All Forum Posts by: Peter Mckernan

@Albert Okagbue I look at my investments and what fits into my investing criteria. This is a good way to stay in your own lane and not over analysis the deal, or your tactics. I would say when getting started get a mentor, or listen to enough information that you can make an educated decision on your own; however, do not get sucked into one exact method until you have tried a few of them. 

It may take a bit to find something that works for yourself; but once you find that sweet spot keep pounding away at it and if it works do not let anyone change your strategy. 

Yes, you have to honor the existing lease in place and then give them a notice of change in management, give them a notice that there will be some lease changes (i.e. rent increase) and there should be a window of time for them to do something with that information. That notice typically is a  30-60 notice, and whatever actions that that notice states is what can be implemented. As long as the rules and laws of Ohio are followed, you are good! 

@Stan Taylor

The big answers are how much you will be purchasing the house for and that is based of the three good comps in that area of where the house is located that you will be putting an offer in on to purchase. These comps should be driven and even walked if y ou have your real estate license and can gain access. These comps will show you the ARV correct, yes! That is why these will be your compass to what you can sell the properties to a buyer for that is looking for a profit on their end.

Also, you will need to have the contract in hand when walking to the door and hopefully have a buyer lined up for purchase, or soon after the meeting. These relationship with a buyer or two (usually a small number of buyers make the deal happen) and a good trusting relationship with those sellers.

@Yasmine Bisumber

Keep saving like everyone else said, unless you have other monies saved for example an emergency fund? If you have an emergency fund then this money could be use for something. 

It would very well depend on what you wanted to spend the money on (your business, marketing, or something else to put your business in a better position). If you go into a property with this, you will be making a move that will be over extending yourself and I would try to stay away from that because if that is the only money you have, that move with the money will stress you out and maybe even put a bad taste in your mouth to never invest again! 

Hello @Schneider Lincifort

There is a good CRM that you can use for follow up too. The one good one that I use for following up with clients is Topproducer.com The more basic subscription is more geared towards your needs since the platform was first made for real estate agents. 

I hear a lot of good things about Podio too! 

You are welcome! Good luck! @Ungwang Boiteto

Hello @Ungwang Boiteto

I would say for other fees to be incurred you’ll be looking at closing costs for a property (2%-5%) in closing costs for total sale price. If you are going through an action online you may have to pay for the auction commission. If you are going to look for 90% leverage you will need to look at private money because a lot of hard money lenders will not lend more than 70% especially on the first deal. 

Before the work is done, or even starts you will be giving the downpayment ($200,000 home) 70% LTV would be $60,000 out of pocket by you or your investor. If you have a friend/partner that is willing to put the money down then you can work as the PM for the project? That could be your sweat equity side of the work/money.

Hello @Ungwang Boiteto

Welcome to the site! As you pull a hard money loan the expenses from the loan normally will be a higher rate for the interest (10%-18%) and usually you will be paying points on the loan amount (2-10 points). Check out the BP link below to help you with other aspect of loan requirements and costs.

https://www.biggerpockets.com/renewsblog/2008/02/2...

Looking forward to meeting you there @John Citro

@Daniel Godbout Looking forward to meeting you! Thank you for responding!