All Forum Posts by: Kristopher Hanks

@Aaron Moore The answer to that is no. Inflation will affect everything including HOA fees. The cost of services will continue to rise along with the cost of goods. The HOA fees are there to pay for the cost of goods and services. Whether it's lawn care and the cleaning of the pool or other amenities that the complex offers I don't ever see the cost of those things going down. Also, condo complexes are responsible for taking care of the outside of all the buildings and includes the roofs. They are also responsible for snow removal. A year ago we had two bad storms back to back. The snow removal bill that year was $19,000. I would think about this one and try to talk to someone that lives there to see what the trend has been with the increases with the monthly fees.

@Aaron Moore Based on those numbers that sounds pretty good. My one issue with it is the monthly HOA fee. Condos can be a cash drain with those fees. It's pretty low now but I have seen properties where I could by a condo for $10,000 but the HOA fees have gone up to $600 per month and the condo would only rent for about $700. Would that happen in at the complex you are looking at? Who knows. Maybe not. But the risk of the fees going up is almost a certainty. I live in a condo and our fees went up 18% last year and are going up another 10% this year. Mismanagement of these funds by the management company seems to be pretty common with these communities. We are on our second management company in two years due to mismanagement. This is something you should really look at before making this purchase. I have bought a house cheaper than this condo and the neighborhood does not have an HOA. I had to go out of state to find it but there are investments out there where you do not have to pay those monthly fees.

@Ken Jones This situation falls on the landlord. You will need to get the window repaired at your expense. 

@Nitin Aery Welcome and good luck with your future investments. 

@Jeremy Goodwin Welcome and good luck with your future investments. 

@MarieChele Porter All of my properties are out of state. I had to travel there to build the relationships and find who I wanted to use. I built those relationships through my real estate agent who grew up in that area. They can be a very valuable resource. I was lucky when I found my agent. Try to find one that grew up in that city and has experience. They can guide you in the right direction. 

@MarieChele Porter I do not discriminate. If the numbers work they work. If I have to rehab it I do it. If a turn-key property numbers work, then I will buy it.  

Is there a 12 step program for cutting out the Starbucks? Who is guilty of this indulgence?? This guy!

@Barry Allen First step, if it is not already done, is to have your parents help you open a savings account. Try to find some part time work to learn and understand the work ethic needed to become a real estate flipper. Suggestions: mowing lawns, removing snow from driveways and sidewalks. Start a youtube channel and find ways to get viewers and maybe some company sponsors for your channel. Go to garage sales or somewhere that you can buy stuff to resale on ebay or amazon. I think some manual labor jobs are very important for a young person that wants to learn about hard work, because flipping can be hard work. 

Save as much money as possible so you can start your journey when you graduate high school. Don't spend your hard earned money on frivolous items that you can do without. The sacrifices need to start now in order for you to succeed with your plan. It will be worth it in the end. 

@Mark Miles Welcome and good luck with your investments.