All Forum Posts by: Ray Loveless

@Justin Thiesse, Thanks Justin.. I think that's what I'm going to do from now on.   Just curious... if you rent and fix up apartments for your full time job how do you get funding for the projects to buy without bringing in a regular w2?

@Account Closed, That's interesting... I wonder why they want you have 100K in renters insurance?

If it's the nicest house on the street I'd pass. If it's the worst house on the street then there is pleanty of value you can add and I'd jump at the deal.  First always ask if they can help you our on the roof on other expenses. Won't hurt.

You also missed a couple things: You'll most likely be paying for the water and the sewer, garbage as that's typical for around here. Water could be 100/month depending on where you are for a duplex.

Also if you can pay cash for the place with your heloc than I would do that, fix it up, raise the rents, then get the appraisal and conventional loan.  You'll probably find out that it will appraise for 200K+ and you'll have cash in your pocket after all is said and done.

Hope that all makes sense.

I'll take it if you don't!  ;)

Hi, 

Is it bad form or legal to simply not renew a rental contract because the tenant isn't taking good care of the place or because I would like to make updates.  I'd like do a lot of repairs/clean up so I can rent it out for $700 instead of $450.

I find this is a recurring problem when I buy new properties.... however it's difficult because the units are currently occupied.  Any thoughts on the best way to deal with this?

Thanks -Ray

Is there someone that can update my profile name?  It should be "Ray Loveless".  

-Ray

I'd say do a free tour down town temple square.  They even can show you around brigham young's home.  I own 2 fourplexes in utah county.  It's very difficult to find a property that meets the 1% rule in A and B neighborhoods around here now days...probably a lot like oakland Ca. I imagine.  I can recommend a property managers in utah county and proper rents if you'd like.  Most rents are low right now.   

I think you would be best to meet with multiple agents.( one for each section of town... davis county, salt lake county, and utah county).

For the record. I purhased a 4 plex in provo in nov 2016 from a for sale by owner ksl listing.  390K.  seller financed with me putting 20% down.  I just raised the rents to 800 each. Probably still low... and this year should be the first year of cash flow.  

You may be able to still find deals there but I'm looking to the midwest now..

@Al D.,  Thank you, I heard there was something but didn't know exactly what it was.  Good to know.

I'm looking to purchase some multi family rental properties out of state in the mid-west(arkansa or ohio) and I'm not sure the best PROCESS I should follow in choosing a management company. 

I've only used a management company once so I'm not that experiences in choosing one or questions I should ask.  Is there any tips or gotcha's I should watchout for?  

Google reviews and yelp would probably be a good place to start. any other thoughts.    Thanks.

@Adam Widdicombe - Good advise.  We don't really have any turnkey companies where I live so it's kind of a new concept for me.  Duly noted!