All Forum Posts by: Pat McGrath

yah if its really them thrashing it, dont replace it. Maybe get a new tenant. Take a peak at how they treat the inside of their cars...having a bad tenant will ruin the profit. A good tenant makes it easy. Im sure many will agree

 Well do you want the house long term or short? Like others have said, only do any new flooring id say with a year lease & a big deposit (2months rent is max) or at least higher deposit. A higher deposit gives them incentive to take care of any new flooring. Have you seen it? Is it thrashed? There are good laminates at $1/sqft. Have you gotten any pricing? Id agree with others to not do lams in a kitchen or baths. Go get bids to see what your actual costs will be. What are market rents? (Call prp mgrs or try rentometer). Lots of variables. If they seem to like the place, try to remind them of that too

your missing out on leverage. Try a few homes in cali or get more of them out of statae

i need to copy all this thread & post above the office door! Inspiring....

jake is right on from what i know, but im also not a cpa. Ha d a friend do the same thing a few years ago, rollling the loss into following years. 

As far as reinvesting, the bay is (99%) a appreciation play. The NAR just put out a survey though & many thought SF was in a bubble. Does that mean the whole bay? Maybe. Where you put your investment $ is up to you, but for my $.02, i wouldnt put it there (because it would be very hard to find a good deal, imho)

hi joel! Did i mention this site? What we talked about yesterday is actually called house hacking. Brandon turner is a big proponent of it (& wish i had known when i was younger)

@Jorge Soto sure just send me a msg

great job! BP is such a great resource for sure. Speaking of, i just closed my first investment property as well in memphis! Already had a renter in before i closed & got my first rent check already. Most folks not into re investing give me an odd look or a "why memphis". It can be a long response & most people tune out within the first 20 seconds because they really werent interested in re investing in the first place. But to each his own

its entirely possible to get to 1%. It wont be a class A neighborhood, orB most likely. i saw a house in an ok neighbordhood a few months ago that fit, but it needed quite a bit of work i wasnt willing to take on just yet. We are in the winter slowdown now so that may help. This years run up was significant & finally most people even (2005/6 buyers) were not underwater, so a lot of people sold. I personally dont want near watt ave, but there are 1% areas there. But if i cant even drive there during the day & getn nervous, i dont want it. So i guess im also one of those not looking hard enough :)

my mentor-agent is getting a 4 plex in citrus heights this week. If the offer prices is around 369k, then it will be an easy 8 cap (each unit rents for 850 right now & she thinks it could be higher). not sure if this helps or just confuses you more :). The mls has likely many duplexes. Have you looked into direct mail? Do you have access to the cash or financing?