All Forum Posts by: Renier Walters

I am about to go through the process right now in Cleveland.  $17K to remediate my duplex. Seller disclosed "not aware of lead based paint" on the contract for a duplex that is over 100 years old. My broker had me sign a waiver. My 1st investment property and an expensive lesson I just learned.  Trust no one!  I bought the property end of Aug 2021 and it so happens that the deadline imposed by the city to rectify the LBP was Sept 2021 although they are extending the timeline!   

Joshua, do you mind sending me that list as well?  I am also looking for a good PM in Cleveland.  Thanks.

I spent $16K in repairs. Just took them several months to turn the unit.  If it's the norm to charge when the unit is vacant then so be it.  I just think this type of fee structure removes the motivation to turn the unit if they are getting their fee regardless of whether occupied or not. 

I bought a duplex in Aug 2021.  One of the units has been vacant all this time (currently March 2022) with a tenant about to move in after the management company's construction crew completed their renovations.  In the management agreement it states:   
Monthly Management Fee: 10% of Charged Rents or a Minimum fee of $69 per unit (Whichever is greater).

In addition to charging me $69 for the occupied unit (Rental Income is $650)  they are charging me another $69 for the vacant unit.  Is this normal practice or am I being taken advantage of?

Awesome, thank you Devin!

Hello BPers,

Is there a sheet/calculator/app anywhere that provides various calculated offers on a wholesale deal whether it be cash offer, subject to, Lease Option etc?  I always hear that there are multiple ways to solve a problem so is there a resource out there that will assist in providing multiple options to a motivated seller?

Thanks,

Renier

Making a profit on your first flip is a fantastic achievement.  The learning experience is priceless.

Thanks all! Much appreciated.

Hello BP Community!  

Newbie to the forums here, just wanted to introduce myself. Started down this path by signing up for one of those expensive courses (gulp)! Have read a fair amount of books and ebooks on investing, joined and attended a few REIA meetups and listened to hours of BP podcasts. I am ready to turn words into action out here in the Orange County/San Diego area.

Regards,

Renier