All Forum Posts by: Lior Reich

Joining the conversation again.. I don't think you should run.. but you should definitely ask yourself if you are willing and capable of handling these type of tenants? There are certain ways to operate this type of property - but I believe if you follow the basic rules landlord - tenants and enforce them , then you should be able to make money, even allot of it. Be prepared to win some and lose some - improve by learning constantly

For a first timer - I would say you did a great job, numbers worked eventually but more importantly is your learning curve! Personally I admire the way you have expressed your emotions and your ability to control them, the fact that you turned to your parents for a bit of help shows that you are a good business man - you knew how to make the right choices pushing the project forward. I think this lesson is more valuable then the $$ profit. Great job keep it going and defiantly keep us posted :-)

@John Lingel

now that is an interesting thread to join...

Investing while living abroad - 

if you want my 2c in short - as hard as it sounds my best advice is DIY!!!

why?

I have been living in San Diego and invested both locally and all over California back in 2008 and till today. at the past several years I own and manage rentals across the USA - Cleveland Rochester Orlando south bend to name a few markets, Investing and managing the rentals - all the way from my office in Israel.

as I have learned - no one will be better selecting tenants then YOU, if you have some time (despite time difference, here in Israel it is 10 hours difference so I am  quite familiar with the hassle) - then in order to have good returns on your rentals - just DIY. yes- use an agent to "place" a new tenant, but you choose the criteria, you talk to the prospective tenants - previous land lord and current employer. then after you have a new tenant (dont forget to pay the local real estate agent a nice commission for pacing the tenant) - try to manage the unit your self , build relationship with the tenant.

I have found that by using some technology at your side - you can keep good readerships with your tenants for the long run, if they have something that needs to be fixed - just get some local handy man to take care of it, regardless you live in Cambodia - several phone calls - and you will solve your problem. I have nothing against property managers but I believe that for your Learning Curve (education you have mentioned you want to master) and for the benefit of your rental RETURNS - just try to DIY

As for notes Investing - no real experience here.. so no tips:-)

@Nathan Kyle Taufer

those are very good numbers to work with.. I am familiar with this area and your rent estimates are accurate. your business plan looks very achievable to me

good luck and keep us posted!

Can you please send some more info please - [email protected]

Hello to everyone, We are right now working on the process of selling some of ABC investment properties that belongs to a close friend of mine. Will keep this thread posted as we move down the road

Descent 2 family-Property Needs work, work estimates at 20-25,000$. I have got the contractors bids. Sound building. was Approved for Section 8 tenants. Fenced back yard. great location in a very nice area of town

business plan -

purchase price - 15,000$

closing costs paid by buyer

property sold AS IS 

Rehab - assume - 25,000$

total cost for project - 42-45,000$

each unit will rent between 600-700$ at least.

Have you tried talking to the tenant directly? Phone? Text? You will be surprised how easy it might be dealing with the tenant directly and figuring out what is what.. hope it helps

@Chris Gladstone 

feel free to PM 

I have both rentals and manager for you

Hello BP 

I am looking for a local Real estate agent in Detroit , MI . zip - 48091

since I am out of country investor I am seeking some local help for the renting process , mostly to handle the showings:-)

any help will be truly appreciated