All Forum Posts by: Manco Snead

@Bruce Woodruff  Thank you Russel; very helpful.

@Russel Brazil      Much thanks; currently trying to get that warranty info.

Greetings all,

Looking at buying my second rental property and hoping for some feedback on my current issue. With earnest money paid and inspection completed the inspection revealed some roof issues. This roof is new; 1 yr old. The ridge shingles are starting to lift; seems premature for a 1 yr old roof. Inspector agrees with me on this.  Inspector could also not access attic space to verify quality of sheathing and venting. Inspector states it appears from the outside that the dryer and/or bathrooms may vent into the attic space and not to outside; Vents for this are currently too few and the wrong type. I just paid ALOT on my other property to replace all sheathing because bathrooms had been venting into the attic space since property was built in 1976. Don't want to risk that again. The above issues may indicate an overall cheap roofing job.

The property is sold as-is.

How would you approach this? I want verification of sheathing quality, venting, along with repair estimates if needed with venting if I'm going to move forward with the deal.

Much thanks.

Greetings,

I'm hoping to get some feedback on my first OOS property I'm looking at. Would you buy it given below?  Good cashflow seems very difficult to find these days:

Medium sized city; midwest college town. Town experiencing growth and new development inc. new hospital. No obvious deferred maintenance thus far. Inspection not yet completed.

Property: side by side 1976 2/1 duplex with new roof

Prospective #s:

Purchase price: $200k

Down: 25% ($50K)

Current total rent: $1550

Cashflow:

Rent: $1550

       - $200 (vacancy/repairs)

       - $1050 (mortgage(inc. tax/ins)

       - $160 Prop. Management

       = $140 total cashflow

Cashflow is not great, but I think rents could be raised. Both units rented. And I like the growth/ new construction in the area.

Thoughts?

Much thanks.

Greetings all,

Hoping someone can give me some insight. I'm a newer investor (1 property) looking to buy my first OOS state property. The realtors I've contacted so far have not been very responsive. What's going on and what can I do differently?

Much thanks.

Interesting timing for this post as I am currently trying to buy my first OOS property, but am having a difficult time getting realtors to respond with the property info I need. Any thoughts on how I can approach them to make this work?

Greetings all,

I live on the the Olympic Peninsula, WA and have been looking throughout Washington and Oregon for something that cashflows, preferably a multifamily. The inflated market is really throwing me for a loop as I'm not finding anything reasonable, even in more rural non-hip areas. Am I missing something? Anyone willing to share their approaches to the current market, West Coast or otherwise?

Much thanks.

Concerning the dog specifically, my experience is that if there is a barking dog on the first day this will not be an exception and the thing will be barking incessantly. This also says something about the dog owners as they are obviously not thinking about how this affects everyone around them. I am an animal lover but the dogs before people thing is out of control. If I were renting an STR and there was a nearby incessantly barking dog I would simply want to get out of there ASAP. That's my rant.

That's a big chunk of money but are you able to get loans from the bank to go along with all the down payments that money provides?

The thing I learned about real estate is that as you earn more money acquiring properties get's easier. As you earn less money is get's more difficult. This sounds obvious but it's important to focus on. Fannie Mae doesn't care about anything else. If you can end up in a situation where you make alot of W-2 money (maybe you already do), have good credit and little or no debt the doors will really open for you. Getting all that lined up is often the hard part; the rest is not necessarily easy, but definitely easier.