All Forum Posts by: Russ Draper

I think thats a great deal!  Is the PM fees in there or are you managing it yourself?

Isn't there a deposit?  I would first seize that and use those funds.  As far as going after them, IMO if they are the type that is too cheap for trash removal they are likely unable to have funds to go after them in court for.

As far as being illegal, my guess is most likely it is illegal.

I'm not sure I understand, did you lose the vehicle because of a financial reason and you are asking how to invest without any capital of your own?  There are things such as finding a deal and "flipping" it to another investor and other bird-dog like deals.

Or are you saying you just can't drive due to a physical or legal reason and want pointers on getting to properties to look at them?  I've used Uber, the bus, bicycle (if close enough) and even had real estate agents pick me up at the airport/bus terminal before.

Hope it helps!

I always do my own analysis, I assume everyone is a liar and any numbers they came up with were incomplete or they "forgot" to put something down.  Large multifamilies are less likely to have this problem, but always do your own due diligence!

I would just deny without a reason, the less information you give the less you have to cover your ***!  Just say sorry, please keep us in mind for the future or similar in case you get other buildings later.

You could always try to contact the owner directly by looking up who owns the property and some internet research .  If they haven't signed an agreement with the realtor  yet then  there shouldn't be an issue but of course the realtor is going to try to get in the middle so that he can make a cut .

My first two buildings were Turn-Key Properties .  They were more like 2% and not 1% though  so I didn't  negotiate on the price because the deal  made sense . The first building I actually had him make more improvements and I paid $10,000 over his ask because of the improvements .  In the end it worked out  and I was overall happy with the process but I wouldn't offer  unless it made sense for me to buy it at that price and I personally would want more than 1% .

My "gut reaction": don't rent to friends!  Living with tenants is much harder than having a separate apartment.  All sorts of possible roommate problems that can come up in the future!  I think if you live with him you still have to report the rent money he is paying you as income which is taxed.

If it were me, I would try for a triplex and live in one and rent the others.  You will need to toughen up as a landlord also so that tenants don't walk all over you!  Good luck!

They just want an extra $450 to do the loan is what it is.  Its basically how the banker makes his money for doing the paperwork as I understand it.  You can always try another bank!

I've looked and read a whole bunch of articles, and tried to find various economic indicators to see if there are any that linked to it.  It appears that the 2008 recession actually started in 2007 and people just didn't realize it was happening until it was too late and we had the major Wall St fiasco.  It appears that home prices in several markets did take a bit of a dip in 2007 so there was sort of a warning, but that doesn't mean that it would happen again.

My hope is that prices will stagnate but not come crashing down.  I am in Boston, funny you should mention it!