All Forum Posts by: Seth Wilson

What does the tenant that you are trying to attract look like? Socio-economic, demographics etc... Find out what they want, buy in that area, then give them what they want. There will be considerable driving around to look at neighborhoods but it beats getting a real job....

Here's a start; http://www.census.gov/censusexplorer/censusexplorer.html

....uh...because I run a business with investors, and my ultimate goal is to make as much profit as I can in the shortest period of time, while maintaining control of the asset....

EVERYTHING else is just how I go about achieving my objective.

DANGER! DANGER!

Week-to-week leases? Are you running a hotel, a flop house or an MFR? Turn over will be high, expenses will be high, vacancy will be higher!

Remember; your business isn't based on buildings is it based on tenants.

Sounds like a weak market and I, personally, would pass. Then I would take my money to a stronger market. 

Diffrent strokes for diffrent folks!

What's your strategy? What's your plan both short and long term?

It is completely subjective.

They are lying to you, their wife/ex-wife, or the IRS!

Either way tread with caution, and don't hesitate to walk away!

I know it may not help now but; I always talk to the tenants when doing inspections. I do this either during the walk-thru with the inspector, or on my own when I walk around the property. I don't interrogate them I just ask some simple questions and have a small conversation with them:

"Excuse me, do you live here?/Do you like it here?/How is the management?/Do they fix things, or not?/Does it get crazy with parties or people coming and going at all hours?/How much are your utilities? Etc."

Simple stuff that they have no reason not to answer but if they do ask I just tell them I am trying to learn about the area. You will be surprised at the information that they will just spill out of them. Much better than any report can give you!

And you get to really understand who lives there.

I bought a 12 unit, with the seller in much the same situation. Just make sure that even though it is full that everyone is paying, on time and in full. So long as the market is growing or stable, sounds like you have a good property on your hands.

Why is it so cheap?

Nah, they will just want your information and closing documents then they will send the check(s) directly to you. 

Yes of course you can, for the prorated rents for the month that you close in. Don't ask your agent, tell them that is what you want. It will be reflected on the HUD-1 prior to closing.