All Forum Posts by: Karen O.

Minor correction:  $190k - $130k is $60k.  

A 4br @ $850 and a 2br @ $750?  Are these market rents?  If not, would getting the tenant occupied unit to market rent levels support a higher purchase price?  

Are repairs needed to either unit that might support a lower price?   Are the electric and heat separate or is this a needed capital improvement?

And hasn't it been said - if you're not offering an insulting price, you may be offering too much?  In the end, just stick to your max offer.  If it's meant to be, it's meant to be.  

$850+/- 

$99 for guru event 

$500 BP membership

$250+ for books

Except we're not talking about jumping off buildings and getting hit by cars.  But point taken.  I'll be careful to be more specific so as not to confuse those who might not understand my reference.  Thanks for the reminder.

What's stopping you from paying the prorated share directly to the tax collector?  Send the co-owner a copy of the check.

Nothing is absolutely true all the time.  

People need a place to live and to keep their stuff.  Either they own a home, co own a home (with a lender) or they rent a home owned by another.

Location makes a difference in whether one owns or rents.  An average earner can't afford mkt rate rents or ownership in places like NYC and LA. The cost of entry is too high, while inheriting long held property could ease that. A 2 hr commute could give the same earner a home ownership opportunity.  Thus a long commute is exchanged for the chance to own.  But it's not everyone's cup of tea.

Not all rules apply to every situation. Time and consistency can result in "wealth" simply by staying current and in the same place. Full/part deferral of appreciation on sale or free transfer of property gains is written into the tax law and benefits those who own offering a tax-free tangible asset that can be monetized to fund education, new businesses, investments or living expenses.  Owning can give a boost to those who got in & managed to hold.  While renting returns little and requires extra discipline to bank or invest the "savings" difference assuming there's anything left after the expenses are paid.

Sheetrock is messy, but plaster/lathe/wallpaper is messier.  

For interior walls with no need to remove things like knob&tube, I'd got with 1/4" sheetrock as long as the walls are relatively straight and smooth and the imperfections won't telegraph through.  

If knob and tube, need to do soundproofing or if exterior walls need insulation, I'd go remove all down to the studs and start fresh.   

Assuming the 3 homes are not identical, are the two rentals the same?  If so, can you raise rents so both are closer to $900 or whatever market rents are? 

You might also reach out to David van Horm and Darren Eady here on board. 

Many have attended and I am one.  Almost 2 yrs ago.  The free session was tempting.  It led to the special-if you sign up now- $99 3 day course for you and a friend.  The 3 day course led to some appetizers on how Than and team work without really giving any great details.  I remember counting heads - I figured 300-400  ppl paid since that was $30-40k.  Then I counted the number willing to sign up for one of the multiple levels of additional "training" available for somewhere in the range of $20 - $50k. And charging it to your credit card is encouraged. I figured up to 10 folks would gross Than & co 200k - $500k for a marketing exercise.  

I came away from it energized to learn more and found BP instead.  I haven't made the one to one mentor relationship but I have learned so much I didn't know.  And there is always someone willing to answer a question.  

As you are in NJ, i know there are several REIA's that you can tap. I've attended a few in Hasbrouck Heights. look under "network" to learn more.

I urge you to listen to BP's podcasts, view the webinars and read the blogs and books recommended by podcast guests as well as those written but BP staff and members. 

On your journey, remember there are many ways to be involved in RE.  Agent, employee, flipper, wholesaler, lender, landlord.  You have to find your sweet spot.  Take your time and enjoy the trip.

Very nice.  Hope it sells quickly.