All Forum Posts by: James Alderman

I would be looking for a GC to get a quote.

Are you working with an agent? You could tailor an offer to give you time to get multiple quotes. Of course, you risk losing escrow money, so don't put more into escrow than you'd be willing to lose. You could ask the current owner to make some of the repairs in your offer.

Just some ideas. Good luck!

Rentalizer is my go-to tool for collecting rent data in a market that I'm analyzing. It will pull comparables that have rented out recently and give you an idea of what to expect. Confirm this number with your agent and by looking around on Facebook, Zillow Rentals, Craigslist, etc. 

Where are you looking? I have some contractor contacts in the area.

Do you need to purchase a property to run this business, or could you lease a space to minimize your risk?

Can you get a better return-on-equity with the STR? It would sound like it. With the interest rate being raised (and probably six more hikes this year according to the FR), markets might cool off and appreciation might slow.

I'm seeing the same thing with a STR that I have in a smaller town that is appreciating quickly. I just refinanced at a fixed rate to get the equity out and am looking to purchase with that.

Cash offers are always strong, because the seller knows that the purchase won't fall through due to financing. Waiving inspections is another strategy, though not recommended unless you have a lot of experience.

Other than that, competing on the MLS listing right now basically comes down to your price.

The new owner must respect any existing leases that the tenants had with the previous owner by law. I wouldn't say that it is any easier as a new owner. It may be that a long-term tenant is leasing below the market rate because the previous owner did not raise the rent in accordance to the market (which may be the case if they are a great tenant!). 

Before purchasing any property, do your due diligence: review any existing leases for the inherited tenants and make sure that everything is in writing prior to closing.

Nest thermostats can be locked with a PIN, and you can set the specific range that it can be adjusted to.

I would meet with an attorney who can prepare the notes for you and properly document the terms after 6 months.

Have you spoken to your lender? Since they have a stake in the property, they may be willing to work with you on a separate loan for the rehab.

"The Book on Investing in Real Estate with No (and Low) Mondey Down: Creative Strategies for Investing in Real Estate Using Other People's Money" by Brandon Turner is the book you need to read for a great intro into all the ways you're asking about.(Seller financing, lease options, hard money loans, partnerships, etc.)

You can also search for BP Podcasts for episodes on low and no money down strategies.

Hi! If you click on "Bookstore" and head to the best sellers, you'll find a plethora of amazing information. Many of those books will cover these topics. Your questions are great, though they are BIG questions that depend a lot on your personal circumstances, goals, and skills, and they require some context to answer. 

I'd also recommend listening to the BP Podcast where you can learn a ton.