All Forum Posts by: Chris C.

All of the above mentioned works, in my market, specifically Facebook Marketplace. To weed out the mayhem, put in the listing first, last and security deposit. ***$75.00 application fee for all persons over 18. Criminal, credit and rent reference, no exceptions*** No one who isn't serious, is going to even ask a question. Speeds the process up and you can always work with someone, that just needs a break. The ones that are looking to take advantage of you, don't usually bother.

I was lucky enough to experience something similar several times that I learnt to smarten up. The exact same thing happened with me, where a tenant wanted a new stove and reported the old one broken, even though it worked. Another common occurrence was tenants genuinely thinking something was wrong when it was their own stupidity. For example, reporting a light to be broken when actually only the globe needed to be changed (yes, this actually happened). I then added a clause to my lease which says something like ‘false call out fee’. Basically if they make a maintenance request and it’s genuine, then there’s no charge but if a contractor goes out there and there’s nothing wrong, the tenant pays a $100 call out fee. It certainly makes them think twice before requesting a frivolous repair request.

The beauty of our low leverage way is we have the best of both worlds.  We can take down that value add that requires too many repairs to qualify for conventional financing and/or (your choice) leverage them when performing to grow faster.  We can always get more mortgages if we hate being debt-free. 

Being able to avoid the high cost and tight, risky deadlines of hard money when we buy these is priceless! Keep it up!

This wasnt an issue the seller could back out of. They violated a state law that had by law a certain monetary amount attached to it. The $15k at closing was what my client was willing to take for a $20k issue, that the court would have ordered. If they had not paid it then, wed simply had filed the appropriate form the next day and the state would lien their bank account for the payment. 

I will also add, that seller and agent were complete a holes, which is why I didnt mijd sticking it to them 

Hi All

As much as I luuuuv Atlanta, I don't think its going to give you those cash cow returns, its had way too much spectacular growth. Flipping is OK, but still fierce competition today.

I was playing in the Atlanta market and have got rentals in this market, but was buying at around $35,000-40,000. 

I started looking at other markets so I could repeat what I achieved in Atlanta and continue to growing cash flow/income streams, but I am greedy, I want both cash flow and appreciation. 

Here are the numbers folks, this is one of my recent purchases. Just got tenanted. Screening is critical in any market, but more so in Detroit..... Its a tough market, not for the faint hearted.

Get location and tenant selection right you can certainly achieve both, its certainly the come back kid.

BTW, not selling anything here, I am a full time investor and more than happy to help anyone, but as always do your own due diligence......

This will give you an indication of expenses.

$36,000 - Property - Warranty Deed

Rent - $11,700 pa

Property Management - $1170 pa

City taxes - $1200

Insurance - $720

Maintenance - $500

Total Amount After Expenses - $8110