All Forum Posts by: Dana Whicker

@Hanah Frickers Do you have a re agent in your circle of friends? If so feel them out and see if you can get them on the same page with you.

Look for friends of friends if not. Unless your agent is an investor themselves, they might not always get what you're trying to do. That's ok.

Basically what you're seeing is sharks circling the smell of blood in the water. No offence intended to you agents out there. Just giving a newb a heads up.

@Ralph Dixon Seems like the margin is pretty tight on this. I don't know the square footage but at that price point I'm thinking a good FL code roof is 9k or so?

If the seller would split escrow I'd think about walking. If the margin was better I'd say hard money but fees will eat you up. Tough spot.

@Renay Reese For a civilian, open carrying looks very different to people based on their experience level with firearms. To someone with no experience, you potentially look like a maniac. To someone experienced and comfortable with firearms, you look like a scared little human.

I wouldn't do business with either.

@Corbin Jones. Was it an led, fluorescent, or old fashioned 100w incandescent? Makes a difference.

Changing property management companies in the middle of all this is more than suspicious. I have lived through a very similar situation. It's almost a slam dunk the money was being mishandled or outright stolen by either the previous property management company or the president.

I would like to note that neither the president nor property management company can tell you you can't have a board seat. That's laughable. Something shady has been going on and the president is trying to hide it. Time for a revolt, but not to get your money back, to ensure this doesn't happen again. You'll probably never get the money back, your fees are going up or your about to pay a special assessment. However, if you continue to live there, you probably need to get on the board and take over.

@VB Phom Does your contract have a different provision for the amount the property manager can spend while turning the unit over versus when the unit is occupied? I just can't understand why the property manager thought they could spend 2000 without contacting you if the contract specifically states 200.

If they can't explain this I say they're fired. This is the kind of thing property managers do when feeding their buddies work. If there's not a satisfactory explanation I would not be able to trust them and I don't do business with people I can't trust.

@Braden Anderson I call them by their street name, "Main St." unless they are in a town I don't usually invest in. Then I find myself calling them by the town name. I'm a low volume investor and have never owned 2 on the same street.

@Josh Meyers No one I know considers the zestimate legit and your situation is a perfect example of why.

How would Zillow know the property has been rehabbed or to what level? Also you bought it for 16k when the zestimate was 75k. See my point.

@Chad Bellanger

Guesstimate the rest of your expenses and put them here for better analysis but on the surface this looks like a sweet deal. Of course the caveat is if there is not $40k worth of deferred maintenance. Even then it might be ok.

@Cliff H.

I love cozy. I use them for tenant screening and payments. I didn't hear they sold out to venture capitalists. I'm hoping they stay as good as they have been so far. They could easily fold up into another servicer even fold up.