All Forum Posts by: Wayne Kerr

Why not just make your own so you really understand what you are doing and seeing what effects what?

Wow that was a lot and all over the place - from loan types to your personal job...

You can do a DSCR loan, no doc loan, HELOC or something like that. Talk to a different lender - commercial/business type loans is what you'll need to look into since your income on paper is low. You may be able to put down a higher percentage to qualify for something more expensive as well.

You're not going to be able to just go around and put 10% down on a lot of places until you run out of cash. Sounds like an absolute trainwreck waiting to happen anyways. That whole post just sounds like a trainwreck honestly. 

We don't know about your personal life and your personal job - do what you think is best. 

 Ok - easy enough. I'm trying to figure out the big catch on Sheriff's sales? I guess it's the lack of inspection...you can mitigate risk somewhat in your offer price. But this seems like a decent route to maybe pick up a property or 2 a year 

We have quite a few gurus that sell courses and they all have that one "secret" to get you all the best deals! 

Marketing seems to be the big thing now. Convince someone that they can do it and market them your class - they are essentially selling dreams to a lot of people who don't want to put in the work themselves. 

(1) The complex is not going to pay for your items - that's on you - probably depends on if you have renters insurance or not. My leases state that we're not responsible for items in the unit. 

(2) Notify the apartment complex and see what they do

(3) sounds like you need a better exhaust fan/dehumidifier or something of that nature 

Covers everything addressed prior to tenancy? 

That's literally every single thing...

@Chris Seveney

Gotcha - so we just need to have the title checked - then make sure we understand what we are reading on the report. I'm guessing a title company is the best place to go to run reports. So you can have an idea of the properties you want to buy (they are listed on the sheriffs sale website) then run a title report to see what is on the title. 

That's the thing too - with no inspection, potential occupants, etc etc it makes sense to make sure your offer is low enough to offer plenty of upside

I see some places that look decent pop up in our area - just another potential way to find a deal I'm thinking

There's a couple decent books: https://store.biggerpockets.co... (the house flipper one and estimating rehab costs)

I've read both - they are decent - time to go back and re-read though lol. 

So I will say A LOT of this is going to come with experience - as far as what to rehab, the order of the rehab, and the estimates. Takes time and there will be some bumps in the road to learning. You will also learn a lot about the best way to do stuff - people will try to BS you and cut corners at first - once they realize you know what you are doing they will act different. 

I would say a SOLID plan and getting started ASAP are 2 big keys, then make sure you get the ORDER of renovations correct. Combine that with your expected cost (then double it lol) and you'll be in good enough shape to learn as you go. 

You will also need to build contacts of the best in that industry - as well as a good handyman (cheap decent labor - not perfection). And manage the rehab as they go along. Check the work and make sure it's being done correctly. 

This is going to come down to a permits/codes/Inspection/utilities thing I have a feeling. 

Sounds feasible - just have to pass the inspections and make sure you can get utilities hooked up

I'm wondering what the cost would come out to after everything compared to a new construction

I somewhat read that - but I think you're overthinking it a lot...unless you have a lot of options to choose from 

So I look for 3 bed 2 bath OR a something smaller that has at least 1000 sq ft and a layout that can support adding an additional bedroom/bathroom 

Square footage for my area is usually between 1000-1500 or so - any bigger and the cost will start increasing and it will become harder to rent profitably 

For your house hack I'd lean towards a MFH that you can live in one of the units. I could NOT stand living with a random person with shared living spaces at this point in my life. In college ok - but after that hell no