All Forum Posts by: Diana Dorantes

@Amal Agarwal I’ve never heard of rental bidding.  Have you asked for past recommendations from previous landlords?  Possibly look into their cars if able.  I’ve heard other landlords picking out the tenants if 2 or 3 by how clean the cars are.  Clean car will usually indicate clean well kept home.  

Best of luck!

@Charlie MacPherson, I appreciate your help.  I do not want to ever do something unethical.  I did speak with my attorney regarding this.  The attorney said let’s ask and see what they come back with.  I just wanted some guidance from others who have much more experience.   Thank you again!

@Bill B., thank you for your thoughts, my plan was to purchase even without the request for a little extra discount for the damage that was found by the inspection.  It’s a good deal, estate that family didn’t want to use realtor and didn’t want to fix anything.  My banker was good with the house.  I just wanted to see if Investors ask for a little extra off if something missed,

So found a great 3 bed, 3 bath all brick.  Walked the property and later the same day agreed to a price, no contingency.  Here’s the issue.  Had an inspection and found big issues with the support beams in the crawl space.   I want to request about 5,000 reduced price, but not sure because of my agreement to no contingency.  

Can I nagociate after we already signed the contract?  I left a message for my attorney but will probably not get a response till tomorrow afternoon.  Any guidance appreciated.

@Fred Ramos Hi , I'm happy I stumbled across this post. I have purchased 1/2 a dozen rentals but found a FSBO, called them and it worked! I haggled a bit but feel we got a great deal. Just signed the contract, we are letting our attorneys do title search and such. Have you done any more. Any recommendations would be appreciated.

Diana Dorantes 

@Sylvia B. recently I have seen a trend to paint white and bright.  Have you thought of going to a couple open houses? Might be a good thing to consider.  

Please take some pictures of what you decide.  They look like they are in good shape.

Diana Dorantes 

@Miles Trumble I totally agree with @Anna L. run away!  Pretty sure you can get hard money at a much lower rate.  You may need to slow down.  If able go to the bigger pockets meetups, you may able to find others who lend or who have worked with other hard money lenders.  Networking is the key.

Best of luck 

@Clay Gradis California too!

@Clay Gradis so you may want to look at getting another estimate on the roof.  Look into having a layer of insulation screwed down then either single ply roofing system, TPO or rubber EPDM this is for flat roofs (low slopes).   This should be available in Texas.  May be worth considering, lasts about 20-25 years. 

@Bryan Beal I have found that it really depends on the area.  We have properties in a couple of towns a few hours from each other.  In one area we get 1.8% in another we are expecting closer to 1.2, for rent/cost ratio.  I very much agree with @John Warren regarding making sure adequate reserves are taken into consideration.  If your numbers still work and you are able to get an appropriate profit, good for you!