All Forum Posts by: Michael Sockwell

Other then a house hack this is my first deal.

I’m in Georgia so if any has any recommendations that would be Huge!

Found an off market deal with the owner elderly and living in another state. I have secured my financing by doing a cash out refi of my current home so I will basically be purchasing with cash. I have no idea what to use for a purchase agreement what it should look like, how I get it to him. Doubt he will do any type of E-signing. I’m sure some of the advice will be to speak to a real estate attorney. I’m going to go speak to the attorney closing my Refi as soon as I get Loan docs back from the bank. I am supposed to speak to the seller today to iron out the terms. He’s motivated and we are close on price.

ARV is around $147,000 rental comps are $1200-1400

We are closing in around $100,000

I’ve ran the numbers 100 times and feel very good about the deal I’ve just never bought real estate without an agent so I’m pretty nervous

And help from the BP community would be so helpful .

Also I want to set up an LLC for this purchase and I've never done one of those either. No clue on cost to maintain or start one

@Michael Sockwell

Wouldn’t * - spelling error last paragraph

@Anthony McEvoy

It’s already converted 3 bedroom upstairs 2 full bath

Downstairs is spectated by a security door. Has its own kitchen, laundry 1 bedroom 1 full bath.

Thank you for your input very helpful. I’ve always taken notice when I hear investors say they wish they never sold anything. I’m not in a place financially where I would be comfortable only making 1-200$ in cash flow if I sold and bought something else.

We got this house for a steal in 09

Probably have $150,000 in equity that I would like to tap into at some point but the $1,000+ in cash flow would really be what’s important right now.

I am as well concerned about renting a house with a pool which is why I asked the question but I figure there has to be house for rent with Pools.

If I was a seasoned investor I feel like I would have some many trepidations.

@Reggie Ramsey

Awesome result, thanks for sharing

Any help anyone can provide would be greatly greatly appreciated.

Big fan of the podcasts and finally in a place to start investing. Have house hacked for years but not even sure if I did that optimally.

Here is my situation and concerns.

I have a split level. 3/2 upstairs and I created a 1/1 ( I can make it a 2/1) decent size 700-800 square foot apartment downstairs. It’s totally separate, kitchen, entrance, laundry room etc..

I always rented it to someone I knew with no lease and I just include all utilities and cable/internet.

Now full disclosure I’ve always been into the show income property and listening to Scott trench discuss house hacking. But to my knowledge never heard in depth Discussion-on how to really handle the following? ( I would ultimately like to move out and rent as two units to maximize rent)

Here we go:

1. Do I need to be zoned as a duplex?

2. Who cuts grass or do I charge for landscaping

3. 2 breaker boxes in the house but both are a mix of upstairs and down. Do I pay utilities or pay to somehow split it and meter it

4. House only has one hvac and one thermostat upstairs . ( I did hear the fruitful investor on BP YouTube say in some of his he leaves it with one HVAC) but how does that work?

5. Cable isn’t separated either?

6. I have a pool but the backyard is only accessed by upstairs unless you go through the gate?

To sum up. I basically have a 2 unit property but not a single utility is divided + 1 HVAC 1 water heater

Yes I definitely learned my lesson, just frustrated how this person reacted and changed there tune once they moved out Yes only around $600 but I’m not rich and it was an awful way to spend a day off work 😂 Thanks for your responses

I have a duplex that I rent out and I’m looking for some feedback on an issue. To be fair I know I handle it incorrectly from the start but I looking to see how to go forward. Had a tenant who was a coworker/friend that needed a place to stay and my unit just became vacant. It is the basement portion of the duplex. At the time I was this persons manager at work for one reason or another I rented it with no deposit and no lease. Tenant lived there for roughly 18 months never paying rent even a day late and very little issues of any kind. 6 weeks before he was getting ready to move out the sump pump stopped working and sewage backed up into the shower. I or course assured him I would make it right and fix it thinking the pump just failed. No keep in mind this is a dirty disgusting job to fix. Not wanting to pay a plumber with the vacancy coming soon I went ahead and fixed it myself. Upon removing the old pump I found that someone had been flushing pieces of old T-shirt and that caused the pump to clog and fail. I sent him a text that it was cashed but him or his child and he would need to pay for the parts as this seems more than fair since a plumber would have charged a lot. He argued a little at first but when he came home and I showed him the clog he agreed and decided to pay. He asked me if he could pay me after the last rent payment as he had incurred some moving costs. I agreed since he always paid on time and we worked together. Around that time I accepted a new position in the company and no longer see him as often and no he has decided to change his tune that he shouldn’t have to pay for my pump since it’s my house. I have messages with him agreeing to pay and he ultimately caused this issue. I learned a valuable lesson on this one. Do I have a led to stand on and would small claims court be a viable option?

Looking for a way to find larger single family home Portfolio investors. Would list source be able to do this or any advice on other tools to find individuals or companies owning 50+ 100+ properties?

I am not new to the site and have listened to nearly every BP podcast. I am new to Real Estate Investing. I am currently house hacking and looking to pick up my first official properties in 2018. 

Today though I am in need of a little help. I currently work in the Flooring industry dealing solely with Multi family property ( large apartment complexes). Our company also has a division working with single family rental properties. Here is my situation, I am interviewing for a promotion in the single family homes division and I could use any advice on how to target leads in that market or how to grow that business.  I'm not looking to sell anything or pitch any of you anything I am just looking for some knowledge I could take into my interview. I am very passionate about rental property investing and I feel this job would be a great opportunity for me and help me to get closer to my goals.  We are in the southeast market mainly Georgia and I know one aspect of the interview will be how to grow the business, I have spent all my research on how to grow my own small rental business and now I'm scrambling to learn as much as I can about large scale rental business's 

Any help anyone could provide would be very appreciated. 

Thank you

Can you watch the webinar from your phone?