All Forum Posts by: Account Closed

How old is the property? I'm thinking 70% rule and the margin is pretty thin with not much there for unforeseen rehab problems. Positive cash flow with 3% down?

Are you satisfied with the work? Is the overall number close to other price quotes you've received? Sounds like you're a hands-on guy, chalk it up to learning and avoid email negotiations. Pick the next project closer to home. Good luck.

If you want to do rehab, what are you finding in HUD or foreclosure or REO markets? Define your goals and step up the networking at the REI meetings. Find a mentor/partner who has done what you want to do and offer to work for nothing if you have to while learning the business and making connections. Forget writing a blog once-a-week, commit to meeting an investor once-a-week instead. Sincerely wishing you good luck in this venture.

Nothing signed and no money changed hands, you pick the most qualified applicant after background/credit check approval.

Forget email or texting or phone calls. Put it in writing, remove the extra dogs or face eviction. These dogs will trash the house and the back yard lawn. Tenants have shown they don't care much about your lease. Bill them for repairing the fence.

Probably need to settle the 2011 lien first, and that party will settle for pennies on the dollar IF the city will then sell the property to you. But, they will probably send the property to auction and release ALL liens at that time to satisfy themselves they are getting the most money.

What does the tenant expect to pay? What do Rentometer, apartments.com, and competing Craigslist ads tell you about market rate? Run the background/credit check and confirm you're negotiating with a qualified tenant.

For less than 8% cap rate and $2K in repairs with no change in ARV I'm thinking fairly new building in good neighborhood filled with great tenants who are current with the rent? You need to know.

Leave the split as-is but the partnership could pay you as the property manager. Negotiate a salary/hourly rate/percentage fee for your time.

Look at marine epoxy non-skid deck paint with grit from a local boat store and add even more grit.