All Forum Posts by: Enyi Ajoku

My lease says no smoking on the property.

The tenant with the 10yr  old said they smoke and sell weed. 

So Rochester NY have areas where one block could be D,E class neighborhood and like 3 or 5 blocks down its A,B,C neighborhood. This property in my opinion is a C neighborhood (this is me being highly pessimistic)  

There lease ends in May

I had to go over there today and i saw sticks of smoked cigarettes on the porch. I will be sending out a notice, i also took pictures.

I will be going out there a lot more often and will be doing a monthly inspection of the apartment 

Thank you for your feedback. Should I inform the police that these tenants smoke on the property.

Dont leave anything out on your lease, also as you gain more in years and experience your lease will continue  to grow and expand. 

@Matt Honeyford thanks for mentioning your apps. will definitely be checking them out

I have 3 young lads who are renting one of my apartments (a 2 unit multifamily) I will use names as Mr A, Mr B and Mr C. Mr A  is signatory to the lease but on the lease is states that MR B and Mr C will also be living in the apartment. On the lease it states no smoking on the property. On Thursday i got a call from the fire department that the shed on the property was destroyed by fire. The information i got from Mr C was that there were kids on the property and neighbors called the police on them and after the time he got back he saw police and the fire department trying to quench a fire. I immediately called the other tenant (Miss B and a 10yr old daughter) and the information i got from her was that these gentlemen smoke and sell marijuana to those kids.

 I also was able to get pictures from Mr B social media account smoking on the enclosed porch of the apartment, which i saved to my phone. My question is can i use these images in eviction court or any court as evidence. Thank You and happy holidays 

thanks everyone for your thoughts. 

 Thanks for adding this link, i am getting some insights on how i should set my plan

@John Morgan you are actually in my head right now. I work full time with a growing family, i'm a complete novice in flipping as my niche is buy and hold. I'm reading and listening to podcast so i dont make excessive mistakes. Per week i could spend less than 8hrs at a property , i dont feel that's enough time to monitor whats going on and i dont have the finance to get a PM. This why a contractor who has something to lose in a deal will be best fit for me in my opinion.

@Kevin Keith Beck    just a few words but comes with impact. I am actually listening to  J Scott podcast again so i cant say much on his comments till i am done. How should i approach my investor-contractor partnership, what are your thoughts or opinion. The equity split got me thinking that this partnership has to be as open as it can be, what i mean is both parties need to know how much is vested in the purchase of the property, how much is expected to be spent on revo etc. 

I plan to bring in the money for the purchase of the property and materials but the contractor is responsible for his labor and build. Based on agreed percentage we split the profit

these are my estimates based on numbers that i have seen on this sites and after doing some research. I also renovated my home so that also gave me an insight as well

@J Scott  you have to give a more realistic example. Yes your scenario may happen but also its both ways. If you as the investor were to fall into some predicament then your flips suffers (this is per my scenario and still fresh in the flip game, with no PM or well grounded structure). On the other hand, i would like to hear your point of view as i am open to all sides. I dont plan on taking a loan or using a hard money lender for the first flip. What do you think? My goal is make profit without having lenders chipping into my money.

@Elbert D. thanks, niche is buy and hold. I did a semi flip with my own home, so it gave me an idea of what to expect. I dont intend to go into it till i have most of my cards in my hand. All industry or business is a risk and a risk i am willing to take so i dont see how i will be eaten alive unless the other way round. He doesn't get a dime till the property is sold and we've made profit 

To answer some of your questions, yes he does work of me in my other properties, professionally and efficiently.  

Thanks everyone for your feedbacks

@Shmuel Waldman these are questions i am looking for. which will help me organize what my plans and decision should be

@J Scott the contractor does not get paid till the property is flipped. He will be given a timeline on how long it will take to get the property ready for it to be in the market. I have 3 contractors who will send in their quotes and the most fairly priced gets the job.

@Cesar Pimentel you actually said it all. That is the rational i have as well. The contractor has skin in the game basically. 

I have read and research alot and i have found out that there a median ball park of 30 - 40k give or take to flip a house. My question is does this also include contractor cost and payment?

Hello Everyone, i've been looking at doing some flips next year and i hope i could get some tips to the strategy i want to work with.

I have been searching and networking with some contractors, after some conversation and also vetting them out with projects i have trickled them down to 3 who i believe are reliable.

My plan is to buy a foreclosed house, fund the purchase and materials to bring the house to a livable condition. The contractor will do the work and when the house is sold we shall split the profit.

This is high level based on my thoughts, i am looking for experts here to give me tips; financial (how to calculate splitting the profit), legal, accounting, project management etc. I am also open to answering question that will help provide more insights to my plan/ end goal.

Do i need to set up a business, if yes what type?

Were you able to get a Financial Planner. I'm looking for one as well and could use some references