All Forum Posts by: Account Closed

Oooo, you didn't mention it was a duplex in OP. And yes those expenses were based on %s. The % will vary with market, age of home etc. that was just a very quick guesstimating, as I mentioned.

Keep in mind that if you plan on wholesaling these properties, you have to sell them to investors. What I mean by that is, can you prove to me that this property would be a good investment for me? Just from a quick glance it looks like $500-$600 is the rent rate for the area, take out taxes (100), insurance (90), property mgmt (60), repairs (60), vacancy (100), and capex (30), that's 470 in expenses, leaving cash flow in the 30-130 range. So that's a no go as a rental. As far as a flip, use recent sales comps, trulia estimates aren't going to be accurate. Again just from a quick look, there are many houses for sale in the area for $20k-$50k. And many that have sold for $15-$30k. As an investor using the 70% less repairs, my guess is these properties need a lot of repairs, and the ARV just doesn't seem to be there even once fixed up. Again, these are just my opinions as an investor, giving the area a quick glance. If wholesaling is what you want to do, having an investors viewpoint when analyzing properties is a must. At the end of the day, they are your customers.

I'm finishing up an Auction.com purchase. Hoping to net a 100% gain on the property. The deed recording took two months but it wasn't a huge deal for me bc there was no financing involved. At the end of the day the auction sites are like buying in any other avenue. Have your numbers, make sure they are correct and stick to them. If things get bid up, move on. Mine was cash only which seems to be the going rule in my area. Most of the properties allowing financing are now listed on the ten-x affiliate site.

Welcome Vance, I'm always interested in meeting other local investors. Shoot me a message if you want to try to meet up and discuss the business. Patrick

I have a PM handle my property and they recently told me about some repairs that needed to be done, they said regular cleaning of the property and carpet cleaning can come from the security deposit (they did say the carpet cleaning coming from the security deposit was due to the higher than normal dirtiness of the carpet)

Marcus, I've had a SFH located off garners ferry for the last 6 years and it's been great. It's never been empty in that entire period. As with any locale, it's all about buying right and in a solid area. Lmk if interested. Patrick

We do have a non refundable pet deposit, and honestly given the small size of the living room, and the fact that I will be doing the work, it will cover the laminate cost. But I am considering a no pet policy. I just hate to eliminate 25% of potentially renters.

Thanks for the replies everyone!

I recently had a long term tenant move out. They had dogs, and the carpet is really smelling doggy now. The carpet has been cleaned by commercial cleaners (they actually cleaned it one day, I came to check out the place, and it looked like it hadn't even been cleaned so they came back and did it again with me there.). The smell is bad enough that I believe it's affecting the re rental of the place as I've had it for 6 years and never had it not rented until this month. Does anyone have any magic carpet/smell options? Or is it just time to replace the carpet? I was thinking of putting laminate just in the living room where it's really bad and hoping the rest of the house is ok Thanks Patrick

I was looking at a property a while back that had a "sinking foundation issue". I spoke with a few people about it and there were quotes given to fix it in the $100,000 range, and they said even with the fix, the problem could happen again in 15 years. Granted this was a larger house than you are talking about, but I concur with the above poster, have an engineer inspect it first, and see what the real issue is.