All Forum Posts by: Darron Stewart

My experience is to get 10-20% under asking is usually very easy.  If you have calculated costs and evaluated location properly, as it seems, looks like this could put 20k plus in your pocket.  Once you feel the contractor is right, lock in a time line and specific scope of work, possibly a clause with costs not to exceed and reduction in cost if contractor delivers late.  Houses do sell year round, but the sooner it is finished and on the market, the closer to the buying season you will be.  Best to you and let us know how things progress.

Back in the 70's was a small town, still a small town.  I always have had issue with property located too far away.  Even with family where my investments were, there always seemed to be times where I needed to have eyes on the property.  Would consider looking closer to your location vs having to rely on too many external people. 

@Gabrielle E. 

Welcome aboard! Having been born in DC and lived in MD and raised in Northern VA, I would say look at multiple areas. I lived and invested in Fairfax, Annandale, Reston, and Springfield. Did well in all areas, location is key and the deal is very important. Schools, commute time, and central location would be top of my list. You may live there for a while and stay rent free and later rent that unit out to have them buy you a nicer place... Best to you in determining your location!

@Account Closed 

Wow, that was a wild ride.  I too bought an estate and it was delayed for 4 months while looking for an heir that was in hiding, needless to say they had a judge rule that all possible attempts were made to contact so proceed with liquidating the assets.  Title cleared and insurance just in case!

Typically rentals do not have security systems provided. 

@Kyle Evans Very possible depending on location, financing, and other fees.  Everyones strategy is different with a great deal of folks looking for 100-200 per door, frankly I'm shooting for $1000 per door in about 3 more years, after tenants basically bought them. 

@Christopher R. Many have debated the one or multiple LLC's, if you look around, there are some huge companies that are LLC's, they just try their best to do everything legally, but have lawyers and insurance just in case. As for leveraging, since the LLC will not have any money, you could personally loan the money to the LLC on a written agreement and place in LLC account then buy properties, now your balance sheet will have liabilities to offset the assets, so no big pocket to reach within.

@Mark Resnick welcome aboard!  Over the years have done buy and hold, flips, and tax liens...to me I like them all but each has timing issues as to when they are right and are based on your location.  My true belief is to find what you like and if married or have a significant other, find what will work for the two of you.  Don't rush, read, find mentor, partner, get $, professionals, etc lined up.  Take your time, get a plan set, implement and review the plan and change as necessary.  Every one of us has a slightly different plan even when we are doing the same types of things, I always have an exit strategy and equity before I purchase anything.  Many leverage and are full speed ahead, I prefer to move slow and be methodical, plus our goals and motivations are all different.  Read the threads on if I had "70k" "100k" wanted to have "100M" and they will give you quite a bit of insight.  Best of luck in determining your path, keep us informed and ask questions along the way!

@Markus March As @Chris K. suggested, may be best policy to give 30 day notice to vacate vs trying to raise rent to get tenant to vacate.  At this point it would be wise to look at your lease, screening procedure, and policies...as it appears there was not a proper meeting of the minds when the rental relationship was started.

@Jerry K. 

Remember with tax liens it is all about the numbers, if you invest in about 100, you should get 3-5 properties!  We are trying to hit about 200-250 and hope to end up with a few good properties, plus quite a bit of pocket change too!