All Forum Posts by: Tim Evans

How much monthly rent can you get here? We could reverse it out of your cash flow estimate, but easier to ask. How much monthly do you get on other properties? If this one is a better producer, and you expect appreciation, I suggest holding. It depends on what opportunities you might lose while tied up in this.

You seem to seek lenders, not investors. Lenders can be traditional banks and credit unions, hard money lenders, peer lending (LendingClub, Prosper), and peer real estate lending (what you identified). Investors are all over BiggerPockets, and locally found in Real Estate Investment Associations or clubs. It depends on what you offer, and your expectations (timeline, handholding, willingness to share profits). I borrow from big banks and lend on Prosper, but always prefer cash deals.

I use TransUnion SmartMove to screen tenants. It failed to find history on a nice latino family with no bank account. Employers and landlords gave good recommendations over the phone. They are great tenants, paying by direct deposit. It is not my concern whether they are documented.

Why is he selling, when he has it so good? If I'm making $950 on a $56k property, my price would be above $100k. As a buyer, I would pay $80k, due to uncertainty of maintenance and reliability of the tenant.

My inspection reports have always included pictures. If they claimed no problems, did they include at least one attic picture showing their perspective? I agree with everyone that you might get a refund, at most.

@Mike Cumbie great point about earnest money deposit; a high deposit means the buyer is somewhat serious (especially with no inspection or appraisal contingencies).

I just offered $90k cash, no contingencies on this gut job (feel free to bid). The seller declined to counter, but the seller agent encouraged me to counter myself.

https://www.redfin.com/MD/Brandywine/19315-Aquasco-Rd-20613/home/10678797

I'm about to offer $120k on this shoddy renovation. My buyer agent wants at least a pre-offer inspection, but at this price, it's not as relevant.

https://www.redfin.com/MD/Capitol-Heights/5406-Bye-St-20743/home/10995968

I'm always willing to give a healthy deposit, $2000 on the $100k range.

http://www2.dot.state.fl.us/FloridaTrafficOnline/

Web site provides traffic count sites and historical data. Traffic data updated each April.

Is it 15% occupied by owners or renters? Will you do legal work to make it office condos as opposed to office apartments? Sounds like a deal, good luck!

Is the property occupied? How reliable are the income estimates? Did the seller provide trustworthy rent rolls? Did the seller provide trustworthy maintenance information (structure, roof, appliances)? The numbers might not be outstanding, but seems like positive cash flow. Is there any room for expansion on the property (basement, garage, laundry)?

Our local governments (Washington, DC and state of Maryland) maintain online databases of property owners. Anyone can search by street name, tax account number, tax map and parcel numbers, or tax grid coordinates. We can identify vague locations with only a picture of a house (when realtors post property with unlisted addresses). The state of Virginia is more difficult, with no central database, each county decides how to maintain the information.

You can definitely email realtors, but will probably need several follow-up phone calls (in my experience). Not sure how this will work before you return.

East of the river probably means east of the Anacostia. It includes far southeast: Congress Heights, Anacostia, Hillcrest, Penn Branch, Southern Avenue. It also includes parts of NorthEast: Deanwood, Minnesota Avenue, Capitol Heights (MD).

Here's a 4unit claiming $2400/month income in HillCrest (prestigious) for $455k:

https://www.redfin.com/DC/Washington/2803-Q-St-SE-...

That cap rate is not the best, which is why it dropped from $575k to $455k but still sat for 170 days.

Here's one 0.6 miles to Minnesota Ave metro station that needs work for $350k:

https://www.redfin.com/DC/Washington/4504-Hunt-Pl-...