All Forum Posts by: Nate Sanow

 @Matthew Paul according to the context of the original posters post, the work already stopped.  Too many get messed over by paying...for stopped (incomplete) work.  

Just make sure you have a typical inspection period and can access the property for inspections with a time buffer after the inspection date to give you a moment for reflection on if you want to move forward. 

Besides that get rent comps, either here on BP pro, RentCast, Rentometer or even Zillow. Also get a PM to run some if you plan to outsource. But do verify your own, apples to apples rent comps (1/2 duplex’s) 

When the deal is good, they find you 😎

Withholding pay usually works, and allows me to find someone else if necessary 

In my area an attorney charges a mere ~ $300-$500 to help set up an entity and make sure everything is on the up and up. It’s worth it if partnering. If you want to live on one side, to partner with your friend, and not pay for it, you might need to give him / her greater equity splits or look at paying something in rent each month to the llc. 

Zillow works so great, makes is so easy and I really hate to admit that. 

I would focus on owning your primary residence, assuming you haven’t already done so. House hacks aren’t limited to duplexes, single families can be rented by the room. Or, the place could look like your Aunt Gertrude’s house and some elbow grease, sweat equity hustle and two years later sell for a profit. 

Skipping owning your primary to invest that $10k will make living in what you own more difficult later. Not impossible but more difficult. 

So just curious about the “worth $330k” part. If so, why has it not sold? There is a phrase that goes, “the market will speak to us.”  If it’s worth what you say, the market will present you with offers that prove the value. If it is not, they will not come, or come in for less. Have you had any price reductions? Is your listing agent adjusting the price at all? It might be necessary. Not fun to hear I know. Believe me I know. 

Also. I don’t think it’s the end of the world to hold with not great cash flow. If you need to, consider the days on market average to place a tenant in your local area during this season… aka ask a PM about that… 

Having said that. All the bitter, distressed landlords I’ve ever met own just 1-2 properties and became a landlord on accident. Don’t be an accidental landlord. Be an intentional one. Choose it, own it, and make a plan to pivot if necessary. Good luck. 

Hi! Welcome! 

Clever post. Good luck!