All Forum Posts by: James Short

@Andrew Postolovsky the sellers just tried to move forward with the closing so I ended up canceling the contract because I got laid off from my job so the lender wouldn’t give me a loan either.

Have you contacted an electrical contractor? I bet that is quite expensive also. Your talking about purchasing all new baseboard units, having them installed, all new electrical wiring run and either a central thermostat or room based thermostats.

Regarding your existing furnace, did you only get a parts replacement quote from the one contractor? Did they tell you how much it would be just to replace the whole thing? I'd call around to several and ask what they charge to replace a furnace. 

You can get a Goodman 80,000 BTU furnace for around $1400 and a 100,000 BTU furnace for about $1700, I just google it, so that doesn't include install but just a reference. I bought my own year ago and paid someone $500 bucks to install it.

Its funny that people are screaming fraud when this is promoted on the BP rookie podcast. Tony talks about buying several of his STR properties with 10% down vacation home loans all the time. He as a partner and they acquire several STR's with Vacation home loans by putting the loans in different peoples names. One loan in Tony's name, one in his partners name and even one in his wife's name. the difference that I see is that Tony is only using his money or his partners money but they are still using vacation home loans to buy properties for STR's.

I spoke to my lawyer and I believe he said the the person was to be moved out by the end of October. I guess when I looked at the place in August and the owners told me there aunt was moving out, I didn't think they meant in 2 months. They didn't mention that part either. As far as the nonpaying hold over tenant, my lawyer is trying to get more information on what is happening because them telling us that she is still there and that they are still working on it doesn't really tell us much and the mortgage company won’t clear to close until there are no leases on the building.

 That’s a great suggestion, I’ve been going to my local meetups for a few months now. It’s not a very organized event, so it’s a lot more newer people. Finding someone who’s more versed and has money would be great. As far as getting to know people, I don’t rush into things without getting to know and trust them, I’m pretty good at reading people. The tenant hasn’t paid since before COVID the current owner started the eviction process in March of 2020 and I think the tenant requested extra time and then COVID happened so they never left. Since they are doing evictions again the owner was VERY confident that the eviction was going to happen based on what their lawyer was telling them, but I haven’t heard anything about it. My realtor said it this person is not out by closing that we would be asking for a 5k price reduction, my realtor is also an investor and his partner and he own a property management company that manage about 300 units. 

@Brady Wiley I'm not 100% if it's in the contract which does have me a little worried. As far as what I'm doing to get more capital, I go to work every day and save money every week. I do have a HELOC which I'm using a small portion to fund this first purchase. Yes I'll be doing the Reno. I'm a plumber, so I got that covered and a home owner. I've gutted rooms down to the studs, rewired, dry walled, painted, trimmed and even replaced my breaker panel.

Is it occupied? Yes, it’s supposed to be delivered vacant though. One side had a family member that’s moving but the other side has a non paying tenant that was supposed to be evicted September 15th. I plan on doing renovations to the bathrooms and kitchens. I would like to get more but I don’t have the capital. 

Wow, that is amazing and your properties all look amazing as well. I'm sure that helps attract good tenants as well. I'm just starting out and I'm just weeks away from closing on my first duplex. 

I'm currently feeling in limbo, I am waiting to close on my first duplex. Don't know what to do at the moment or where to go from here. 

Welcome to BP, That is awesome that you have already read those books and have a goal to purchase a live-in flip by next May. Are you taking steps to make that goal a reality?