All Forum Posts by: Corey Woodruff

I'm not from your area but a good tip to find good property managers is to call local landlords or go to the local landlords association and ask for local property management firms and contractors that do what they say they are going to do. Personally I never even considered using a property manager but as I was in the process of offering on this tri-plex I called a property manager and what they "said" they would do for me just made me feel so much at ease and made me feel reassured about running a rental house. now from what I hear a lot of property managers aren't very good so of course keep that in mind and run them through the list of questions that is on this site.

yes that is my next thing on my list I just was really excited to not have to get my own financing but I do feel I learned a great lesson because if I choose to walk away I feel like that is victory all in itself because I always here about people forcing the numbers to work and having a negative cash flowing property in their portfolio... Thanks for the suggestion! I appreciate it so much ill keep you updated for sure.

I'm kind of bummed out I found 2 3 unit apartment buildings and the owner was letting me do subject to financing and I was only needing to put down 5000 to take over existing financing and while in the process of going over everything I realized they had TERRIBLE financing terms that absolutely kill the cash to nothing at all.. If I had my own financing this would be a well paying cash flow property. so along with the high mortgage and interest payments and having to pay some of the tenants gas and electric it doesn't make sense. Its hard to walk away from a deal knowing you only need 5k to get into 6 units but I guess you have to be disciplined and if the numbers don't work they don't work.

Just an estimation on the rehab it actually caught on fire a few years back so one of the properties is in great shape but the old one is riddled with bad tenants that dont pay and first step would get those tenants out of there.

I have a friend of mine that owns a 3 unit house(so 3 apartments all 1 bed 1 bath) willing to do owner financing, but he owes money to the bank so my question what kind of deal can i work with him? subject to financing or would a land contract work as well? 

Home: 3 units (1 bed 1 bath) KIND OF A BUMMER

Rents: 450 each unit totaling 1350 

Mortgage to him: 10 % down and  around 400 a month. 

taxes : 800 year 

insurance 1000 year 

rehab cost : 5000

cash on cash: 57% 

cash flow: 406 monthly total from all three units

any advice on how i should purchase this would be greatly appreciated. It sounds to me that he is a few months behind on payments

Thanks guys

Thanks @Jonathan Wyse it always makes me feel like im using them but i guess if I buy the house from them it wouldnt matter too much

Is it an odd request having calling an agent whom I have never worked with and asking them to send me a list of listings that fit my criteria example: all 3 bed 2 bath multi family houses less than 50k? that would be over 100 houses. is that something easy for them to do? 

Yes I think that is a good way to promote your business if your doing business right. Something like a company facebook page can get trashed by one unhappy client. So there are definitely there ups and downs to it. 

I hope you have read the book on low and no money down and also listen to podcast 70 on the podcast on subject to financing that is a terrific way to buy homes with no money down..... But my uncle invest in real estate and if he has to put any of his own money into the deal he always uses other peoples money...I would use both private and my own money so I dont follow my uncles rule but just a thought for you... If its a good deal investors will invest in it as long as you are trustworthy.