All Forum Posts by: Dillon Dale

@Ty Doke they can't profit from you investing in real estate. It's in their best interest to keep all of your money invested with them. Do what's best for you

House hacked a duplex. Purchase price of $205k, 15% down conventional (property did not meet FHA standards). The tenants that were in place when I started the purchase agreement were both evicted before closing. They left a huge mess behind, which was not cleaned up before I bought it. I went in and renovated both units right away. I went way over my budget but did most of the work myself. Rented the upper unit for $1000 and lived in the lower unit. A year and a half later, we have a new tenant in the upper for $1225, we moved out and have a tenant in the lower for $1450. Property is now worth $290k. Trying to pull equity out as we speak and repeat.

Lessons: be ultra-conservative with your rehab budget. Luckily, this didn't ruin me, but it was very uncomfortable for a while. Plan for a worst-case scenario

By the way, we received both applicants after doing in-person tours taking social distancing measures. Virtual/video tours provided us with no results

Received two sets of applicants, both have been approved. One wants to rent to own at $1650, $5k down, purchase price of $235k, on a 24-month lease option.

We are going to move forward with this applicant. Hoping to close the deal tomorrow. Will keep you posted

@Domenic Santarelli wait until they move out. Increase their rent upon renewal, and if they stay, great. If they move out, great. Then you can rehab and increase the rents

@John James if there's a will there's a way. You just gotta get out there and ask. You will get told no many many times, and that is ok.

@Ronsted Yuag best of luck to you. Not sure how the market is for sellers, but here I am getting rental traffic but has been difficult to close using virtual tours. Might have to start doing in-person tours again and just take social distancing precautions

I definitely tend to agree with you. I think it is over-hyped, but the implications of everything happening, as a result, are very real. It should be a great buying opportunity for the disciplined investor. Personally, I wish I would have more reserves and a line of credit in place. I was not in a hurry to get these because I thought I had time, but everything changed in what seems like an instant. 

Applicant backed out last minute.. The search continues. Traffic seems to be good still despite the virus

@Ronsted Yuag Zillow is a good starting point but the Zestimate is not always accurate. You will want to look at comparable sales in the area