All Forum Posts by: Bob Prisco

@Marci Stein yes they owe you a fridge, deduct from SD,, 

@Joshua Feit reads as though it is in a war zone, Also what about allowing 10% for V/M ? 21% looks great on paper but reality can be very different.  If you have a strong team on the ground, sure go for it. , Its all about your team , all the best , 

@Frank Boet hell no. It all depends on your market. Buy and rent, who cares if prices go up or down, 10- 15% , still collect rent.  Flipping is a job, ( a good one, I have done 100s but still a job ) Rentals provide freedom.. All the best 

@Adam Noble correct 40k is not enough. This means buying for say, 25k, and putting in 15k, . Well you can not buy  in a decent  area for 25k,, ( 4 , 5 years ago sure )  So not really sure what you are planing. I am trying to help you, ( I do not want anything)  but you seem to be resisting. Are you trying to buy fix and sell, or buy and rent ? If flipping then for sure 40k is not going to work. 

 Cleveland is the most difficult place to do business in the US. Between the POS, and the inspectors, and finding good reliable contractors it will be a nightmare for a newbie.  I wish you all the best. 

@Adam Noble FLIP,? Whos is doing your rehab, ? what the PP and address ?  40k will not get you a property in a good area to make money on a flip. Im here to help anytime, 

@Jeremy Tallman I also ask for 3 months of rent to be escrow ed with title , and released if tenant pays on time , All the best and keep up the good work. 

@Adam Noble are you a cash buyer? If not it will be very difficult for you to get a good deal. Everyone I know and work with are cash buyers, close in a couple / few days vs 30, 60. Sellers want fast closings ,,as is ,,, good luck 

BTW, IF you do buy something, you can not just hire someone off the street for repairs, pulling permits, and  closing the POS,. There is a reason 90% of my biz comes from referrals, and repeat. I will be more then happy to help you. Again do not just hire anyone, you will get crushed, this is not speculation . It happen to me when I started out. 

@Marci Stein welcome to the rental world... Yes should have told you , but also you should be visiting the property at least once a month. Also 3k for an add on room, That must be a big room . 200 per sq with materiel installed  is what you should pay, no more. , DO NOT return the SD, 

@Eugene Mar it was the title error however you will not win. I do not know about the land bank in Detroit ,but in Cleveland it is EXTREMELY corrupt , you will not win. How about this. I purchased a tax lien, ( I have done more then 100 so experienced ) for 125k for a 24 unit building worth more then 500k. Well the county sold MY lien to the Land bank ( error in my paperwork, BS ! ) who then sold it ( really gave it away ) to another buyer. Turns out this same buyer gets A LOT of deals from the LB HMM, Well turns out the buyer opened his LLC about a month BEFORE the sale/ transfer ( how did they know they were getting MY property ) I have spent 35k on attorneys . County said , yes we messed up it should never have been sold, but like the saying , you cant fight city hall. End result it seems we are getting the upset price of 236k, so not a total disaster , but still a far cry away from the 100k per year NET I would be getting or sales price of 600k or more.

Unless you want to spend 10s of thousands  move on . 

@Millie H. How does one make money with this, its only about 7% net cap ?