All Forum Posts by: Gregory Calloway

Great feedback guys, really appreciate it.

Good morning,

I have a pretty reputable contractor that I have a bid with on a project and I asked him if I can buy my own materials which would save me on the mark-up. He informed me that he can't because he's not supposed to for insurance purposes. If there are any workmanship or issues his insurance wouldn't back him on coverage. I've never heard of this, can anyone corroborate this?

Thanks!

@Sean Ploskina I think that sounds like a good modification. Thanks

@Eli Konig great information, thanks!

Hi,

I'm under contract for 6 duplexes and as part of my due diligence I'd like to contact the tenants and just ask them a few questions. First, is this ok to do? Also, here are the questions I was going to ask:

1) How has your experience been at your apartment?

2) Do you like the area?

3) How have you liked working with (existing) Property management?

4) What do you think would make things even better?

5) Are you planning on staying again next year?

If this is a good idea, how would you present yourself to the tenants? What other questions would you ask?

Thanks!

Greg

@J. Mitchell Bernier @David Pere thanks to both of you for the input, really appreciate it, good info!

@J. Mitchell Bernier thanks for the comment, yes this is actually not far off of what you described, there is a small college about 10 miles, and also military about the same range.

@David Pere around Valley City and Warrensburg which is actually a college town itself but this property is on the outskirts so it's about 15 minutes from the campus.

Hello,

Newer investor here that came onto an off-market opportunity for 6 duplexes in a more rural area. From what I understand they have been rehabbing them one at a time and will soon have the 5th rehabbed and leased, leaving the 6th for me to do. I've run the numbers and it will cashflow well with about 10-12% Cash on Cash before rehabbing the last, then up closer to 25% once that's done. So the numbers are happy. However, being in a more rural area is a bit concerning to me. The old Cliche of "location" is directly in opposition to this place, but the property manager I've been interacting with says the other properties on this set have leased up within about a month and that he's finding a lot of people like the space it affords them as it's out on land with some space. The other trade-off is that if at some point I decide to sell, it will be a lot more effort to sell this property.

My gut tells me to go for it, and that this will really be worth it.

I think at this point I'd really like to hear from other investors that have experience investing in more rural areas and how that has gone.

Thanks!

@Henry Liu yep, I agree with this. Just lay out your numbers for them and explain that you can only take on the job if it's profitable and give them the price you need to make it work.

Don't worry about "just get in the game" if you're to this point, I think we can all agree that you're in the game. You'll find the right one!