All Forum Posts by: Russ Marlborough

Thanks David!! I will download the estoppel now.

BP World!

I just got my first off-market real estate deal accepted today on a duplex! Im stoked and am now in the due diligence phase. I am scheduling inspections and asking for verification of financials. I’d like to know if anyone has recently purchased an investment property where the existing tenets leases have expired. How can I confidently verify rental income? Can I legally request bank statements?

The current owner pays utilities and I have requested all utilities bills for the last three months. Is this sufficient enough?

I have the tax records and have a quote for insurance. There is no HOA, no lawn maintenance or other miscellaneous expenses.

Have I missed anything in my financial due diligence?

Thank you for the help

Russ

@Anthony Wick

That is the dilemma I am having. The Owner pays the utilities. I think I’m just going to factor it in and make an offer

I am currently running numbers on an off market deal for a duplex in my area. I am using the one percent rule but would like some clarification on when I should run the calculation. Does the 1% or 2% Rule come into play before subtracting operating expenses from monthly income or after? It seems obvious to me that it is after subtracting expenses but I would just like to confirm. Thank you in advance for your reading this and your help.

@Jian Lin I would start with the Rich Dad Poor Dad Series, Richest Man in Babylon, and set for life. Seriously not a plug, the bigger pockets books are game changing. 

Do you have to be a licensed real estate agent or have any other sort of qualifications to manage rental units that you do not own?

Thanks for the insight Wayne. Just wanted to be sure they weren’t trying to take advantage of me.

I recently had some water damage in my condo that was caused by a small crack in a water feed line to the refrigerator. I had all of the costs covered by the insurance company minus the drywall which I was told was to be covered by the homeowners association. The cost of the new drywall was $1900 and the homeowners association says that is not their responsibility and it is not covered by the insurance of HOA fees. I have looked through the deck pages and all documents I have for the condo and still can't find any clear answer to whose responsibility it is. In everything that I have researched and gotten advice about it seems it should be covered by the homeowners association. Any suggestions?