All Forum Posts by: James Thomas Nakashian

@Danielle Lueck my suggestion would be if you don't need to sell it. Don't rent it out! and then like @Wayne Brooks said when the time comes you can either sell it or do a 1031 exchange to something better when the time is right. No reason to pay capital gains if you don't need the cash to eventually make more money. Unless you need the cash now.

Hi @Riz Ahmad, I just happen to go thru one of these. The hardest thing is getting the ability to see the condo that you are going to buy. Usually the condo association won't allow you in to see it. Basically i would try to find out as much as you possibly can about the property then go from there because there are plenty of questions to be asked. Is the rent controlled? are there common charges? how much are the liens, if there are any? You should be able to find out the lender on the condo so you can find out how much they owe otherwise you have to go to the auction and see where it goes from there. Because after you purchase the property you may assume the debt , the bank may waive it though. 

Hope this was a start. Any questions contact me

-James

Hi Nichole, what i think you should do get the inspectors report. Have a contractor you can trust maybe referred from a relative, close friend, partner. Have him go in there see how bad it is or if he can see how much is would cost to fix things. That way you have a number to go back to the seller with and if they accept that then you know where you stand (always leave yourself some room $ wise). You can buy the townhome and fix it up and get your cash flow. If the seller doesn't like that number then if its not acceptable and doesn't fit your criteria then the deal isn't for you and maybe walk away and look for another one. Do all your due diligence to save the deal but if the seller isn't willing to work with you on the number that makes it work for you don't be afraid to walk away if necessary. There's other deals out there for you.

 Hope it was helpful for you

-James

I PERSONALLY HAVE NEVER DONE IT. so i will start by saying that. But i guess the first question would be Have you done a BRRRR in general? then you have some experience. If not it probably wouldn't be suggested to do you first one OOS because your not over seeing anything of the project. Unless A. you have a job in which gives you some free time to go down and over see operations. OR B. you have someone you know and TRUST (family member, close friend, partner) that could over see day to day. I just feel as if there is a lot of unknowns in this situation. Having a management company to look over could be good if you TRUST them enough OR have done work with them before. In regards to myself, if it was me i would want to over see day to day operations to make sure things are going the way i want them. If they aren't then I can figure out a way to change that since i am there. I have heard a story or two of people having the management company sending video walk thru of day to day operation but a video may not be the best way to visually see things. DOESN'T mean they wont miss anything.

Hope this able to give you a little info from an outside source. 

-James

@Bruce M. putting a little time, money into a place will make it easier to sell as well as give you the ability to possibly raise the worth of your home. Especially if you are able to do some work yourself some little things can bring huge value just by sprucing it up a bit. Quicker you can make it desirable to the market, less time you have whatever money you have invested is tied up and less interest paid.

thought process is the same as Mike McCarthy . The cash flow is decent but its not that 1 percent like they talk about podcasts its just under that. But its decent for sure! If it was me i would keep and rent it. See where the market goes in the upcoming couple of year.

@Dar Fornelli 

I agree with what @Thomas S. said. 

You created that lease with the late fee for a reason. If you don't take action then you might as well not have it at all. As well as the tenants will continue to take advantage. I am 3,000 miles away so i don't know what laws there are in Oregon but as long as the lease follows them then it would be in your best interest to go forward with what you have in your lease. Kind of goes with the saying "**** or get off the pot", They have to pay or potentially have to vacate. 

Thanks for the help guys been super busy. We decided to adjust the rent accordingly, to fit the needs of the tenants as well as us. If you guys need any help in the future don't hesitate to ask.

Thanks Larry I appreciate the help! We are going to do exactly that I believe. Please you need any help do not hesitate to ask

Thanks guys been super busy! I appreciate the feed back, its been a huge help. If anyone need any opinions contact me. To let you know what we are leaning towards doing is what @Jared Mastley idea was it fits our tenants and us the best, but all the ideas were AWESOME!