All Forum Posts by: Mike Jakobczak

Yea I say keep one unit empty. Since most buyers will want to walk-through the units. Having the units full will make it harder to show and may even upset your current tenants. I know if I was renting and had showings everyday, i would want to start looking for a new place.

Yea I was thinking of coming. I'll stop by if I end up going.

James Vermillion haha did not see your post...I second that

I'd recommend them to come onto here and spend a few hours a day reading the forums. There's more content on here then any program will be giving out. Not to mention that amount of money you will need to pay for most programs. They should start networking with people on here and learn from people actually doing what others teach.

Just a thought

ARV=After repair Value

Basically is the property as it sits right now in the same condition as everything that is selling at 120k-140k? If it is, this is a good deal. If it needs 20k in repairs, then your equity is a lot smaller then you think.

If you just want builders risk I think it's around $30-40/month

here's a quote I received today from them:

Renovation Project - Builder's Risk Policy
Basic Form Coverage
Actual Cash Value
$75,000 Insured Value
$1,000,000 Premises Liability
$5,000 Deductible, $EXCL Deductible for Theft
$53.50 Monthly

Usually my deductible is around 3,000

Yea I agree with Mike Andrews I see them gone when there's vandalism in the property. They must be easier to sneak out of the house then some of the bigger items.

I don't mind them stealing them as long as no one leaves any surprises in them for me (gagging)

I would start networking with real estate agents and let them know you are in the stage of educating yourself. Some agents hold monthly first time home buyer meetings, which they may cover some things that might be of interest. Most agents are use to educating their clients, since most people aren't ready to buy once they make that call. Some agents have great monthly statistics of sales that break down areas/neighborhoods etc.

I wouldn't let it bother you that you are calling agents. Think of it like a interview. Not all agents will be worth staying with for the long run. Takes time to find a great agent to build that relationship with.

Good luck tho

I don't think they go into who owns the property. A comp is a comp. I know an investor who has rebuilt whole subdivisions. All his properties were used as the comps.

But not sure how multi-family comps work. They might go off a market cap for the area.