All Forum Posts by: Sean T.

@Michael Ehrmann I would really say to start with the team.  It's time to stop thinking and time to start acting.  List out the 5 markets you are most interested in.  Ask us on BP for recommendations of property managers, realtors, attorneys, etc.  Make the list, schedule the calls, and see how you feel about the teams that will represent the property on your behalf.  A house is just a floor, a few walls, and a roof.  The team is what makes it a rental business.

Next, look at the stone cold numbers.  Rents, taxes, PM fees, regional repair rates, and so on.

Rank the above by your standards and you should have the ability to act. 

Just my thoughts.

@Mervin James I find myself saying this a lot lately on here, call your attorney and get REAL legal advice.  Period.  There are some things group advice is great for.  Legal issues and mediation are not one of them.

A 30 min call to a qualified and local professional(laws are always different) will be worth the money.  You will also probably feel batter as well.

@Isaiah Tucker Congrats on getting started.  I think the better question is what is the right fit for you?  Figure out where you are most comfortable, always stick to your numbers, and keep learning.

It sounds generic but it isn't.  Step one is knowing yourself.  Sometimes finding something between ready to rent and rehab is good as well.  

Hey @Desha Charles I am not a wholesaler but I am aware a bunch are on BP.  Good luck out there.  

Congrats @Greg Crider!  Sounds great!

Ha!  I was typing hot iron in line with all the above.  I have seen this many times.  It is usually because there is just a sink and no surrounding area to put a curling iron whilst hot and needs to be set down. 

I had a good laugh at "bad quality plastic"!

Hey @Craig Fogarty, if you are looking Northwest/Merrimack Valley area let me know and I can tell you who I use.

What @Lien Vuong said is spot on.  Spend the money to do the inspection.  The last three houses I looked at in MA, with septic, all failed title V.  I realize this is just anecdotal but still points to the risk.

The reality is most people don't understand septic/cess pools and don't properly care for them.  My primary residence is on septic and we are good about pumping but I know many around me who aren't.

Few hundred to insure against 20-40K...not a terrible deal in our game!

@Catia T. knowing nothing about you or your background, excluding your post, I would just urge caution here.  The market for large portfolio buyers is very strong right now and real estate prices are high because of demand and low interest rates. 

If there is a deal this size sitting on the market, open to seller held debt, and with strong cap rates at that price, I would hire a team to vet this deal.  107 properties will need inspections, appraisals(even with seller financing you would do this diligence when you are new), many repairs, and more.  Also, a qualified CPA will need to review ALL documentation, tax returns, cap expend, and anything else you can think of.

I'm not saying you shouldn't pursue here but I I have folks I know who buy portfolios this size whenever they are available and I am aware of one in the PA area(some spread out of there as well) that has eerily similar numbers to what you are showing(basically identical).  Assuming we are talking about two different deals it is crazy they would be within >1% of each other.  My reason for mentioning this is that perhaps more folks are seeing this and passing or there is more than meets the eye in the details here.

I applaud the hunt for a huge deal and hope you fill us in on what transpires.  I just want to say one more time.  Buyers of deals this size leverage attorneys, cpas, and have teams(not always but it helps to ensure you make the right moves).

Wishing you the best luck!

@Joe P.  Same thing here as well.

We see rentals that should be in the $2500-3000 range and they are listed on CL for $5-600 with a call to action right away.  Very old scam to "guarantee" the place to a bunch of tenants and then bounce with the holds.

Sad because it targets renters who just want a nice place and often times don't have the budget.  I see this happening ALL the time in areas with great school systems.

Few things P*** me off like taking advantage of someone looking to provide a better living for their family.

Welcome(again) @Edward Stewart!

I tend to come and go myself!