All Forum Posts by: Kevin Wang

Hi @Andrew Jones

You can use the cost approach or the band of investments valuation method for the triplex. 

Hi @Harmony Matson

If you're interested in learning more about real estate, I have a pdf that goes in depth about the laws, mortgages, important time value metric, development, commercial, single family, waterfall topics as well as reits and so much more. 

Hi @Stefon Bostick

You would either have to bring valuable skills or deals to the table. For example, having experience in acquisition, management, and disposition of the property. Knowing reputable vendors that serve as an asset and can help work on your deals or projects. Then communicate that with an investor how you would add value and split the profits via a contract.   

Hi @Hunter Thompson

I would probably go and see the unit in person to check what the condition is like. After that get a quote for the renovation. Recurring flood damage sounds like a lot of repairs will have to be made. 

Hi @Tim Whatley

A good way to get started is by participating in the forums, asking questions, and learning more about real estate. https://www.biggerpockets.com/renewsblog/ is a good place to read up about different topics in real estate. Also the https://www.biggerpockets.com/podcast is also a excellent tool to learn how other investors became successful as well as learn from their mistakes. Your local real estate meetups can also allow you to meet like minded individual and possibly find someone to partner with. If you're looking for REO specifically, a good way to learn is by going to the bankruptcy court house and ask what the bidders are doing.

@Jerome Morelos,

Yes, security deposit and first months rent

@Jerome Morelos usually first months rent

Hi @Karen W.

Hopefully you've documented the condition of the house and especially the dirty living room prior to cleaning. If the living room has excessive debris and is beyond the normal wear and tear, you can deduct the  deposit. Also be sure to itemize the transaction made and sent the receipt to the tenant. For having the utility turned on I'd probably will avoid deducting. In addition, you said you would not hold the early termination to him for the lost rent until next renter moves in, I'll probably this one as well because of possible prove. If ever, this goes to court you will need physical evidence otherwise the judges will side with the tenant.