All Forum Posts by: Jaron Walling

Raising the rent $75 per month, per year, every year is damn steep increase. You're going to have a lot of turn over if you're doing that. Prove me wrong. 

@Thomas S. That's what I'm thinking and I don't want to burn any bridges with real estate agents. 

The property would be a live-in flip, and a possible rental depending on how much I invest with my own cash. 

You could try Forum Credit Union. I've used them since I moved to Indianapolis and have been really happy. I'm waiting for a pre-approval letter to finance a single family right now. I don't have an experience with local HM lenders. 

I completely agree with @Courtney M.. The deal doesn't make sense and like @Joe Villeneuve said if you have a major capital expense you're quickly in the negatives. You could play the appreciation game but the market is near the top already. Bad idea.  

Is it unethical to meet with a seller without the real estate agent being present? We did a fast walk through yesterday and I missed a few things (checking the condition of the electrical box). It felt like the agent was trying to up sell me... "This room has great potential and not expensive to remodel", "you could fix this easy" bla bla.

 I'd like to sit down with the owner and talk about the motivation to sell the property. 

The lady that owns the property is pretty old. I'm kicking myself in the face for not building a stronger relationship with them. I could have negotiated an off market deal! 

This industry is all about relationships and helping other people. I'm so inexperienced with that. 

@Amanda G. Is this basically selling the property slowly over the course of 15 years to avoid capital gains? 

My old neighbor listed there house for sell and it's at retail... The house is old as the hills and needs updating. It would be a great live-in-flip opportunity but it's not a good deal (compared comps & recent flips in the last 12months). 

It dawned on me I need leverage get a better price. 

Have you ever negotiated a deal that included a donation to the sellers church>? They're very active at there fellowship. 

What are some creative ways you negotiated a price with a friendly neighbor>? 

I'm touring the property today and will determine a rough rehab cost. 

Open a Roth IRA and get started! It's a get way store money for retirement and forget about it. There's a learning curve for investing in individual stocks, ETFs, or mutual funds. I opened an Roth at TD Ameritrade when I was 28... Wish I would have started earlier!

This business is a numbers game. What is your end goal for the property? Hardwood is great for rentals because of the durability so I'd sand/re-condition the existing floor (if it's in decent shape). If you're flipping the property I'd demo and rebuild the floor to modern standards with new materials. 

Plan a visit to Lowe's and Home Depot so you know the material cost before getting quotes from contractors.