All Forum Posts by: Kevin Harrison

There are some loans that will allow you to do this but I think they are more targeted at the OO aspect of things. @Upen Patel should know about this. Otherwise you many need to buy it traditionally and get a hard money type of loan to do the rehab and refinance out of it in 6 months or so.

Just as another thought, many people don't respond to numbers they don't know. It is possible that your tenant is not ignoring you directly but simply disregarding a number she is un-familiar with.

just reading this made my head spin.

The problem is that the place is too expensive for the rent it pulls in. Places like these are typically built by either companies who are in it for the long haul or wealthy people as a place to park their cash and get some kind of return/tax break on it. Either that or people who are playing the appreciation speculation game.  

This property doesn't even meet the 1% rule which is where I personally like to stay above. This other thing is that if you are leasing this to college kids that means you will most likely have to deal with 4-5 different people needing leases, having issues and generally a lot of work for all the students. even if you do have a property manager they will most likely not want to deal with this hassle. IMO this seems like a loser to me.

well that sucks. if you truly have not touched the plumbing then I would take it up with the city. there has to be a way to appeal the fine.

until its on paper you are not obligated to anything, well nothing that will hold up in court at least.

Typically people will stop when they feel they have enough to cover their butts if something goes sideways. now that number is different for everybody. Some want enough to cover say 6 months vacancy, some want enough to cover their 2 most expensive repairs if they were to happen at the same time. You just need to figure out what amount gives you that warm and fuzzy and you can stop there.

some property management companies will not manage your rental unless you pull $X per month in rent, or only if you agree to a flat fee. This is typically how they protect themselves against lower class PITA rentals.

Thanks @Jay J.