All Forum Posts by: Alan Grobmeier

@Jean-jacques M.  If you paid a title company the earnest money, you should be able to contact them, rescind the contract, and get your money back.   You just need to read the fine print.  Many companies now make the earnest non-refundable.   

@Jean-jacques M.

Consider the temporary loss of your earnest money to be a blessing.  You may or may not see it again. There are lots of documented cases where turnkey properties do not work out well.  My advice:  if you can't afford to go see it, you probably can't afford to buy it.  And don't buy "crap".  

Detroit, despite what ppl say, is still a war zone.  In 1985 it had 1.5 million ppl.  Today it's 800k.  Although people CAN make money in Detroit, you won't.  The chance of someone that is remote, without boots on the ground, making the same kind of money is slim at best.

@Victoria S. From what I understand and have heard, LoopNet is the very last place properties are offered. That means they have been picked over twice (pocket listings & then MLS) before making it to LoopNet.

@Account Closed   Generally speaking, LoopNet is where all the "dogs" go to die.  You need to find a good agent that is investor friendly, in the area you are wanting to invest.  It will also give you a chance to reset your expectations and compare with reality.   

@Account Closed  I don't avoid Tempe.  You need to watch your areas.  It's not presently part of my business model/portfolio.  I have nicer properties, 3/2's in good school districts.  My max rent is $1315 a month, most are around 1250-ish.  The highest I paid was 177k.  Today the minimum you would pay would be around 225k.  If you really have a 180k property in Tempe that rents for 1800 a month, it would be considered a unicorn.  ;-)

@Account Closed  Is it Guadalupe and not Tempe?  You need to be real careful with regards to "Tempe".  There are good areas, really good areas, and then bad ones.  At $1800 a month rent, you will have lots of problems.  That is way higher than the median rent for the area.  That means your place will need to be special.  And not just to you.  ;-). Imho you are looking for "nirvana", and it's not here.  I doubt you will be able to find an "all-in" house of 180k AND rent it for $1800 a month.  But good luck.  

@Account Closed  I know of no properties in Tempe (or even the phoenix area) that you can buy for 180k that will rent for $1800 a month.  Are you planning on renting rooms or house hacking?   ;-)

@Matt R.  I have not bought any TK, but I have "modeled" a number of them.  What I have found is that most are in areas with bad school systems.  Right off the bat these properties will be fraught with more turnover and longer vacancies than properties in better neighborhoods.  Turnovers are expensive.  So are vacancies.  PMs will get more money than the owner does in many instances.  Imho it isn't worth the risk.  At best you are "net zero" with no chance of appreciation helping you out.  Exit strategy is to sell to another investor?  

Go look for a "discount broker".  They will charge around 4.5%, 3% buyer, 1.5% seller.  You still save money and fewer hassles.   They seem to be popping up everywhere these days as RE becomes more automatic.

@David Faulkner  LMAO.  Sounds like the voice of experience.  ;-)