All Forum Posts by: John Van Uytven

I have been in contact with someone who owns 10 houses in a low cost and low rent area. 

He is an out of state owner, who had a bad property manager. 

He is fed up and wants to divest these properties, and he is willing to do owner-financing.

You can tell where this is going 10 houses that were occupied and producing income. Then things went down hill over the last couple of years. 

Only 4 of the houses are currently occupied and paying rent.

1 eviction is in the works

4 need varying degrees of repair. Some need roofs, some need all of the windows replaced.

and the last 1 had all of the copper stole out of it. This last one, I plan to pass on.

These are the type of homes that need a more hands on approach. The type of thing I could do considering I am nearby.

For the right price, I know this portfolio would be lucrative again.

How should I value this portfolio? 

Should it be done on a house by house basis or should a cap rate be applied?He paid an average of $15K for each property with the rent ranging from $350 to $500. When these were fully occupied and producing income.

@Chad Walsworth

I don't know the area. 

Numbers always Depend.

How much is the current rent?
Who is going to do the property management?

Who is going to do the maintenance?

Does your estimate include property taxes?
Who pays for utilities?

Do you have an actual number on how much for insurance?

Sounds like you are off to a good start though. 

Keep us informed at how things develop.

@Sam Akif

Are you pulling the carpet just to do something different?

Is there something wrong with the carpet?

If there is nothing wrong with the carpet, clean it and leave it.

The case it is old and needs redone, I would recommend seeing what other people in the area have done.

Then you can see how you like it, and make your decision.

Factor in how long you want to keep the property. How much is each going to cost to install?
Are you hiring the installation out?

@Joe Splitrock

That's awesome.

Congratulations on your new baby.... house is what I ment.

What happens when you buy a new property on the same street? Do you go with Holbrook JR. or Holbrook the Second?

How big of a company are you planning to grow?

Congratulations and keep up the great work.

Welcome @Joshua Olson

Why do you want to start with wholesaling?

Do you have experience in sales?
What are your experiences?
Have you read the Ultimate Beginner's Guide?

If not, I highly recommend that. 
My biggest piece of advice is Read. Read books, Read the Forums, just keep Reading.

When you have a question search the site. If you can't find it, then ask a question.

When you want to get someone's attention use the @ symbol then start to write their name and it will pop up.

After someone has written something you like, give them a vote to show you appreciate it.

Have a great day.

@David Huynh

What is in your lease?

Do you have a pet addendum?

All states differ on these legal issues. I recommend talking to a lawyer.

We charge them a fine, and then the dog has to be off property.

If they don't pay the fine by the next round of evictions we evict them.

The tenant knows the rules and is actively trying to violate the rules.

If you let this slide, other tenants will start to do the same.

@Ryan Howard

I don't know your financial situation, but the FHA loan with 203K loan for personal residence could be a great idea. Especially, if you are going to buy a duplex up to 4 plex to live in and collect rent.

With the BRRR you would still need to come up with cash or a hard money lender.

Good Question by the way

@Paul Farley

#3 the first 2 I am not sure what they are supposed to mean and the last one is kinda used a lot in my opinion.

You should really work on marketing and trying make a good business as well.

Something that will be associated with your company. 

@William C.

It is a pretty awesome place.

I have met some great people on here. We started a Meetup in Seoul together

@Daniel Ryu

Welcome @Andy Valerio

I may not be from Alabama, but I will still welcome you the same :D

Great to hear you have read @Brandon Turner book. He will be glad to hear that. It is a pretty Awesome book.

You are definitely in the right place if you want to network.

Also read the Ultimate Beginner's Guide, it is short and it is free.

When you want to get someones attention use the @ symbol and write their name.

When you appreciate what someone has written make sure to give them a vote. Then they know it is appreciated.