All Forum Posts by: Josh Bakhshi

Here is a question... What happens if there is a problem with the house that needs to be fixed???  Who do you contact for that?  In the meantime, I would still send the checks every month, but do it as an online bill pay where your bank mails the check or send it certified.  That would cover you @$$

depends on what your goal is

You can structure it however you want.  One way is you get 100% of your investment back first.  Then you get 1% of that amount for each month (12%/year) and then split it 50/50 on the profits.  If the guy is good, then he would agree

Ralph,

Your question shows that you are thoughtful and knowledgeable.  Kudos.  So you are netting about 2K on your original investment of 25K (down payment).  That is pretty good.  Not to mention in 5 years, your value went up by almost 100K!  That's great.  Now you have a couple options...

1- Sell the Property and take your profits to build a little empire in St. Louis.  

2- Keep the property and hope the appreciation continues

3- (I would like to add a 3rd option) Do you have the chance to do a cash-out refi?  The higher payment will eat up your current cashflow, but at least you still get the appreciation, expenses will be paid and you have the funds to start something in your backyard.  

It depends what your current goals are.  All the information you brought up in your question is important and useful.  But you didn't really say what your goal is.  Once we know the destination, then we can make a plan to get there.

Robert, I don't understand your question.  It isn't about "increments". It is about what work is needed and how you negotiate with the contractor and supplier.  Break down the repairs and find the actual costs.  You may want to bump it up by 10-15%

 Robert, August are typically when people move most for schools.  (May to Aug).  Another time is Feb-March b/c people get their tax returns.  Good luck

Lam,

Congrats in joining the world of real estate investors. Unfortunately you are learning the most useless people in this world are local government officials and HOAs. I am not a lawyer, but your tenant can sue you for anything including the color of your car. I wouldn't bring it up with them, but I would let the HOA know about the incident so they are aware of what happened. Cover your @$$. I think you did everything right and you have documentation. But I would also check your insurance policy to make sure you are covered. It is worth the extra $200/year to get an umbrella policy in this world. Congrats and good luck.

If you find a house that you like and you qualify for it, why not??

This is the government showing their power and demanding your money.  Just pay the fine and do what they ask and beg for forgiveness.  You may want to get a good PM that is used to the area b/c it would save you on fines.  The City will find more things against you.  Good luck

 You'll get there