All Forum Posts by: Jon Nelson

that's what I was trying to say as a seller anything the inspection turns up that was not visible I would understand but if there was a crack in the driveway or bad carpet when you looked at it I would not be ok with you asking for it as that should have been reflected in your offer. The other thing I will tell you is Dani is right itemize what you are asking for the last 3 houses I have sold they list a couple things and ask for 5 or 10 thousand dollars I replied with zero on all three and completed the deals. One they had appraised for 10,000 more than there offer they ask for 10,000 in repairs if I could have I would have got out of the deal. That's why I am saying do not get greedy

I have 10 properties in the bay area suburbs bought in 2010 they are all worth double to triple I am currently selling 3 condos as the cash flow is less than 500 a month each I will 1031 exchange them into 5 SFR in Florida that will bring avg 800 each. So 4000 verses 1500 and no more HOA problems was a no brainer for me. on the other ones I am refinancing and buying more units have not decided where yet.

I am currently selling 3 of my units in California so I will give you the view from the other side. I have multiple offers on one right now I paid 70 and am selling for 182.5. I just got the inspection back and they want 8000 in repairs all of the repairs except a leaky drain and beam in the attic which is the HOAs problem were visible when they viewed the condo. since all the offers are close I have no reason to give them anything. so I am giving them 100 for the sink and getting HOA to fix beam if they do not like it I will go to the next offer.

Moral to the story be careful and do not get to greedy especially if you new about the issues before you made the offer to me it has always seemed unethical and when it happens there is always more coming from those type of people.  

you can use rentometer web site it shows past rentals and present should give you a good idea

I'm in

Kitchen Design is great they will do everything quality work if you are doing a buy and hold for a flip you can do some things cheaper hiring yourself and have them do the tough stuff.

Chris I have looked in KS and the margin is great but if you look at Zillow there is a ton of rentals and the listing rentals have been there for 60 to 90 days why the rents are staying so high I do not know so be careful I gave up and am looking in Cleveland same margins less rentals on the market.

Michael your in the right place ask BP for references in the area you are interested in and they will refer people they work with. If you want some one to do it all for you there are some company's like Realwealthnetwork.com  they find rehabbers and managers in certain markets and do it all for you.

I own 7 units with HOA's I bought them all in 2010 when the banks would not finance them so I got great deals the problem being if you buy them now and we have another down turn and banks stop financing you wil lose 50% over night. Now for my 7 HOA's all raised rates 10 % or more this year.

one went from 375 which is terrible to start and went to 448 due to the HOA being sued for accidents which cancled our insurance and the new insurance is $70 per unit more,

next we have the one that the management company ran off with the money and we needed a special assessment of $3000 to make us whole which was court directed since the HOA was in default plus the 10%

neat we have the one I am selling and in December the board voted in that they want 60% owners and are now at 80% so I have to sell it owner occupied with 65% of sales going to investers this limits the buyers I estimate a $10,000 dollar lose.

Next we have the the HOA that I own 2 in they just decided that they want me to give them my rnters information and lease which is illegal for me to do then they are going to require them to pay the HOA fees if I get behind if they do not they are going to evict them of coarse not court would ever approve that I explained the law to then and they are going forward any way.

Moral to the story the HOA board is made up of people with no experience in real estate and half the seats are open because there is no one willing to do the job. If the Management company is not good (I have not seen a good one) they give bad advise to uneducated boards fi you are ok with them affecting youre investment you are good to go.

looking at property in Omaha need advice from local can anyone help.