All Forum Posts by: Marc Rice

@Justin Knighten

Find out how much of the gross income was profit

@Leo F.

Yes, but depends on purchase price.

@Matt Schreiber

Some lenders allow "market rents" of rental properties at 75% of rental income. Maybe they could do a market rent appraisal to add the future rental income to your DTI?

@Ryan Hazelwood

I’d recommend getting with a local agent there who can find you off market duplexes at better prices. Best way is to find an agent who is also an investor. BP has a database of local realtors per city.

Some houses have carriage houses that can almost be considered a normal house. Could live in the big front house and rent the small back carriage house to a tenant too, put a fence as a divider. If there’s a will there’s a way - nothing’s impossible!

@Crystal Wilson

Lawyer up and provide documentation. Best of luck, you should never give money outside of a title company.

@Gaby Liu

I’m terribly sorry this negative experience happened to you. I’m sure lots of other people could benefit by sharing any more information on what happened so they also don’t run into the same predicament.

It's so critical to have a trusted and well vetted team investing out of state, especially on something as risky as a fix and flip or BRRRR. There are tons of "contractors" who are just unlicensed handymen out there needing work. Always have to do diligence plus some more on everyone and then some.

Wish you the best of luck, if you only lost $30k and learned a TON I think it’s important to view this as “education” and bounce back 5x stronger for the next deal. I’d advise stick to your comfort zone where you are locally but don’t give up, it’s all apart of the journey! Many people, even the greats like Brandon Turner lost money on their first deal

I'd first familiarize yourself with the eviction process there in MA just in case you have to go that far. The normal route would be serve a 30 days notice of termination of month to month lease, unless they sign a new yearly lease at a higher rental amount. 

You could also give them $500-1000 in cash to leave the unit and avoid any eviction or hassle. 

My friends dad bought a local school in Maryland and rented it out to a school for the blind, I think the school for the blind paid for the renovation costs to upgrade the building too. Now he has a great tenant and its running smoothly.

@Alberto Mazatan Trevino

Well if they’re really large they would have an SEC filing which I believe is public. Start to look for commonalities in names of the LLCs who owns these large buildings and reach out to them via skiptracing the owners.

You can also look on LinkedIn for owners of the businesses. It’s definitely not as simple as others, but I’m sure you can find some if you dig. I’m sure there’s plenty here on BP.

@Dung Nguyen

You’ll see the economies of scale by focusing on one area. Try connecting with wholesalers, real estate agents who find off market deals, and bird dogs who can send you over deals as discount so you can buy your second property.