All Forum Posts by: Stephanie Dupuis

That's great info, @Account Closed Thanks for mentioning that - I would not have thought about that.

@Pat L.

- glad you mentioned the printer. I will be upgrading my printer in the next year, so this is great. What's Airprint and why do you like it?

That's a good point @Steve Babiak

I have a good idea of the coverage in my area and carriers, so that helps.

Wow @Jon Holdman, I'm sold! (wink) Great run down, seriously. That was very helpful - thank you for taking the time to share this. I haven't wanted to make this step (I'm a frugal one) - now I'm getting excited.

Thank you for the replies. This is very helpful.

I've been looking at the iPhone 4 (it is free now) and Samsung. I've used the iPhone, although I don't own one and I'm fluent on both PCs and Mac. So ,not concerned about that. It really comes down to balancing cost and efficiency in the field. In regards to cost, I have put enough $ aside to afford this additional expense. Yet, it'd be great to go the more affordable route at first since I am starting out. I want to find something that will help me be effective - I don't want to be out with a client and unable to respond to something b/c I don't have access to information or tools. Not sure how important this is in reality.

I passed my license exam recently and I'm interviewing firms this week and next. I also own a basic phone and need to upgrade.

What are your experiences, thoughts and recommendations for a smartphone?

pros/cons

service contract thoughts, etc.

I plan to focus on listings. I will be a full time RE Agent. If an investor needs help and approaches me, I will help them and work with them. So, I'd like the phone to work for both of these aspects of the business, and anything I haven't thought of the you may know about.

Thanks for your time and help.

Do what works. Doing what works is pretty creative sometimes (like offering the amount you are able to borrow from the bank). Sending yellow letters is pretty creative for some ppl, too. ; )

As @Ned Carey stated, you can get the utilities turned on. Please do this - get the utilizes turned on for an inspection. Also, offer a purchase price that will account for the additional repairs needed. You will have additional repairs.

I've purchased two properties that were vacant for years. What I've noticed is that they will often check out ok in the inspection, but major systems will wear faster. Plus, there are things the inspector may not typically find. You learn from experience (I learned quite a bit with just two properties). If possible, these are good properties to buy a home warranty on. I don't know if you can do that with an investment property, but it's crossed my mind.

• Assume higher than normal repair expenses. Maybe an additional 3-5% per year. Sometimes higher. For example, the furnace checked out fine in the inspection, but hadn't been used in years. It actually worked fine, but developed a crack (gas furnace) soon after purchasing the property. 5 yo gas furnace. Water heater checked out fine - I'm in year three with the property and the water heater is failing (it's a newer water heater). Long story short, I'm in $20K in repairs on this property in a 3 yr. period. Not my best purchase.
• Wood floors. I've noticed that wood floors will contract if you refinish them immediately after purchasing a vacant property, then live in it. This makes the space between the wood in the floors larger, and any filler used when refinishing will crack and is also inadequate (because you're filling the gaps before the wood has adjusted to the new environment). If I were to do it over again. Let someone live in the property, then refinish the floors. Let the wood adjust to the new environment.
• The property is a "go to" place for rodents and insects (bees, ants, etc.). Expect to be chasing them out and away from the property for a period of years. When no one is living in a property, others move in. Even if a bank or seller has been "treating" a property, this still occurs. So, the pests may not be there during inspection, but will visit your property soon after ownership.

Those are some of the big items. There are many smaller items. I don't mind buying vacant properties. It's simply an issue of knowing that you're in for some work. And it can be great if it's for the right price. btw, the second property I bought that was vacant for 3 yrs. has had barely any issues. A failed water heater and that's it. And the water heater was questionable during inspection...so it was on my radar.

Hi Brian - I ended up bidding on a GSA property. My experience was that it tied up my money and the property ended up getting bid up past market value. Plus, GSA did not follow a very strict auction format, they would extend the auction if it would help them get a higher price - not cool. The process just went on and on. When they eventually got a bid, others started bidding (because it was deemed safe?!?), and then GSA kept extended the bidding period (which is in their contract, btw). When the property bidding seemed to have stopped, they closed the bidding. Basically, GSA did what was in their best interest. It did not seem to be a true auction. Steph

The typical valuation for a company is 1.5 times the company's net profit from the previous two years' tax returns. If the company is new, it is valued less and three years' returns are used. Other variables go into this, too - leases, other assets, etc.

There's solid info you above.

What got you interested in REI?

Regarding terminology, I highly recommend Frank Gallinelli's book "What Every Real Estate Investor Needs to Know About Cash Flow...And 36 other Key Financial Measures".

As stated above, focus your REI. Rentals? Rehabs? etc.