All Forum Posts by: Antonio Chelala

Your real estate agent should be able to pull rental comps from the area. You could look at Zillow and see what rentals are going for in the area. Stay within the main streets.

If you are not local I would do google maps and virtually cruise the streets.

I would still work with a realtor- they will get you a walk through if its not occupied. If it is, do you have a plan to evict them? And then imagine what sort of damage might be inside. Do you know how to do repairs and improvements?

I was looking at a foreclosure over here. No pics. No tours. I drove past a few times and it looks vacant and good. The location isn't hot though.
I'm in Detroit and a quarter mile can make a huge difference. Shoot a mile west and that property I mentioned would be $200,000.

Yes makes sense, thanks! No, I am not local. You're right I haven't thought of the damage that could be hidden. Would you ever consider that property without looking at the interior for any damage or problems?

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Quote from @Billy Daniel:

You'll have to analyze it for both scenarios. It will likely go for more than they are asking as it looks like it's in decent shape. It will probably cash flow at that price, but there could be some major repairs needed that don't show up in photos. Do you have the ability to go see it in person?

Defintiely understandable, thanks for the advice! Would you recommend sending out inspectors and contractors? I am not located there, but if comes the time to buy, should I fly there and see it?

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Oh! But how would you know if it was actually the tenant or not? because there is definitely people that will claim they didn't damage the thing.

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Hello everyone,

I hope you are all well.

I am still educating myself on rental property investing and have a quick question to you if you would not mind.

If I have a rental property and a tenant is living there:

If for any reason for example, the faucet of the kitchen leaks water or breaks, or anything related to the bathroom gets damaged, or for example the fridge gets damaged. As a landlord I am responsible of that, correct? Is there any insurance of those types of damages, like Lemonade for example ? (since I am renting now, I have Lemonade insurance, since it is required by the building ahahah )

Thank you all :)

Best,

Antonio

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Hello everyone,

I am extremely grateful to have found this great platform and a community like you all:)

I am new to real estate and rental property investing, and I am starting to run the numbers on listings to train myself to see if there is Cashflow. I am now in the phase of educating myself and reading books and joined this forum to gain knowledge before I invest in real estate.

My question to you guys today, is I found a property for foreclosure at this address 1811 E Lakeview, Benton AR. I still don't have a good estimate of the rental prices, Zillow is suggesting a number but I don't always rely on it.

If the renting out the property generates cashflow, then I will buy and hold.

If the property does not generate cashflow renting it out, would it be profitable to buy the property and resell it, since it is on foreclosure?

Thanks a lot

Best,

Antonio

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All Forum Posts by: Antonio Chelala

Antonio Chelala has started 12 posts and replied 45 times.

Post: Buying my first property, a foreclosure, should I hold or resell?

Post: Buying my first property, a foreclosure, should I hold or resell?

Post: Who is responsible for the following?

Post: Who is responsible for the following?

Post: Buying my first property, a foreclosure, should I hold or resell?