All Forum Posts by: Eddie Werner

Present them with a full analysis, good return and exit plan if things so south.  You need a promissory note and mortgage agreement in you are looking for private money.  Get a lawyer to draw them up for you.  

Yeah pass for sure.  Your agent was just trying to make a sale or has no idea how to analyze investments.

What are the comps?  Have you had multiple contractors confirm a 15k bid for the work?

You can probably just agree to pay the back taxes at closing so he is rid of a headache and you get a property.

If its not peeling or flaking you could encapsulate it.  This does require an expert thought.  It should not be as much as replacing the siding.  

simple answer is no

How are other comparable rents in the area?  Can you get close to $1,600 a month to at least break even?

Does the tenant pay all utilities?  I think I would look at refinancing the loan so it cash flowed and you weren't paying out of pocket.  Let the tenants pay it off for you, stop reaching into your pocket.

I would pass.  I think you would be lucky to cash flow anything.  Unless rents can be around $1,500 plus all utilities I would move on.

Find a local portfolio lender or partner with people who have the cash to close on deals.

Moving forward anyone doing work for me will fill out a W9.....its just good business practice.  Anyone that refuses is trying to evade taxes imo.....and you can suffer from that if audited.