All Forum Posts by: Preston Quinn

@Nick Seginowich

I guess I should elaborate more. My plan is to have very little money if any left in the deals. 1% doesn’t make sense to me if I have $20k tied up. Not in my market anyway.

If you were to tell me I could buy Properties that meet this with 0 out of my pocket I’d consider it in an appreciating market. But, right now, where I am in life, I can’t leave $20k in a deal.

@Luke Paul

What is he willing to pay per month to rent? What is market rent?

@Daniel Krueger

What does each unit rent for?

@Nick Seginowich

2% properties do exist. In the little experience I have, I find them in c type neighborhoods. With very little appreciation. This is where I am making offers now.

1% rule I typically find in an appreciating market with a better quality tenant pool.

I have a friend that buys only 3% & 4% deals in his area. So make sure it fits your goals and business model. When you read my advice please note that I have 3 properties/4 doors under contract so I am still learning as well. This is what I have seen in analyzing my immediate market.

@Sean A.

Have you purchased this?

Everything I have bought has had lead paint in it. My painter deals with it. Do you have a painter that you use? Discuss it with him and move forward.  I personally love to see mold, asbestos, and lead paint. It scares the pants off the competition.  

@Gustavo Panosso.

I would give him the option to buy the house back. But I would also include he has 7 days from ratification of your contract to secure financing. I would also make it clear in the contract the amount of profit you expect to make.

A friend of mine has been through almost this exact situation. This is what he did. No issues. Other than they couldn’t secure the financing and he went on to flip the house.

Does anyone have a membership to mls.com foreclosure alerts? I get emails about foreclosures all the time from them. I am not a member so I can’t see any of the addresses. I have a few questions.

1. Is this a notice of a house going into pre foreclosure? Or have they already been foreclosed on by the bank?

2. How accurate is this info?

3. Is anyone using this as leads to send direct mail?

@Dennis M.

@Dennis M. knows Erie well. I’d listen to him. I bet you guys could work something out on his triplex if it’s still available. 

Flip it, wholesale it or wholetail it. I would not buy and hold this.