All Forum Posts by: Sage Jankowitz

Two units:

UNIT 1) 4 brs, 2 fb, 1 hb, $1450
UNIT 2) 2 brs, 1 fb, 1 hb, $1300

Here are the stats, I'm trying to decide if it's worth putting a lowball offer on the table. I would wholesale this property to an investor of mine who is looking for multis in the area:

Gross Rents: $2750/Month
Operating Expenses: $1375/Month
NOI: $1375/Month
They're asking for $215K, I would offer $125K:
Mortgage Payment: ($125K, 30 yrs, 7%) = $832
Cash Flow: $543 per a month

Are these calculations correct? Cash flow seems wayyyy too high...

Thanks for all your help guys, much appreciated!

That's a good point Sam. I'm a little fuzzy on the details, but it sounds like my mother went over the situation with the plumber and the plumber made it clear that he could get the water heater through the warranty without an issue.

We're going to get him on the phone and make sure this isn't a simple misunderstanding, otherwise this guy is not getting paid.

Dave is correct. The water tank was under a warranty still and that's why they offered an upgraded new version for $60-$80 more.

I believe the plumber ordered the upgraded tank himself, but he was 100% aware that the tank was under warranty and should have been replaced free of charge, except for the $60-$80 upgrade cost...

So this isn't exactly a rehab question, but not really sure where else to post, hopefully you guys can help.

While I was away in Israel for the past two weeks my family's water heater broke and my mother dealt with the issue herself, since I couldn't be reached while in Israel. She went to a trusted family friend who recommended her plumber who she has used for years.

The water heater needed to be replaced, and the manufacturer told my mother that the model was no longer available, but they would replace it with an upgraded version for $60-$80. She hired the plumber to put in the new water heater, and he agreed to remove the old one for an additional $25. He was here for 30 minutes, installed the new water heater and removed the old one. We just received the bill and it was for $920. Essentially he is charging $800+ or so for 30 minutes of labor.

Now clearly my mother made a huge mistake in NOT ASKING FOR A QUOTE beforehand and I'm really annoyed I wasn't able to handle the situation myself. That being said, $920 seems awfully ridiculous for less than 30 minutes of work for a water heater that was already paid off. We've only be able to connect with the plumber's wife who defended the price and we have yet to hear back from the plumber. What steps can I take to get this absurd charge removed and this guy reported?

Rodney, I would market the property in every way you can.

That means: 1. Contacting everyone on your buyers list, first by email then followup with a courtesy call. 2. Put bandit signs EVERYWHERE in the neighborhood of your property 3. Let your local REIAs know about the property and ask them if you can advertise it at a local meeting or on their website 4. Put ads on Postlets, craigslist, rehablist, and your local Sunday paper 5. Contact every wholesaler you know and let them know if they can find a buyer for the property you would split part of the fee with them.

Good luck Rodney, and let me know how it goes!

Sage indeed :)

What's the deal with the do not call list? If I find a property that has the potential to be a good wholesale property, can I call up the owner and tell them my interest. I'm talking no FSBO sign, no for rent sign, just a property in my target area that needs some serious fixing. Am I violating any laws if I'm completely unaware as to whether or not they're on the do not call list?

As investors continue along in their careers they begin to find ways to add value to other investors and make money in the process. Most of the more prominent investors at my local REIA give boot camps, offer ebooks, and mentoring programs where they get paid to teach newbies.

It just has me thinking what is their reason for going down this path. Is it about paying it forward to the next generation of investors? Is it simply another avenue to collect money for their business? Are they doing it to increase their network and have more passive leads come their way?

For some of the more experienced investors out there, which route have you gone with coaching, mentoring, offering classes, etc to newer investors and why? And if you don't participate in these sort of activities what's your reasoning?