All Forum Posts by: Jose Perez

That makes sense @Nick B. That is what I wanted to know. I thought hiring a PM was always the way to go (and them charging 8-10% of rents) but I had never heard of the live-in manager/tech.

Pretty much every case is different but on small properties going with a 3rd party company is what makes financial sense.

Thanks

Interesting Jason Wade ! So after how many units would you consider that arrangement? Cause if u have 8 units losing two isn't feasible. Is there a specific number of units the property has to have before you allocate a unit for the PM and then another for the handy man

Hey Sam Shueh , I found very interesting what you said of getting a PM and Handy Man to live on property and not charge them anything. Would you need to pay them anything on top of the "free rent"? Or that is all their compensation? Also, after how many units in a property do you apply this? Thanks!

@Meghan McCallum, so I was scrolling down the podcast episode list and your episode stood out. And boy was I right! You are amazing! Your story is truly impressive. I love how you said "You aren't really afraid of anything". I loved your story and your journey. Truly inspiring. Thanks for sharing with all of us some of the things you have learned along the way.

YOU ROCK!

Peter Kim , last week I was looking at a duplex in my town listed at 105k. I told my realtor that I wanted to make an all cash offer for 95k and close quick. He said to me "maybe it is to low, the price is already good, bla bla bla". I told him "make the offer as is". The seller countered at 98. I said "done". Moral of the story: our job as investors is to go with our guts and not over pay. Offer $66k and if it is to low, they will counter (worse case). Best case, they accept!! Win-win!! Realtors are great but they just want to make the sell so we can't always trust their intentions. Ps: keep us posted on how it goes! Good luck

Hi Jack Jones !! You just got started :) What Jon Lee mentioned is vital. Find local REIA and go to them. If you attend one u don't like, find another one. Eventually u will find one u like. Here are other things you can/must do: 1st- Attend ALL the FREE webinars. Wednesdays at 7pm EST and Fridays at 2pm EST. They are live and interactive and filled with great stuff!! They also have some on Tuesdays (everyonce in a while). 2nd- Listen to the weekly podcast (or as often as you can). They interview experienced investors that follow different strategies. Again, lots of good info. 3rd- Purchase and read/listen to books published by BP. I believe the links is: https://biggerpockets.com/books 4th- Read/Search the forums daily. You will find ALL the answers for your questions here. If you don't Just post your question and the awesome community will do their best to help out. Good luck!! And let the fun begin :)

Hey Danny Milliken !! You made the right choice in joining BP. I'm fairly new and already habe my first multi family under contract and it is ALL because of the info, advice and help found here in BP. 1st- Attend ALL the FREE webinars. Wednesdays at 7pm EST and Fridays at 2pm EST. They are live and interactive and filled with great stuff!! 2nd- Listen to the weekly podcast (or as often as you can). They interview experienced investors that follow different strategies. Again, lots of good info. 3rd- Purchase and read/listen to books published by BP. I believe the links is: https://biggerpockets.com/books 4th- Read/Search the forums daily. You will find ALL the answers for your questions here. If you don't Just post your question and the awesome community will do their best to help out. Good luck!! And let the fun begin :)

It really sounds like there is a little bit of everything in that area. I think I now have a feel for the area thanks to all of you guys.

So I just found out that the price (around $150K) is not to own it free and clear. That is just for the owner to payoff some liens and to walkaway with a profit. There is an existing mortgage that would be transferred as well as the remaining balance. The payments are of $2k/mo, the apr is 10% and the loan matures on 5/2022. So that means that the balance is around another 150K. This new info changes everything.

Thanks @Dan Schwartz, @Account Closed for continuing to shed light on that market for me.

I'm still gathering more information on the property in order to be able to actually run the numbers. As soon as I get that info I will give an update on what I ended up doing.

Thanks again :)

Hi @Warren Straley! Welcome to BiggerPockets!  If you have a deal you are mulling over, another great place to post is https://www.biggerpockets.com/forums/88-real-estat....

If for some weird reason no one replies to your post, just post it under a different (but also relevant) category. That happened to me and I instantly started getting feedback and advice :)

Welcome again and good luck!