All Forum Posts by: Philip Williams

Your other option besides hiring a licensed contractor is hiring a property management company. If it is a large enough one they should have everything you need in house. 

It depends what you mean by your first deal, my first wholesale deal took about 7 years lol. To be fair I wasn't trying to wholesale to be honest. Everyone wants to be a wholesaler but doesn't realize how hard that is. Maybe attend a couple of the local meet ups. The Rockford Apartment Association meets once a month and I know at least one person from bp has a meet up monthly as well. 

I am going to have to disagree with the rest of the kids on this one......I have an 8 unit under contract across the street from one of my apartment buildings. The owner is out of state from North Carolina not that it matters, and never visits his properties. All he cares about is the rent getting paid i'm sure, he doesn't care his property is dragging down the neighborhood. Is your building the one with elmo blankets instead of blinds in the windows? Is your building the one the snow plow hit the retaining wall and never got fixed? Is your building the one with loud parties on the weekends? Is your building the one hurting the rental market on that particular block? Thankfully this will now be my building and I will drive past it or have an employee do so to make sure it is up to my standards. Which will not only enable me to raise the rents on that particular building but also on the 11 units I own across the street. Which in turn will force appreciation on both buildings, maybe you should be visiting your properties..........@Maurice Blackledge

Yikes I just did a loan that's almost that exact same amount. It was a 12 unit for 360k commercial loan and the total fees were 3% I wouldn't take that loan!

33 here go on vacation 4-6 times a year, I only work on my real estate portfolio. I could retire now however I want a higher amount of passive income so I continue working on real estate. 

@Caleb Heimsoth yes she definitely has lol, I knew it was her even before opening the post.......

First stop apologizing, are you interested in being the sellers friend or in finding a great deal? In highly distressed properties like this one, I have said the following more times than I can count. This property is a major problem and a huge project, it is going to take lots of time and energy and stress. For x price I am willing to make it my problem, I will not pay any more blah blah. Honestly it's mainly just the truth not a negotiating tactic. From what I have read above nothing about this sounds like a great deal, offer him what you think it is worth to you and instead of fretting about it keep looking for a great deal. While you are worried about this mediocre deal because he is willing to finance you may be missing a home run around the corner!

Hey one question I didn't see anyone mention, how are the investors closing costs so low? Our commission is 5% on average just that alone would have been around 8k not to mention title fees etc?

@Nathan Gesner Is completely right on all points! You are being completely unreasonable and are looking for ways to nickel and dime this tenant over. She left early she tried to get the carpets cleaned she gave you an extra check, good lord what else do you want lol. I wish those were mine and other landlords bad tenants!

Hey @James M. I definitely would not do them right now, the reason being mainly your tenant has only been there 2 months. You don't yet know if there going to be great tenants, lose there job etc. What I normally do is first no talk of upgrades in the first year lol. After that though depending where they are in there lease we do it after lease renewal. For example one tenant wanted his unit repainted they had been there a few years so it wasn't an absurd request. They had 4 months left on there current lease, so I told my property manager to inform them we would paint after they resigned a new lease. Here's the key not sign a new lease immediately after finishing there current lease and then signing a new lease! If we all agree good tenant's are hard to come by then we need to keep them as long as possible! Finish current least THEN renew the lease with upgrades!