All Forum Posts by: Allen Lopez

Hi everyone, I would like to buy a house to flip but i am not sure where to start. I’m guessing auction properties are the best starting place. Has anyone here used auction.com? Is it recommended? Any other suggestions? Thanks

Hey everyone, so about a month ago, I listed my property with a realtor. The realtor has not even had a showing. All he did was posted it up for sale in the MLS and took photos, with his iphone to post. I trying to be proactive I went ahead and also posted it up for sale on Facebook and told people about it via word to mouth. I have found a buyer who is interested. I showed him the property since my realtor was on vacation last week. Is there anything I can do to get out of the contract with the realtor and sell the property by owner since I did all the work. It doesn’t seem fair that I still have to give 6% up for nothing. I mean I guess he tried and took pictures, but is that even worth 6%? I don’t think so, especially since he went on vacation for two weeks. Thoughts?

So I have a unit that I bought in April 2017 for $71k HOA FEES ARE $300/month. I immediately rented it out for $850/month with an AMAZING Tenant. He pays rent on time, keeps the place spotless, and never gives me any issues. In may of this year I was going to increase the rent but I gave him a chose to pay $50 more per month or if he signed a two year contract I would keep the rent at $850/month. He agreed to the two year contract. This year the property has increased in value and is now worth $95-100k based on other units in the same complex being sold. I would like to sale it (meaning I would get 90% of sale price after all the fees and everything). i have $95k from another unit i just sold (hoa fees there where $300/month), and i have another $60k saved up. Questions: 1) should I sale? If I sale, I would put all the money together and instead buy a house ($200-250k with HOA fees at $150/quarter). Rent of the area where I am thinking is between $1500-2000/month. 2) can i sale with the tenant inside? I the tenant and I dont want him to lose his home (he has earn My respect). 3) can i ask more since I already have the tenant inside for two years?

@Matthew John I have always prefer that all expenses go to them. But that’s just my preference. Keeps money stable, plus you reduce potential complaints if the network is down, or not working.

@Matthew John One of the things that I always like to do in that position is in crease it and if you find a really good tenant (after screening, and checking everything) offer them a small yet significant discount if they are willing to sign a 2 or more year contract. This is very convenient, in my opinion, because it helps you insure that you will have passive income for a longer period of time. Plus if you think about how much it cost you (lost of rent, fees,...etc) for the time of vacancy between tenants it definitely makes up for it in the long run. Thy key is not go low enough to temp the tenant, yet stay as high as possible, where you still have. A good cash flow. I did that on a unit 2/2 that I could have rented for $900/month, and if the tenant signed a 2 year lease I could do it for $850/month. The tenant has been there for 3 years now, he keep the unit spotless, and always pays in time without any issues what so ever. In a yearly basis it only cost me $600 less than the rent. I made that by not having any vacancies.

@Caleb Heimsoth yeah I thought so. Thanks

So I had this tenant that kept being late every month and I finally got tired of it and evicted her two two months ago. After she was served her 24 hours to vacate, she took a $200 microwave, left the unit extremely dirty, damage the carpet with paint (on purpose)....long story short, her deposit was only $1000 and damages and stolen property came out to about $1500. Can I do anything about it?

@Luka Milicevic @Aaron Klatt I grew with you guys as far as the HOA fees. And that’s one of the things I am trying to get away from. I do like that a house has two forms of appreciation depending on location. Luka, As far as getting an apartment complex I am not there yet. A bit nervous about taking that dive just yet. Plus, and apartment complex would be a lot more expensive than a house (250-300k). I am curious, about multi family properties, duplex...etc but I feel like they are harder to find. Do you guys agree?

So I have two condos, that I am thinking of selling and instead purchasing a house. Rent wise the numbers add up, but I’m curious is anyone know what goes up in value faster. I am assuming houses would. Also, what’s easier and more desirable to rent. Any warnings? Concerns?

Looking for someone who is near me that I can learn from. New to investing and Its always nice to have a role model