All Forum Posts by: Michael Jackman

No notice of eviction. This would be second communication. First being a courtesy call for reminder and notice of due late fees. Tenant says they will pay but haven't.  

Let's say the rental agreement is for $900 a month, tenant is now late on payment (within 2 weeks), how much do you offer them to leave in peace before proceeding to eviction process?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $24,000
Sale price: $185,000

Purchased old farmhouse that needed updating and had been sitting on market for over a year.

How did you find this deal and how did you negotiate it?

Through agent on MLS

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Installed new roof, complete kitchen and bathroom remodel then cosmetic improvements to rest of house (painting and new flooring). Also ended up replacing water heater and well pump. Installing new water filtration system along with water softener (house is on well water). Completed all work myself (except for roof) for cost savings.

What was the outcome?

Ended up selling for a $36,000 profit. This was my primary residence, which I see it as being paid to live there for 4 years.

Lessons learned? Challenges?

Won't purchase that old of a house that hasn't been properly brought up to modern building standards prior to purchase.

It seems everyone is eager to know what everyone else thinks about these apps. @David Lecko's dealmachine has the most promise, it just comes at a high price. But! that all depends on the outcome. 

@Mack Bailey

If you are planning on house hacking, you may also want to consider having more than one bathroom shared among many. Other than that, if it works, work it!

Group showings together. All interested parties show up and see the place at the same time. Limit the showing to 1hr max. Give online application location and you're off.

You can even pay your realtor to do the showing for you. 

For a first time homebuyer I would definately encourage you to buy a rehabber. You will gain valuable experience and, depending on the quality of the rehab, gain faster equity which you can tap into for your next investment. 

Like all investments though, it all comes down to the numbers. Make sure the work will actually increase the ARV substantially and that the house is in a desirable area so that you be able to sell or rent it out quickly so you can move on to the next.

Best of luck to you!

Time wise, it would have much more prudent to just remove the unfinished ceiling, run the wires and put the ceiling back up. Now painters will have all those holes as well as the seams to finish vs just the seams. It may take twice the time to finish that ceiling. But it could be worse. I would take what @eric Michaels to heart

Thanks for confirming. 

I'm switching jobs and figured that lenders would want to see longevity in income. The job is higher paying and frees up more of my time, so I'm eager to jump. I'm also assuming that a lender would like to see my DTI drop so I'm not to concerned. Just wanted to hear your thoughts.