All Forum Posts by: Sathish Sekar

Hello Mike. Where are you looking to invest? 

I'd recommend you find a local partner to work with. 

Also you can look on meetup.com to find groups of investors that meet regularly. You may be able to find a partner at such events. 

 Freddy, you may want to negotiate an even lower purchase price. If your acquisition price is $72k and you do $45k in rehab, you are at $117k all in. And presumably the property will be worth $150k after rehab. This provides you with a spread of $33k forced equity. That's not a lot of cushion. 

Since you are taking on a troublesome tenant and willing to close soon, ask for more of a discount. You should receive a discount for assuming this risky proposition. I would ask for a $60k purchase price and be willing to go up to $65k. 

It appears you have an inside track with the owner. Find out what the house is currently worth in its current outdated condition. Then subtract a discount (10-20%), and make your starting offer. Ideally you want to buy the house with equity already in it. 

You did well by tying up the deal before the 15+ showings happened. Have you had any maintenance issues or structural issues with the building? 
Sometimes there are issues with frame multi unit buildings. 

Will there be an "Amazon Prime shipping" option to close your home purchase faster? 

It appears there are already some great suggestions in the replies. Miles, I would also suggest checking Yelp reviews. These are a great (mostly unbiased) source of review for any service partners including loan officers, title companies, contractors, etc. 

Jun, There are great cash flow opportunities on the west side. The tenant base can be challenging to manage, but the potential for high net cash flow is there. It depends on how much uncertainty you can tolerate. 

If you're considering these west side areas, I'd recommend looking into owning section 8 rentals. Section 8 housing vouchers will pay over market rent. And likely get you close to the $3000 gross rent per building you mentioned. 

I have some experience with these kind of rental properties in sub par neighborhoods. Message me if you wish

Hello Bret. Welcome to BP. My current goal is to add 8 rental properties to my portfolio. For monthly cash flow. 

If you may be interested, please message me. 

I am also new to BP. I have been working as a real estate broker for 5 years. I recently acquired two rental properties. 

My goal is to build up to 10 rental properties. If anyone else wants to join me in that endeavor, please message me. 

It depends on what your life passion is. If your passion is something other than real estate, yes get the required education. And preferably get the education from community college/state university to limit your student debt.

If your passion is real estate, I'd recommend not going to higher education past high school. There are real estate jobs you can get without college credentials. You can be a real estate agent, assistant to an agent, or even a property manager. Of course please check your state laws about this. 

Since you are 17, you may not know what your life passion is. But discuss any higher education plans with your father. I'm sure he would know you better than I.