All Forum Posts by: Eric H.

@Brittani-Kaye L. Greetings,

If you are looking to do an arms length transaction (straight up sale) paying her taxes will not be a unique selling point because the taxes will have to be paid regardless when property switches hands. Same applies for mortgage payments. At settlement, closing attorney/title company will pay off mortgage, taxes, utility bills, and any other liens against property with buyer's funds. After all fees and expenses are paid, seller will take what's left. Looks like you have identified someone that may have motivation. I would suggest trying to get in touch with the person by phone and go from there.

Hope this helps! Peace!

@Giancarlo Paone Greetings,

Congratulations on completing college. That's kind of a big deal. I would use that money to partner with an experienced flipper. There is so much to learn in real estate and I think doing a flip alongside an experienced investor will greatly straighten out that learning curve in the least amount of time.

Happy investing! Peace!

@Anthony Jennings Greetings and welcome to BP!!

Congratulations on your success as a Realtor. I would highly recommend getting that credit in order. Take some of that additional money and pay off some more debt. Good credit gives you more options. Bottom line. Accurately getting repair estimates can be done by networking with flippers, using your personal residence as a model for a rehab (i.e. go to home depot and calculate costs of material to perform rehab or call contractors in for estimates to rehab your home), visit some homes that are in your target market that are currently being rehabbed and talk to those contractors, check out the Construction/Remodeling Diaries Forum and the Rehabbing and House Flipping Forum.

I wish you the best! Peace!

@Demetrius Gatling Greetings,

Here in Baltimore I know BB&T makes loans that low. Check to see if there is a BB&T in your area. If not, you are just going to have pick up the phone and start calling around. Continue to network here on BP and attend some local REIAs. Another option is to purchase using hard money, force appreciation through renovation, and then refinance into a conventional.

I wish you the best! Peace!

@Sharif Hasan Greetings,

I think you nailed it......analyze properties day in and day out while learning the legal side of things. Learn your market frontwards and backwards. The benefit of doing this is that you will be able to easily identify a deal and put yourself in a position to pull the trigger quickly.

Happy investing! Peace!

@Matthew Krieg Greetings,

I think you have it mostly covered.

The Book on Managing Rental Properties is a great resource. It came with a bunch of forms that are useful too.

I have used Smart Move. I like it because the tenant can pay directly to service that way you do not have to collect any money.

I would recommend having your lease reviewed by an attorney. Try contacting a local real estate attorney. If he/she invests in real estate, that individual may already have one drawn up.

I use PayNearMe to accept monthly payments.

Add ons.........Walk through/initial inspection form. Walk through entire unit with tenant on lease signing day. Make note of condition of everything, take lots of pictures, and have tenant sign form.

Welcome package. I give tenants some cleaning supplies and some wallflowers from Bath and Body Works.

Congratulations on your purchase. I wish you the best! Peace!

Greetings @Johnny Johnson,

Here are two firms that you can use to meet your goals. I have not used either.

https://www.groundfloor.us/

https://patchofland.com/

Happy investing! Peace!

Greetings BP Fam,

I have a prospect looking to sell a multifamily in NE DC, 1300 block of Bryant street. 4 units, 1 bed/1 bath each. Seller wants approximately 600k. From my limited knowledge of the DC market I think this may be a deal worth pursuing. I have found that as is sales in the area are around the seller's asking price. ARVs for condos are approximately 300k for 2bed/1bath. Thus I concluded that the ARV of subject would be 1.2 mil by adding an additional bedroom. My questions.

1. How to calculate repair/construction costs to do condo conversions? Primarily speaking of permits, architectural drawings, any other special assessments/fees that need to be considered.

2. Is my math accurate thus far?

3. All units are tenant occupied. I know in Baltimore City, you have to provide tenant an opportunity to purchase property before selling to anyone else. What are the laws regarding this issue in DC?

@Jeffrey Mark

@Account Closed Greetings,

I've used this service, offered by Bigger Pockets. Yes I pass along the cost to the prospective tenant.

@Justen Crews Congratulations on your success thus far. I'm not nearing the millionaire club yet but I do recommend Sam Walton: Made in America. Great book on how to build a business.

Peace!