All Forum Posts by: Rob McGahen

At most, you should do what @Josh C. suggested.

There is absolutely nothing wrong with what you have encountered. There are tons of businesses all over the country that have very similar names, often in different states, in all kinds of industries.

This other company isn't trying to claim that they are you. Their signs lead back to their own website. It's not their fault that potential customers are finding you instead. They need to do a better job on their own to secure their potential customers.

As Josh said, you should find a way to work with the other guy, let things go, or find a way to enter their market. Good luck!

 In my market, that $50,000 will get you nearly two buy-and-holds...

This is why you always want to know what you have when you go to invest in a property. I'm not a fan of doing anything 'sight unseen,' and this is an excellent example of that.

You can find plenty of success stories about doing things this way, but what you almost never hear about, are the failures. Good luck!

Just my two cents, but why not use your skills as a contractor to improve the property. From there, are you interested in living there? Selling it? Renting it?

It really just depends on your own goals, if getting into the real estate business is a part of that. Even if you are only interested in being a contractor, fixing this property up right could be a great showcase for you and any potential future clients. Good luck!

Two things I see here, that have been mentioned at least once, but I need to point out.

First, the renters have ZERO incentive to conserve energy if you are paying the utility bills. They have no need to turn off the sink, turn off any lights, or anything else. You will need to eat the cost until the lease is up, but when you start to do renewals, change the lease so that all utilities are in their name.

Second, you need to fire your PM and obtain a new one. Two people above found where it was not illegal in North Carolina to put utility caps on the lease, yet not only did your PM not tell you the truth, you had to haggle her to even get info from her. It's time to cut ties with her ASAP, and find a PM who is responsive to your needs. Good luck!

If he paid an application fee, then you owe him a reason as to why you are denying his application. Otherwise, he may think you are just taking his money and running - then you have a real reason for him to harass you...

Who buys investment property to just break even? Someone who will eventually lose the property back to the bank, or best case, sell at a loss, that's who...

Are you talking about buying a duplex or more-plex? Or just a single family home? I'm a bit confused here...

Did she say to you that she will be unable to continue to pay rent? She is going to have to live somewhere and regardless of what happens with her pending divorce, maybe she stays where she is. I'd start there before looking to give her the boot. Good luck!

From what I've seen, most owners want to clear at least $200 per month after factoring in all expenses, and you are only clearing $125 per month, not even factoring in maintenance/vacancy/property management (if applicable). I don't see how you are breaking even, let alone turning a profit.

I'd look at doing a couple of things before you consider selling. First, see what your numbers will be if you refinance. Second, check the market to see if you are renting for what you should be renting. You are getting $1425 a month, but should you be getting $1600? $1700? Third, I'd look at a new insurance company (shop around!).

If the roof is in as bad of shape as your current insurance company claims, then you will be on the hook for a new roof regardless what you do. So you might as well just factor that $7,000 cost into whether you keep or sell the house. Good luck!