All Forum Posts by: Corin Prendiville

If your DTI is high i would pay that off. Especially if any of it is high interest rate (anything over 4% or so) target highest interest rate first.

then probably look at getting an investment property. I would probably keep excess capital in some kind of liquid investment like stocks or bonds not a savings account. 

Just hopped back on BP I've been busy the last few months as you know @Kenneth McKeown - I remember that first phone call with you back in June 2018 and how much our investment goals aligned. I have to say you have done a lot more than I have the last 3 years (due to my own negligence in managing my time!) but it has been awesome to watch you reach new milestones in both your business and investment goals you really are a great example of what you can accomplish in this industry if you are willing to put the time & work in.

Here is to the next 4 years of your journey, I'm sure they will be even greater than the last. 

There is a large garage yes. I have renovated 6 properties before but never dealt with a shed. 

I dont really like owning crap shack houses so just leaving it in its existing condition as a rodent infested and bee house is unappealing to me and the tenants i have ready to move in are friends of friends. My belief is if im going to keep it i should repair it so it doesnt fall down and if i dont intend to repair it then i should tear it down and get rid of it. 

I have heard opinions about just leaving it as is and i get for some landlords thats fine but not really how i like to operate.

It is hard to see from photo but the siding is so bad that almost all around the siding is rotted up 2 feet and open access currently into the shed for rodents and bugs etc. Also roof is leaking in 4 spots due to the style of roof half the plywood on roof is rotted.

I welcome more opinions though. I think im leaning toward tearing the thing down.

Looking for advice on a shed i have on a long term rental. 

it needs approx. $3,500 worth of work to make half decent. Roof, siding, electrical

im holding the property for decades most likely and think ill need to repair it again in the future while i hold it. 

It seems like even if i keep the shed they dont really add value to properties anyway. This is a large 10x18 shed at least. Picture included

Do i keep it and repair it or tear it out? Not really wanting to leave it as is because it is an eyesore.

Hey Alan,

It looks like you found your way to Dallas. Im sorry about the delayed reply I didnt get a notification and hadnt been checking BP for a while. I hope things are going well for you here. 

We are from Seattle, WA we moved to the east coast briefly for the family stuff then got down to Dallas after that. We are currently invested in the market here and still looking for more opportunities, we have a duplex we are wrapping up renovations on and just got a single family home in Irving we plan to renovate and rent out. It is a hot market of course so lots of competition but we are finding things here and there. 

If you want to connect in person and discuss real estate feel free to send me a message.

I can't speak much to  which is better, Houston seems to be a bigger playground so there is likely more opportunities for MF just because of that. 

That being said, if you plan on moving to the area like you say I would consider also which city you prefer living in. My wife and I visited Texas last Summer before moving and checked out all of the major cities and a couple smaller ones we liked, we settled on Dallas because of the mix of recreational activities, weather, and price point on properties in the surrounding suburbs (also lack of Hurricanes). We don't mind heat but humidity gets to us as we are from the west coast.

We also had a couple of properties in New York that we recently sold on Long Island, the taxes in LI are absurd as the % to value may not be super high but the valuations are out of control and the cities are on top of raising the valuation, I think we were paying about $20,000 per property a year once you add it all up (Long Island is the worst). 

 Greenfield does look like a better buy and hold town from the numbers I've run so far, although I think North Adams has some really great long-term potential if the town can transform itself into a tourist destination and grow the liberal arts college - I was thinking I would look into investing into Greenfield and North Adams long term. Still getting my feet under me regarding the market but feeling more comfortable with it as we research the area more. 

Are you checking big banks or local ones? Contact local banks that do portfolio lending, maybe go to an REIA meeting to get names of banks that will lend regardless of w2 and will refinance your existing properties.

Having the w2 income will make it a lot easier but you will need to provide a professional presentation of the investment without it. Are you getting refinance on the properties you own with proven cash flow or are you trying to finance the new property you are purchasing using the cashflow from the others to show you can afford it? Usually people refinance the existing property then use the cash to either pay off hard money or fold into the next deal.

I am currently staying in Western Mass. fixing up a family house that we have had in the family 100 years. In my down time I have been looking at the local real estate market, Greenfield, North Adams, etc. 

Looking at the numbers some investments seem good on the surface, what I've noticed though is that there has been a consistent decline in the population of most or all of these cities. I'm curious for people who are invested in these cities what your vacancy rates are, and how do you keep them occupied within reason if it is harder to fill vacant units. Do you see North Adams or similar cities turning around at some point or are they all mini-Detroits? It seems like there is only a potential cash-flow play in these areas if you can get around vacancy and evictions.

In North Adams there seems to be a big push to revitalize the city and make it a cultural center and tourist destination, what are your thoughts on this?

If anyone living in the W. Mass area would like to get lunch some time and fill me in in more detail send me a DM.

Thanks