All Forum Posts by: John Van Uytven

@Wihan VanWyk

Welcome to BP. 

I am back in America now, I used to teach in Gyeongju too. My heart will always be in Gyeongju. 

The Seoul REI group is great, it is bigger and better than I ever thought it would be.

I hope you take advantage of a meetup sometime. At least there is the KTX now to get to Seoul faster. 

Have a great day.

@Carter Bowman

It is always good to see another Southern Illinois investor.

That is a great plan. Buy it right. Get your inspections done.

If you have any questions feel free to message me.

@Joshua Atteberry

Probably good you passed on it

I just offered on a duplex, then found out it had foundation issues.

I readjusted my offer to include fixing the foundation. The owner has not contacted me about the new offer.

@Kishore P. thank you for your input. I have gotten emotionally attached to this place, that is why I wanted to reach out to BP community for clearer minds.

I was fairly tired when I wrote the original post. I realize I left a lot of holes.

I plan to use this as a Buy and Hold

It has 1 unit filled with the tenants are paying $500 a month.

I estimate the ARV to be $30-$40K, which is typical in this area.

I offered him $22,500 cash, with a contingency in the offer.

Which to me signals we need to change the offer to about $6-7K.

I have been looking at duplex. It is an older duplex, Early 1900's. The numbers overall are looking good. Until we had the inspection, then the inspector pointed out the foundation issue in the basement. I had not been down there, until after the inspection. 

That is where the pictures came from. The home inspector labeled the foundation "A-typical" and recommended a foundation expert do an inspection.

The owner discouraged me from getting the additional inspection, because all of the basements.

I insisted that we get the inspection and a bid.

The email from the foundation expert is mostly here. Total price about $16,000. The current owner is saying don't worry about the foundation. It is fine, and just leave it. 

Seem like this is very important, and the current owner is trying to unload this quickly without doing any of the work. 

@Steven Hamilton II might be able to help

@Jeff Filali

That's awesome, keep up the good work and get another great deal

Congratulations at @Steve B.

Keep up the good work

Drive for dollars.

Or better yet, Walk or Bicycle for dollars.

Then take down addresses, and find then try to contact the owners.

Find REI meetups.

Talk to other local investors. 

Hi @Joshua Atteberry

Always happy to see another Southern Illinois investor on here.

If the calculator says you would make $0 because you live there. You still have to live somewhere, unless you know someone willing to let you live with them for free.

Either you are paying (or not paying) yourself, or you are going to pay a few hundred to someone else to rent from them.

Where do people go to find an apartment in your town?
Craigslist? Facebook? Local Paper?
See what is being offered there.

Also how many places are there for rent in the local area.

How close are you to campus?

Do students want to actually live there? I went to school at EIU, students had places they wanted to rent, even though it might have been a little farther away.

Then honestly compare the different units AND their layouts.

An awkward layout can kill people wanting to rent a place.

What is your competitive advantage compared to the other local rentals?

Do you or your competitors offer laundry hookups or an onsite laundry room?