All Forum Posts by: Bram Spiero

@Joshua Biondi, the question is, what is it that you want? Forget about whether you think she is living up to her obligations or if it's OK or not for her to be irresponsible as a result of possible drug use. Are you  concerned about loosing that months rent? Do you like the uncle as a tenant? How has she been treating the property? Is she likely to damage the place if you tell her she must pay the balance of the lease?

If the Uncle is happy to pay her half going forward, problem solved. Let them work out if she owes him something.

I would put down some underlayment before putting in the floating floor.

below is an example. It'll help with leveling out minor imperfections and increase insulation.

https://www.lowes.com/pd/Pergo-GOLD-100-sq-ft-Prem...

Hi @John Spina jr,

What's the reason for wanting to pay it off sooner?

Why are you taking a 15 year fixed rather than a 30 year fixed?

Does it cashflow without you have to sink additional money in it on a monthly basis?

With interests low and money cheap, a cashflowing property is a great kind of debt to have.

Consider saving the cashflow, which will be larger with a 30 year loan and whatever extra you were planning to put in it and investing that in your next property instead.

Good luck.

Bram

@Yasmin Mohamed

The advice you're getting here is sound.

What it basically comes down to is developing an understanding for what constitutes a good deal for you.

It's entirely subjective and up to you. The idea of going onto Zillow and practicing deal analysis is excellent advise. Look at a 1,000 properties and you'll start to develop a better understanding for your market.

What @Joseph Scorese said about determining a MOA is also spot on and points back to figuring out your criteria first and then sticking to them.

Good Luck!

Bram

and shop around for insurance. Just make sure you are comparing apples to apples.

Hey Darius!

It all really depends on what you find.

Jassem is correct in that you can only use a VA loan on residential property (1-4 units)

You will need to live in the property for at least a year unless you are moving out because the army is moving you around.

Cashflow is dependent on many factors. I invite you to seek out the Ultimate Beginners Guide, here on BP and learn about how to analyze real estate deals.

why would you even look at this if they won't show you rent roles and other actuals? The bank won't give you a loan without them. 

Not that you should take the rent role and P&L as gospel, but it is what will determine value as far the bank is concerned.

As far as market rent, average rent will not do. You are going to have to find out what actual market rent is for these kind of apartments.

How are you going to figure out how you will be making money out of this deal if you don't know where you can be either more efficient or more profitable?

Wholesaling is tough, as you need to master many disciplines. Negotiating, marketing, assessing rehab costs, determining ARVs. 

Without these, you'll have a hard time providing enough value to your customers. The value you supply is bringing good deals that really work. When they do, your customers will be more than happy for you to make good money off of a deal.

You can learn almost all of the theory behind this here on BP but you're still going to have to put in the leg work.

You do not need a Guru to go look at so many houses that you start understanding value, cost, what run down looks like, what rehabbed looks like and what the difference in price is and needs to be.

Good luck

those are mighty slim pickings, with little to no room for repairs or vacancies.

Hi Rafael, welcome to BP.

The way to know what these markets are like is by investing time in understanding them better.

You can do this by talking to people that already invest in those markets.

You can also do this by putting together a deal analysis calculator, or using ones that are available here on BP, and then looking at everything on the MLS in each of these towns. By the time you've gone through all the available properties, you'll have a much better understanding of each market. This will also help you to have more useful conversations with those other investors.

Learn about the 70% rule and look at applying it to your analysis.

Good luck