All Forum Posts by: Mike Sedlacek

In upstate NY we don't really need air conditioning. But I added it to several of my units along with vinyl plank flooring instead of carpeting and upgrade appliances and washers and gas dryers. However I downsized the units from 3 bedroom to 2 bedroom making a master suit and found less headaches with less children and lower noise which tenants liked that. I then was able to rent out those units much faster and better quality tenants at a higher rental, within 3 days over the longer time of 2  weeks.

Yes absolutely especially if you have easy access to install PEX. I've done it and it is fast an easy do-it-youself project. You will be happy you did, believe me.

Just want to say that house hacking multi-family dwellings is the easiest way to get started in real estate investing. Way back in a day when I graduated college and got my dream job, I lived at home with my parents and saved my weekly pay check for the first year of employment. The second year I went driving for dollars and found a 6 family dwelling owned by an elderly couple that couldn't manage it and didn't want it any longer. I made them an offer, they accepted it, and at 23 I owned my first property. I used my savings as a down payment and received a 1st mortgage from a local bank. I remodeled one of the units, said goodbye to my folks and moved in. I then used the rental income to slowly remodel the entire building over the next 3 years. But I didn't stop there. My second year of employment again I saved my paycheck because the tenants were paying for me to live and I purchased my second multi-family property, a 5 family across the street from me. I continued this plan over the next 5 years at which I had sufficient income to quit my full time job and go full time in real estate investing. By the ten year I owned 200 rental units and a 50 unit mobile home park. SO it works and I would recommend this simple strategy to all people interested in real estate investing. 

Have you talked to Habitat For Humanity? They have a program for veterans that help rahab housing.

Yes, absolutely. I forgot to mention that because I'm doing that with 3 attorneys. It takes time because they won't send business your way before they get to know you. However, research to determine how many probate cases they do in a year. It took me time to do my research by asking their Paralegal assistant that question before I approached the attorney.  And several invites to lunch with them was like pulling teeth, they are always busy. 

Have you tried ConnectedInvestors.com, Local real estate club, local YELP, Facebook Market, Craiglist, Your favorite Realtor, QuickinLoans, Listsource.com will give you a list of lenders, Ron LeGrand has a national list you can purchase, INFOUSA you can purchase a list, Google Hardmonylenders - your city.

https://privatelenderlink.com

https://www.fairviewlending.com/illinois-hard-money-loans/

Couple of suggestions. Call your favorite Realtor and ask for help and offer a 3% commission to represent you on an offer to purchase if you go that far. Or go to the local government office and look up the property to see if it is in Probate. There should be a list of heirs and the executor. Next you contact the executor of the estate and offer to help depose of the property. However they may have already been approached by investors so you would have to be sympathetic to their situation and stay in contact but don't nag. They may approach you later on and it could take months before they are ready to do something. 

Yes. Thank you for reminding me that. I couldn't recall that right off the bat. Thanks.

The loan amount will be based on the appraisal when going to a bank for a loan. Look for a hard money lender or a private lender for a loan and rehab costs. The ARV can come from a realtor using comps is the easiest way for you to get one. The rehab costs can come from bringing a contractor with you for the showing so he can quote you a price. If you are going through FHA for funding they have a program for rehab costs included in the loan.

Are there leases involved, they convey with the closing. You could ask if they would be willing to move and offer them some money to move. Otherwise you have to wait till the lease expires. If they are renting month to month with no lease, then you could give them a 30 day notice to vacate and you will not be renewing the rental agreement. You should be requesting a copy of any and all rental agreements and leases as part of your purchase agreement. Just saying.