All Forum Posts by: Bryce Wong

I sure hope you also did inspect your building prior to closing. Every property has their surprises.

In C neighborhoods, I would also factor in legal costs and eviction costs as a precaution. You can never be too sure especially if you are inheriting tenants. A $2000 cash flow can quickly become negative when all the hidden repair costs and problem tenants come to light.

I would do a 1031 and buy up other properties that meet my criteria. Make sure you jot down a goal of what you want to achieve and stick to your criteria.

Rick Bassett Are you managing the property yourself or do you have a property manager? What I found to be extremely helpful is giving the tenant an incentive or a discount if they do automated ACH bank transfers initiated on the 1st every month. Even though it's a measly $20, trust me, it works wonders.

It's important to know what the market is asking for. Talk to landlords and property managers around the area and ask them what they're charging. Chances are, if you can make a sweeter offer, you will be opening up yourself to more potential tenants. Good luck.

Run a check on the company's financial report if you can. Also make sure you check with people who have used them before.

Are you purchasing it "as is"? You have to also account for all the additional repairs and costs that would go into all the units to make it rent ready. Make sure you do your due diligence carefully. How much are you going to set aside as cash reserves?

Your taxes are unusually high. Am I missing something? You need to also have enough cash reserves in case of an eviction or non payment of rent (touch on wood)

Can your parents lend you any money? That's how I started investing.

@Conrad Metzenberg Have you tried the MLS? Team up with a competent realtor who deals primarily with investors. I know most realtors tend to shun away from investors because they profit most from people who overpay (aka typically home owners). Many great deals I've found were gone on the MLS within 1-2 days of being on the market. You want those deals. Like you, I'm also a buy and hold investor. In your situation, buying a property for appreciation is a plus, but not the meat of it. Buy and hold investors look only for cash flow. Run the numbers and see if they match your criteria.