All Forum Posts by: Tchaka Owen

@James Wise - if you have the right to face your accuser, does that mean you can make him drag his butt back to the US? Pretty sure many would thank you!

@Rousner E. - I don't know TN law, but in most places the sheriff gets involved when there's an eviction. Ending the lease is not the same as an eviction. 

@Sean Lopez - assuming your expenses, etc are correct, this becomes a question of model. Ie, there's no single model that's correct. Some investors will not go below $100/door of positive cashflow. That means total expenditures cannot go above $1950. Others might have $125 or $150 per door as the minimum.

One thing I'll point out is that your model has you spending $10k of repairs upon purchase yet value doesn't change. If so, you're overpaying by $20k. I wouldn't pay more than $219k if it needs $10k to be worth $239k. Again, that's *my* model.

Cheers!

@Kevin Dias - I recommend Gasdick Stanton & Early. I used them back in November and was very pleased. Coincidentally, I had lunch with a fraternity brother immediately prior to going to GSE for a closing only to find out AJ Stanton is a riding buddy of his (how random!). The settlement involved the buyer I worked with purchasing an REO directly from a bank - and they selected the firm. That's a hint that they're investor-friendly. Good luck!

@Marc Santoro - do you have a link? That page does not appear to exist.

I just now read your question and that was my immediate thought. Anything going on the MLS MUST have a listing agreement signed by seller (or authorized representative). My 0.107 Euros: you're better off creating a solid buyers list because many investors don't bother with the MLS. Also, it takes a decent amount of time to create a good listing....you can have it sent to your list in minutes. Good luck!

Some things are mind-boggling. A decade ago a friend was screwed over (unnecessarily) by an investor who was probably an 8-figure guy. I even met that investor and he seemed down to earth. Not too long after screwing my friend over, he did something petty (and illegal) to a tenant who'd had enough of the BS. He went to the investor's office and shot him dead. After that I realized that underestimating stupidity isn't a good thing.

@Bryan Bakrevski - remember that you have up to 3 years from when you move out to sell it and not pay capital gains (up $500k if you're married). So you can rent it out for those 3 years and still be in good shape.

@Steven Winfield - a few comments:

1. Vacancy is 3%, is that realistic for that area?

2. CapEx is 3%, that should be 5% at a minimum; Property Management is 5%, it seems 8% would be more realistic.

3. Taxes are $510.30/mo. and Insurance is missing, that's $255/mo.

Make those modifications and see if you like the results.

Strongly disagree!

The key is that these have been on the market for over 6 months; there's no way that they all suddenly go under contract the week that he notifies the agent - unless they all just had big price drops. 

Wayne's correct about the paranoia though. He's in the cesspool that runs from Palm Beach County down through Miami-Dade where shadiness is the norm. No one gets paranoid, when crap happens it's par for the course.