All Forum Posts by: Frank Geiger

Zillow is not accurate. Reach out to a realtor and ask for comps. What are your goals? Do you want rentals? You can keep the property and finance into a mortgage to pull some cash out for another deal. You can sell and get the quick cash for a bigger investment or just more properties. The good thing is you have endless options with this rental. A good start is to establish your end goal and then work back from there.

Heads up: Replacing the septic is pretty expensive. Also, adding central air is expensive if the ductwork isn't already in place.

Nice clickbait! What a great find!

Congrats @Oleg Shalumov! What type of return are you expecting? How long are you estimating for the improvements and do you plan to REFI the property?

@Josh Hasty can't give you much detail without more clarification. I would budget at least $1000 for a small repair. If the workers have to operate from a crawlspace, it will cost more.

For the entire house? That's a huge job. Do you have pictures? Are the joists easily accessible from a basement? 

Great job on putting in the work to get your first deal! You may be able to meet closer in the middle if the owner carried a seller's second on the property. Just be honest with him and say you're looking to purchase it for however much. You can try to get a LOC or Partner to cover the difference as well. Do you have any friends that invest? If you can take two properties off his hands, maybe he will be able to drop the price more. Numbers still need to make sense so no need to get too emotionally invested.

I can't help on specifics because it's based on your strategy. But here are some things to think about. If you REFI and pull out cash, does it still cash flow nicely? Do you have another property identified? What's the next step and what would be the CoC? I believe it is severely limiting to growth of a portfolio by having 175k of potential cash held in an asset. Run the numbers and make sure you have a better investment to sink the money into.

For the dog: Try to contact a friend or family member before sending it to the shelter.

For the tenants items: Look up your state laws.

Anywhere there are low taxes, lots of sunshine, great quality of life, and a place to have an active lifestyle. Southeast!

Not sure what the "correct" answer is but I go with different LLC filed in each state with up to 10 properties in each according to the risk class and worth of the property. Maybe try a different lawyer because that sounds like a nightmare.