All Forum Posts by: Tchaka Owen

@Ben Nitka - everything @Randall Alan wrote is on point! Let me add 2 more things for you to think about:

1. I learned from experienced investors that the absolute minimum acceptable on a door is $100. The $540 net that Randall is getting is very good, most are getting $200+ per door. At $180, you're making $90 per door. So this deal wouldn't cut it.

2. Dayton, like many other Midwestern cities banks more on cashflow as opposed to appreciation. How are you at $90 per door? Either rents are well below market or you are paying more than the place is worth. It's one of the other. 

A mistake that newbies tend to make is to try hard to make a deal work because you want that first deal so badly. I'd walk away from this deal and look for more. If your agent isn't doing his/her job, move to the next. 

Good luck!

@Jenna G. - while still in your inspection period, have you obtained a quote (or reasonable idea) for the work needed? It is hard to gauge from what you've written because you write "extensive termite damage" followed by "termite repairs seem not very expensive". Those two comments don't work so well together. Based on your purchase price and ARV, here's my suggestion: If it is $30k or less, move forward. If higher, step away.

Good luck!

@Logan Karanovich - welcome to BP! And belated welcome to the DC area!
As recommended earlier, @Russell Brazil is extremely skilled in both real estate as well in the investment side, do have a convo with him.

I'm from Arlington, ended up buying in Reston, then eventually moved to Florida....I likely cannot afford to move back to Arlington (certainly not to the neighborhood in which my grandparents lived), so I feel your pain. Then again, that's the beauty of house-hacking - it enables you to stretch your budget yet lower financial risk. If Arlington and Alexandria are too far out of your budget, cross the river. Yes, some parts of DC will be the same if not higher, but not all parts of DC. And while safety should be a concern in any city, you probably don't need to worry too much because you're not at risk of buying in any of those areas. Your first step is to get a good agent who can help guide you.

Good luck!

BOOM! 

This right here. 

1. Coinbase is one of the most secure exchanges available. 

2. For true security, you get a wallet. 

And as another poster mentioned, you have to learn about crypto before tossing money in. I have very little in crypto and quite frankly, I know very little. Until I spend more time educating myself, I'm ok with having very little in it. 

Unless you have a decent amount to put down, save your time and use the VA (you earned it). Instead, focus your time and effort on finding the ideal property.

Your header is asking a different question than your comment.

1. By definition, an "off-market" property is not on the MLS. So......unless there's an old listing, no.

2. Regarding the question you typed in, the answer is yes. You start with Google and go from there. You can also look up sites direct sites that give the info you seek (often, the good ones have a fee).

Using Google. 

Search for "verify my license" or something of the equivalent; since you're likely in Illinois, add that to the search. Licenses are public record.

Good catch! I believe that every single HML and private lender I've ever used amortized over 30 years. The balloons tended to be very short, amortization wasn't.

You've been on BP less than 24 hours and think you're a shot-caller? Until you can get the scammer to stop abusing you, you shouldn't flex. Btw, while you're crying here, the scammer is still using your pictures. 

Yes, I do have something helpful to add. You wrote: "This wouldn't happen if desperate tenants were not so dumb and quick to send money for nothing..."

Your comment about desperate tenants is more apt for people who are convinced a crime has occurred and instead of contacting authorities who can do something about it, choose to post online. There's a strong case that those tenants are actually wiser than the latter. 

Ie, get off your butt and call the police.