All Forum Posts by: Sandy Gabin

I would take option 3. But I would agree with asking myself a couple of questions.  

1. How much would the cost be to fix the fuse?

2. Would it cost more than option number 4?

3. What is my budget?

Do your math. Remember, think SMARTER not harder. 

Hi Fernan, I live in Massachusetts, and I decided to put a purifying system on my 4 unit rental property and I am very happy with it. I know that we don't have the best water because of lead and other chemicals.  Right now one of the benefits of having it is that I don't have to worry about buying bottled water at the supermarket or store. A sister of mine lives in New Jersey and she said that she spent like a week looking for water. It's an investment but it's well worth it. 

Investment Info:

Single-family residence buy & hold investment in Wilkes Barre.

Purchase price: $27,000

Charming single family home, with garage on the back home. Class B residence. Located in a quiet area.

What made you interested in investing in this type of deal?

The property is in good shape. Have to change the garage door. On the inside have to paint and work on the kitchen of course!

How did you find this deal and how did you negotiate it?

The bank originally wanted over 40,000. The first time the person who bet won my husband by 8,000 more, but two days later, the auction company called my husband asking if he was still interested in the home to bet and that they would close the deal. I told my husband to place a bet for 29,000 instead. They didn't take the offer so once again someone won the house. Then 5 days later, the house was then sold to us for 24,000 w/out closing cost.

How did you finance this deal?

I made a couple of transfers from credit cards. I paid cash.

How did you add value to the deal?

I haven't added any value to the home yet since i bought it last month

What was the outcome?

I hope that in the near future when the corona virus decides to leave us alone, I will start working little by little. Since I have another SFH to work on.

Lessons learned? Challenges?

I am learning more about long distance real estate and my biggest challenge is that I still have a 40 hour job that I need to maintain and two kids that still need me. I love to restore and give life to those properties that need tlc. My husband and I enjoy working on homes because we love to see changes from old to new or old to restored. Every time I work with my husband I get to learn more of what needs to be a Landlord!

Hi Jim!

Thank you for sharing this experience with BP. My question for you or anyone that knows about this : Would this also affect on those who buy properties from Auction? I already have 2 SFH in Pennsylvania. Are all counties different or the same? I have both in Luzerne county. I would really appreciate your feedback. Thank you and stay safe.

Hi Leo,

What does Experian give you that Cozy and TenantCloud doesn't give you? What are the pros and cons? I would like to know.  I would appreciate it if you can share it with us. Maybe I will use it some day.  I used Avail. Thank you. 

Hi Ricardo,

I agree with you that we are going to get screwed. I do know one thing that we will have to do, and is wait until all this ends. We can have our lives back to normal. We are all in this together, and we will get out of this together. This goes out to all of our BP family.... Stay strong, we will get through this and to any family that has doctors, nurses, firefighters working, my heart goes to you and thank you for what you do everyday! Take care and stay safe Ricardo!

My 3 tenants paid the rent!  So happy and no one mentioned  about not paying the rent because of the virus. So far very responsible tenants. 

I would definitely invest! Make sure that you analyze what you want, or maybe you can wait just a while to see if you can get your hands on a discounted property!  Especially how things are going, I wouldn't doubt if properties will decrease maybe 15 to 30% sometime in the next few months. We'll see about that. 

Then in that case if you have a mortgage, call the bank and ask for a forbearance. And explain the situation and make sure you write down who you talk to and date and time.  If you don't have a mortgage, then talk to your tenant or tenants on how much time they would need to pay the rent.  Remember there are plenty of jobs out there and if they are responsible, they would search for other jobs or ways to pay the rent. Hope this helps! 😊

Im not sure if the question involves with the virus going on  but if it is then I would hope that the tenant would let me know that he or she can't pay the rent  so then  I would communicate with the bank where I have the mortgage and request a forbearance. I don't know if you have a mortgage or not. If I don't have a mortgage, then I would send a 14 day notice to pay rent.  Maybe New York has different rules.  Hope this helps. 😊