All Forum Posts by: John Moon

Congrats on taking action! @Christopher Malone 

Could you share what color (paint) you used for the walls? Where did you find the doors? And what finishes did you use in the bathroom?

Thanks!

Great job so far @Ethan Lee. 

How is your partnership structured? You mentioned that the cashflow is roughly $2,000. How is it split between you and your partner? 

Should've read the thread first. So it sounds like a 50/50 partnership. Thats great you who is highly motivated as you are. Keep trucking!

@David Zheng awesome motivator! How were you able to be there as a PM when you had a FT job? I would like to be there 100% in the beginning to learn as much as I can, but that only leaves Saturday and Sunday. 

Congrats on your units! 

@John Mathewson thanks for idea. Yeah I have been wrestling with the idea of getting a license, but I currently have a full time job so it's tough right now. I will ask for some screenshots in the future. 

@Hal Thompson Those are some good points. I'm really nervous about the pool overall. It's the one thing that is keeping me on edge due to all the liability pools come with. I'll have to think this one through. Thanks for your input.

@Hal Thompson thanks for the info. This home has been on the market for 5 months so the price has steadily dropped like you mentioned. It has a pool so I don't think there are many buyers right now. There are some big repairs that needs to be done (create new drive way, changing oil to gas, and removing / filling pool) so that I can use this as a rental.  

Here's some numbers so you have more context and provide sound advice.

Purchase price: $45,000

ARV: 130,000

Renovation: 40,000

This will be my first deal and I want to give myself enough margin in case I underestimated my repair numbers. I'm torn whether or not to offer what my realtor suggested vs sticking to my original number. I could also keep waiting but the chances of someone else scoops is becomes higher.

What would you do in my shoes?

John

Hello,

I made an offer that was 22,500 lower than what the asking price was. I signed the contract and gave it to my agent. He got back to me saying that the selling agent was appalled at the low offer and rejected.  He think they might accept an offer 15,000 lower than asking instead and thats what he suggests. 

I have 2 questions in this situation.

1) How do I know if my agent actually made the offer to the selling agent?

2) Does a rejection look like anything? 

Thanks for the help and insight! Just trying to learn.

John

Has anyone used Venmo or Paypal to receive payments from tenants? What could be some negatives to doing this?

The pros are you get the money fast and it's easy for tenant and landlord to use an app to pay. 

Lot of great advice and suggestions to think about here. I'll just add one more. 

What is the minimum credit score you're willing to lease the place to? Also there are other options for you to guarantee rent. Can she pay the full year or half year rent up front? (maybe she has a wad of cash from her divorce). 

Try to think of other ways you can protect yourself instead of simply saying no. 

Great post @Adriel Hsu! I enjoyed reading this as I'm trying to find my first property. 

I wanted to ask if you could break down your loans vs cost in a higher level. 

Borrow

- Friends 20,000

- Aunt 30,000

- Your personal 1300

- Bank Loan(?) 20,000

Cost

- ~20,000 for Purchase + closing

- ~80,000 for rehab cost

Your total money on hand was 71,300 compared to your cost of 100,000. Where did you get the difference from?

Thanks

John

@Stephen Quesinberry thanks for the post. Adding fuel to the flame right now to find my first deal as well.