All Forum Posts by: Nadir M.

@Peter Fennig these units I’m looking at were build in 1916. The new apartments i‘m talking about opened this past summer. They also just built a brand new house right next to one of the units. Directly in front is open land with a sign stating new construction coming soon. It’s an older neighborhood but directly in the middle of midtown and old town so the location I would say is great! In terms of amenities, these units offer similar to what the apartment complexes offer...there is a washer dryer on each floor, there has been some remodeling going on, and a balcony on each floor as well. I have been reading some reviews on the new apartment complexes and the parking there is awful so that’s one advantage I’d have. The units I’m looking to buy, two of the total four units have been vacant for about a month and a half now. I keep thinking the motivation for the owner to sell is due to competition but I’m still looking into that. This would be my first investment property and don’t want to sink right of the gecko.

If an older building I am trying to purchase has newer construction in neighborhood ie brand new massive apartment complex, is this something I should be worried about or something that will help me or can use to my advantage? I feel like it may steal some tenants that may have been interested in renting my units...i feel like the only way to compete is to lower my monthly rent right or maybe doing some serious rehab? Any thoughts? Thank you,

Another question that came to mind. If the older building i am trying to purchase has newer construction in neighborhood ie brand new massive apartment units, is this something I should be worried about or something that will help me? I feel like it may steal some tenants that may have been interested in renting my units...i feel like the only want to compete is to lower my monthly rent right or maybe doing some serious rehab? any thoughts? Thank you,

@Tyler Mullen I appreciate your expertise with this entire ordeal!!! Thank you!

@Theo Hicks thank you. Most replies stated knob and tube electrical and and piping issues. Roughly how much would such fixeS cost? I know it’s a broad question but would help to put everything into perspective. Thank you.

Thank you for your input! The properties are actually duplexes, sorry I should have mentioned that. I wouldn’t imagine much of a difference from what you guys mentioned correct? If these properties go to the inspection phase I’ll make sure that all the above mentioned are looked into!

Hello everyone, I have a couple properties that I am looking at and my main set back is that they’re old builds, around early 1900’s. My question is, other than foundation issues, which they don’t seem to have, what other issues should I be concerned about or look deeply into? Never bought a property that dated so wanted to make sure. The roof is in good shape. Thank you

@Tyler Mullen thank you for the great advice. I will let you know what comes out of it!

@Carmen Severson he used it to reinvest in real estate. He even has an LLC. Would a promissory note suffice as a legitamite contract? Would taking then to court, I feel like that would delay my return wouldn’t it? My understanding is that they may have him pay me back over a period of time?? Thank you,

Hello everyone,

Here is my situation:

I bought my house about three years ago. After living in it for almost a year I was able to build a nice chunk of equity so I decided to take a Home Equity Line of Credit. After being approved, I decided to invest that money by giving it to my friend who also happened to be my realator who I purhased my first home from. I would say that I did not approach the situation in the most appropriate manner but long story short, we signed a promissary note which gaureented me getting my money back in three months. Well it's now been 10 months and everytime I ask about my money they either ignore my calls or tell me it's going to be very soon. What's the best way to approach this? How can I get my money back? I will definitly say that I learned my lesson and going forward, I will handle this situation a bit differenlty. 

Thanks,