All Forum Posts by: Missy H.

Hi @Josh Thomas

I recently went through the something similar.

I made an offer on a duplex that had a tenant in each.  When it came time to schedule the closing, I was informed that the seller is in the process of evicting one tenant for non-payment.  I asked my lawyer to inform the seller that I don't want to purchase a property that has a non-paying tenant.  They were pretty eager to sell, so they agreed to do the eviction from start to finish.  They had the court hearing a few days before the closing was scheduled and the judge issued a warrant of eviction, which gave the tenant two weeks to move o be subject to an eviction by the Sheriff's office.  The seller paid for the eviction from start to finish.

You should probably find out how quick is the eviction process in your area.  Ask a lawyer, then make your decision from there.

You may also want to delay the closing until after the court date is scheduled and you find out how the judge ruled.  You don't want to inherit a non-paying tenant.

Good luck

@David L.

I would suggest that you contact the listing agent directly for if you are working with a broke, ask him/her.  A RE Agent should have the amount of the property taxes readily available for you.  In regards to the insurance cost, you would have to shop around.

Once you have that information, use the BP rental property calculator listed under the Tools tab to calculate your costs.  s a free BP member, you can only pull 5 reports.  As a BPPro member, you can pull as many reports as you like.  You should watch a couple of the webinars that are posted by Brandon Turner to see first hand how the calculators work.

Good luck

@Andy V.

You probably already did this but you may want to try Angie's List for recommendations.

Good Luck!!

Hi @Brahma B.

You should probably run the numbers using the BP rental calculator under the Tools tab above.   Look at some of @Brandon Turner's BP webinars to learn how to properly use the calculator and what to look for.  He gives you some really great tips.

You can run 5 reports but in order to do more than the, you will have to sign up as a Pro members.

Good luck.

Hi @Taylor Campbell 

I am not from AZ, but there are two things that can help you find locals.

1.  In your Profile section you can add the words "Phoenix" and "meet" to alert you to any posts that have those same two words in them.

2. You can also look under the Community tab and click on Networking Events and search for meet-ups in your area.

Good luck!! 

Hi @Aaron Desimone

They say that they key to success is to never give up.  If that is true, you will be very successful.  I love your perseverance and willfulness.  

So...who has to pay for the clean-up?  I am hoping the oil company.

Hi @Nhia Yang

Off topic.....

But if you want to highlight a person who posted click  "Control" and "@" together then type the first four letters of the person in question.  Their name will pop up and just click on it.

Good luck.

@Derek Gorham

The tried and true option is to look at Craigslist.  Use the map view, locate your area and find out what those apartments are renting for.

Hope this helps.

Hi @Brent Gildner

I have a twin sister too!!!!  Are you identical?

To answer your question, I would say that it depends on two things:

1.  How you value your quality of life.  If you are going to be living in the property for a year, how comfortable would you be in living in the "cheap" house?

2.  Did you run the numbers on both houses using the BP calculator under the "TOOLS" tab?

Weigh the pros and cons of the answers to both questions and make your decision from there.

However, above all......make sure that you and your brother are on the same track.  My sister and I both invest in real estate bot we do it separately.  We have different philosophies on RE investing and on the one project that we did together, we fought EVERY step of the way.  I am not saying that it can't be done, I am only suggesting that you lay out your plan in writing and clearly outline what your individual responsibilities will be.  

Good luck and let us know what you decide to do.

Hi @Charissa Mood

Your pre-planning is great, but like Kevin Costner was once told, "If you build it, they will come."  If you have a good deal, you can find buyers.  

Begin by finding the local REIAs in your area, attend the meetings and start networking.  Local REIAs are a great source for networking.  Members attend for a variety of reasons.  As much as you want to do the legwork but may not have the money to fund a deal, there are plenty of people who have the funds but don't have the time or the inclination to do the legwork.  

When you listen to the BP podcasts, you will hear time and time again that wholesalers who have great deals have no problems finding buyers.  You make the money when you buy a property so make sure the price that you are contracting it for has a lot of wiggle room.

Good luck!!!