All Forum Posts by: Brooks Rembert

Very inspiring. Please keep posting to keep us all abreast of how your new career is progressing. 

Great job and good luck.

I would have started at your age. I'm glad you've found your calling so young. Best of luck to you.

Here in Virginia, at least in my county, you can go to the real estate assessor's website and type in the address. It will give you the current owner's name, address, when they purchased, purchase price, etc.

Is there a particular reason you want to use a management company? My wife and I own some rentals ourselves and self-manage. If you're screening your tenants well, you'll greatly reduce your headaches.

We aren't even considering a management company until we hit 10 units or so.

We closed on our second rental property in mid-December and spent the next six weeks or so doing a light rehab all by ourselves. We painted the entire interior, put up a backsplash in the kitchen, a couple of new light fixtures, etc. All in all, it was about $3,000 in rehab.

After about the third week, I put it up on Postlets for rent, hoping to get a little interest, so we weren't starting from square one when it was all complete. We had a descent amount of interest and showed it about six or seven times over the next three weeks, but I think the fact that it still had a bit of a "middle of a rehab" feel turned most people off, so lesson learned.

After we hit about 95% complete, we got a couple to sign the lease and give us the deposit money. So the takeaway is, wait until you're just about done before posting a home for rent. Even though I knew the unfinished look was turning people off, after six showings and no applications, it started to wear on me a bit.

The security deposit and pet deposit should have been transferred to you from the previous owner. I'd hit him up for it if he/she didn't pass it on to you.

@Marcus Irons I found it through good old fashioned legwork. Driving around, running down the owner through the county website and sending a postcard. 

I made an offer and was countered, which I declined. 

@Jesse T. @Robert Haynes typical comps for a 4/2 1900 sq ft house in the area are about $160,000

The mobile homes are on one lot. It's not a MHP, just has a couple of families living on it, it appears.

I've got a great lead on a potentially great flip property. It's on a half acre, great school district, strong comps, just outside the city limits in the county,  but my concern is that right next door are two mobile homes. 

Not manufactured houses,  flat out,  pre-1970 mobile homes. 

How much, if any, should I discount ARV?