All Forum Posts by: Chris Purcell

@Mike B. how is he not acting as an agent and collection a commission in this section?

@William M. it's a wide practice that heavily unregulated but heavily fined by the RE Commission. If they decide you're acting as an agent without a license:

1st offense - $500 fine

2nd offense - felony 

No offense, but you couldn't simply google this and research yourself  before you made this thread?

Yeah just let the family take what they want. Once they're good ask if you're ok to trash the rest.

Curious question - how would anybody but you and the late tenant know about the prepaid rent?

I'm definitely into it as I love all aspects of rehabs and construction.

But it is so ridiculous and unrealistic it's hilarious.

5 min ago: "So the house is actually city subsidized and they are listing it at $615k.  Honestly I believe the house is undervalued and we should put an offer in at $665k".  With a $190k rehab budget we're right around your target number."

$50k over asking, $190k rehab - gotta love Hollywood

What's my recourse here?  I bought a property that is being rehabbed.  I go over to meet with my contractor and couldn't hear him from a foot away due to these dogs who are look neglected and are vicious.

I'm worried about trying to put in tenants and as soon as they hear them, they're going to run for the hills

What can I do?

Little confused as well

Are you trying to sell it and can't?

You can list it on Craigslist as a short term rental while it's on the market

If it sells give your tenant 60 days notice to leave 

Either way you have to dump it those numbers are very bad

$5k is solid cash flow - refi and keep it

How did you manage to rack up a $190k rehab bill???

My jaw dropped

Are you renting out rooms in the house you live for extra cash or are you using it strictly for a rental property?

Personally I like the steady rent for rentals - for air bnb you never know when people are going to ping you....

Also as far as amenities go, I plan on buying small 32" TVs from Walmart ($100) and basic cable for every room.  Wired internet cables for laptops

Obviously towels, toilet paper, shampoo, body wash, etc in every bath 

Keurig for coffee if they'd like some

Gym in basement 

Washer/dryer

Locks on every bedroom

Maybe even a fridge full of beer and water

 Ryan - I knew your name sounded familiar - I'm from the Philly market as well.

I'm buying a 4BR in Kensington to live in, and rent out rooms via air bnb.

Shoot me an email we should stay in touch