All Forum Posts by: Terrell Garren

Quote from @Todd Jones:

@Chris Kendrick

I understand what you’re saying.

In my area, there are a lot of rentals that have been in the market for 2-3 months. 
Almost all are flips (except for 2). The interiors are done in “repo-gray”. Gray floors. Gray walls. I’m not exaggerating.

Why? It’s the cheapest flooring available at Home Depot. Neural color walls are easier to deal with.

@Todd Jones LOL, you are so right.  Here is a new construction rental I just finished. Agreeable gray walls and Home Depot gray floors.  I think I've used the same combination on 6 houses. 

I started out buying used but the process did not scale.  New stainless, whatever is on sale at Lowes or Home Depot. I don't put in washer / dryer. 

Quote from @Chris Kendrick:

Quote from @Terrell Garren:

Quote from @Chris Kendrick:

Quote from @Nicholas L.:

@Chris Kendrick

that's why i asked you to clarify - you said "how in the world can someone get in this competitive space"

i didn't know whether you meant buy, or sell or rent

my rentals are rehabbed, high quality, and priced competitively, and I allow pents - so they rent quickly

i don't flip so can't answer that for you

 So i assume your area is not like mine in NC where there are ton and tons of houses to rent?

I have maybe 26 SFH rentals in NC. I post on Zillow, get around 50 responses over a few days, heavy phone screening, show to 3-5 parties.  Usually have signed agreement within 10 days of posting.  The last new construction I just finished was rented unadvertised 2 months before completion.
If there are 'tons and tons' of house available, it's never affected me. I can beat the big guys all day long on tenant selection and price. 

When did you get your rentals, have you gotten one recently in less than a year, seen lots of rents on there that been on there for over 2 or 3 months

MLS, auctions, short sales, foreclosures, new construction. Yes.

Quote from @Chris Kendrick:

Quote from @Nicholas L.:

@Chris Kendrick

that's why i asked you to clarify - you said "how in the world can someone get in this competitive space"

i didn't know whether you meant buy, or sell or rent

my rentals are rehabbed, high quality, and priced competitively, and I allow pents - so they rent quickly

i don't flip so can't answer that for you

 So i assume your area is not like mine in NC where there are ton and tons of houses to rent?

I have maybe 26 SFH rentals in NC. I post on Zillow, get around 50 responses over a few days, heavy phone screening, show to 3-5 parties.  Usually have signed agreement within 10 days of posting.  The last new construction I just finished was rented unadvertised 2 months before completion.
If there are 'tons and tons' of house available, it's never affected me. I can beat the big guys all day long on tenant selection and price. 

1" vinyl blinds from Home Depot. 

Quote from @Joe S.:

After rereading your post, I seem to missed the fact the first time that you was willing to rent it back to the lady for a dollar. I think you probably should have used that more in your defense. With that being said, I surely would have recommended you title your post Something totally different. Your title definitely invited the response that you received. Of course you know that now.  I really hope that everything works out for you and the lady. ✅

So, let's say the house would rent for $2K a month and the lady lives for 2 years.  That's $48K in forgone rent.  Let's toss in another $30K for 2 year's expenses.  That's nearly $80K.  $290 - ($60 + 80) = $150K for rescuing an elderly neighbor. Priceless. 

@Terri-Leigh H. Congratulations.  You scammed an ailing elderly neighbor.  Next week, maybe you can rob a kid's lemonade stand. 

A waste of money. Spend the $3K on property, tolls and rehab material. 26 SFHs, 1 LLC, 1 checking account, 1 laptop, 1 mobile phone, 1 spreadsheet, 1 old Ford Ranger, a ton of tools and 20 or so skilled trades / professionals on speed dial.

Lawyers. 

Help me understand why the seller did not use a licensed realtor to sell 'as is' for $450K, pay a $27K commission and make an extra $47K?