All Forum Posts by: Michael Shadow

You can not discriminate on a protected class of people. Anything else is fair game. You can discriminate against smokers, or beat up cars with bald tires and no hubcaps. As a landlord you need to make sure you look at everything you can before you move that tenant into YOUR building. If their car looks like a dumpster on bald tires then you can rest assured YOUR apartment will look the same way if you let them move into it.

Don't discriminate against a protected class, do discriminate against everything else.

-Michael

-Michael

If you are including appliances in your rental and one of them breaks you have to repair or replace it.

-Michael

My father-in-law is still flipping. Things are moving a bit slower but he is still doing it successfully.

-Michael

Hello Sheripha, welcome to BiggerPockets. I second NationWide's question.

-Michael

That's awesome that you have a mentor. They are such a blessing when getting a business off the ground and running. You can not put a value on their advice.

Thanks for sharing with us.

-Michael

It sounds like you have a good handle on what you are doing. I think the best thing for you to do would be to continue birddogging and putting all the money that you can into a savings account until you get enough money to close your own deal. As an added bonus you will be able to pick the cream of the crop and keep it for yourself and BD the rest of the deals you are finding.

You may want to see if you can DONATE your time to help in the operations part of what your investors are doing so you get invaluable teaching and experience from them also.

-Michael

Welcome to BiggerPockets Antwan. Are you interested in doing some Real Estate Investing? If so which areas interest you the most?

-Michael

MTM's with low rent are nice for getting a building rented up, just make sure you are going through your detailed screening process so you don't end up with a disaster on your hands in 2 months. I did this once and my least desirable tenant (though still qualified) got the first rent increase notice 4 months later so I would only have to deal with 1 vacancy at a time.

-Michael

You technically can't obtain financing if the appraisal came in too low. The bank won't lend you the money, hence you can't purchase it, hence you should get your escrow monies back.

I would go back in and tell them that you need to re-run your numbers. If the appraisal came in that low then they now know that they will NOT sell it anytime soon for 71k.

Now my next question is how did you as an investor come up with a valuation of 71k for the property? Everytime I run numbers on a property as an investor my numbers have always come in under any appraisals estimate. You're in this business to make money, not loose it. It sounds to me like you need to educate yourself some more before you put offers in on properties. It's very easy to overpay in today's market.

Read this thread to learn how to properly analyze a rental property.

http://www.biggerpockets.com/forums/52/topics/18371-help-me-understand-this-deal-and-5-2-rule

-Michael