000 for a masters class: just start reading. 
There is a white rectangle in the upper right portion of this screen that is a search function.  Start learning all you want about wholesaling, buy and hold, flipping, etc...  Probably the number one recommended real estate book is Robert Kiyosaki "Rich dad, poor dad": its a very easy read, and relays a lifestyle and mindset of an investor.  Please, buy it on amazon or get it from your local library: it's motivational, inspiring, and gets your mind in the right aura for an investing lifestyle. 

That last link I noticed defaults to a different number. In essence, that last link was to display $26,000 repaid at 5% over 5 years is $512/ month.