All Forum Posts by: Jennifer Lee

Math is the math. present your offer, walk away but on a good note. tell seller if they change their mind... you will be here at this offer

or if they get a higher offer, at least you tried and GOOD for them. A first time homebuyer doesn't use your math.

If an offer falls through, they may come back.... you never know.

keep tabs on it. 

Also 65% 70% isn't set in stone. may be you need to redo some of your number, if you really want the property 

REMEMBER 65-70% is for REHAB. as a realtor I no longer use this formula. I really cant assume my investor's  comfort level.

My buy holds use ROI or CAP rates, so you really need to USE THE RIGHT MATH too ;p

My answer is one LONG phone call pre-screening. And if you are comfortable, meet in person after vetting

these are standard question I ask  potential clients and they ask me too b.c I also invest.

"So that we are on the same page, what are your thoughts on........"

"So I know your risk level, what kind of investing do you do?"

I like especially when they contact me and arrange an hour slot to just talk/intro ourselves.

I just learnt this technique, email your zoning department, inquire about the address and ask them to email you anything they have on the property. Any permits that was pulled, occupancy permits etc.

and you can negotiate from there.

I had one where, no permits were pulled on any renovation (illegal)

I had one where permits were pulled and that is much better for all

I had an inquiring of an illegal parking situation: and it turns out the city knows about it has in writing that it's ok to park there, as a variance already file.

Also I made inquires such as, can we add a garage? can  we turn this back into a triplex, duplex..... and they were able to answer all of that for me

and as a realtor, I go back to my clients and we move forward or terminate our offer.

Hi 

I m not from the area, but you should look into the zoning ;p where I am, they are enforcing no more than 3 unrelated ppl in a house. they will enforce a huge fine. especially in area where the municipalities are low in funding, or have student problems.

I prefer multi units (duplex, triplex etc) for students.  If you buy single family for student rental I would stick to 3 bedrooms.  4 bedroom can be tricky if you want to rent to 4 individuals.  And don't go with the, "my neighbor is doing it".  

Call your city zoning department, do your due diligence

following same issue

I did the insulation thing, restaurant tenant still complain upstairs kids running around and loud.

my next thought is carpeting the upstairs unit and no more kids in the above unit, or have them know about noise issue before signing lease.

Where are you located my GC has a radius. you can PM me

what a great idea ;p I m in!

specially for non military cities, we need all the help we can get ;p

Hi @Anthony Angotti

https://www.biggerpockets.com/forums/49/topics/433...

I don't think you can use LLC for an FHA loan ;p

Having said that, I think Duplex hacking is a good idea.

In fact I think @Chris Pasternak may have a triplex for you in south side that may work for your hacking, you should ask him ;p

I am also a investor/realtor in the area ;p

call around, I called a few before finding my alarm and sprinkler guy ;p if they know the specific township, it's better ;p

I had a fire suppression system put into my restaurant.  When I called them back for my sprinkler system in a different town and building. Their numbers were ridiculous.

I called a more local company to my building. They knew all the players in the municipality and everything went smoothly. And they didn't need a DO OVER like my first company.  I had existing system.  It is old and functional, it didn't need to be ripped off and re-done ;)

so always do your due diligence.  

your strategy is similar to mine

our market is also rising.

so I now moved to multi unit, mixed used or commercial. Or look for value add.

do things other ppl don't want to do.

multi/commercial is much more involved especially if TLC or deferred maintenance needs to be addressed yesterday/today.

but if you put positive energy, it will cash flow. and having multiple units under one roof for me is better than one turn key SFR.

commercial takes longer but its worth it with good tenants with 5-15 yr triple net leases ;)

this is my 2 cents. I'm in investor/Realtor in Pittsburgh