All Forum Posts by: Corby Goade

Funny, my career path has gone almost exactly that same way. I went from working alone and chasing every lead to having a full team of agents, property management staff and contractors who all vet their clients harder than their clients vet them. New investors are so focused on saving a couple dollars that they destroy the trust of their partners and harm the relationship. The irony is that those relationships are where 95% of the investment opportunities will come from in the future. Invest in people that you trust to lead you through the process, respect their time and expertise and see where that ride takes you. 

One other thing- we get lead calls from investors for transactions and property management all of the time- they always have a list of questions and interview us, but they don't realize that we actaully have interview questions for clients as well and we use a rubrik to score them. If they don't hit a certain score, we refer them out to other people. 

We are always looking for partners who want to win together, life is too short to be put through the wringer for a paycheck and there are plenty of cool investors out there- we'll work with them every time. 

You haven't clarified how the contract was actually breached. Investments go poorly all of the time, that doesn't mean anything illegal or unethical happened. It's not a crime to be a bad flipper or investor and it's not uncommon for experienced investors to have a deal that doesn't go the way they planned. 

How was your investment protected- what instrument did you use? Is it secured by real property in any way?

Depends on what you consider "spending a ton." That's relative and your budget might be reasonable or ridiculous.

Much of the cost for these basement conversions will go in to sewer- if your sewer line is already below grade, it'll save you quite a bit. If not, it'll be much more expensive. Either way, you'll be cutting a lot of concrete and digging. Start there- where is the sewer line in the basement?

Welcome! Boise is defintely a great market to invest in, certainly changed my life in many, many ways. Would love to meet up over coffee and share ideas, feel free to DM me. 

Every new investor thinks their market is expensive and the markets are inflated. Been hearing that since the dawn of time. 

The truth is, you can mitigage SO much risk by investing locally that it's almost always better to start local, get your feet wet, develop relationships and scale from there. 

Welcome! 

Good for you for getting in the game!

I'd suggest you reverse engineer your approach. Find great deals and advertise them in your market or post them here. Investors will come to you rather than you having to find them. If you are negotiating quality, assignable contracts, you'll have more cash buyers than you can keep up with. 

Best of luck!

Sounds like a real pain, totally understand the challenge. Are you self managing?

Eviction isn't a great option here- I think you'd have major problems in court proving which tenant caused this issue or if it were tenant caused at all. What evidence do you have? That's probably not a winning option even in the most landlord friendly markets. 

I'd have preventative treatments with a licensed vendor consistently, as often as it takes to mitigate the issue regardless of cost. These types of infestations will have a direct effect on the value of your property and the way it performs, so continue to take preventative action.

Once lease renewals come up, I'd just non renew the tenants that you think are responsible. 

Are you paying the seller directly or are you set up with long term escrow? Did you have an agent or broker help you with the transaction? Do you have title insurance? Have you checked county records to make sure the deed was properly recorded?

Welcome! That's a great plan, best way to start, especially if you find a value add MFH. 

I want to challenge you about being 12 months out- why do you think that? Do you have any savings?

There are TONS of first time home buyer programs out there. My state even has one that can get you to $0 down if you qualify. Even if you don't, there are FHA and Conventional products that can get you to 5% down or less and you are in a fairly affordable market.

I wouldn't wait a year, and I'd be willing to bet that you don't have to either. 

Welcome! It's definely possible, but ironically, people typically do it the other way around. You get cheaper financing and can put less money down if you start as a personal property. 

My two cents- if you are buying as an investment now and plan to move in within the next year, you'll probably be better off waiting and buying it as a personal residence if your time horizon is less than a year- I don't usually tell people to wait, but you'll have to put more down, pay a higher interest rate and there may be tax libilities in that conversion. Defintely talk to a CPA.