All Forum Posts by: Victor Sarkisyan

@Alex S.

There was an inspection in November 18 but I'm getting another one. Getting a plumbing on the mainline as well.

It's not "run down" but does need some work for sure.

I plan on managing the property myself.

The zip is 44111 Cleveland.

@Brandon Carriere

He's definitely helping. It just happened today so it's a personal question before moving forward.

A duplex that I put an offer out of state (Ohio), was accepted.

I was reading a few posts before I posted this to get a brief idea on what to do next.

I'm on mobile so formatting is going to be terrible, I'll do my best.

1) get current lease agreements. I learned I should've done this before making the offer.

2) get all the expenses on the property.

3) get security deposits and prorated rents

.....

And yea, no idea what to do next.

Can't wait to read the responses!

How do you go about determining the new offer price based on the inspection report you receive? Is there a good rule of thumb to use?

For example, if property is listed at 120k but needs - a highly uneducated guess (this is the rule of thumb I'm trying to figure out as a first timer investor) of $30k, do you offer 90k?

@Austin Hough

Don't forget to put like 7-10% for Capex (roof, water heater, electrical, plumbing). This is different than maintenance. But looks like a good deal if the numbers are accurate

Bay area is tough. Im in LA and have been looking to invest out of state. Good luck!

@Bobby Ngo

2% for Capex is way too low. You need to bring that up to 7-10%. Your insurance is also low. Call a local agent nearby and they'll happily give you an approximate quote.

That is not a good deal. Property worth 360k and only renting for 2600. You should be looking for 4k.

@Scott Passman

As someone in IT this speaks to me on so many levels. I made the biggest mistake of my life going to college after dropping out when I was 25 because my caregiver at the time essentially gave me the ultimatum that if I plan on living with her, I didn't have a choice. She meant well, mind you. She never said this with a negative tone or anything. Both her kids went to school, one to be a doctor and the other a future lawyer, but see the problem was that education was all she knew. She didn't see trade or experience as another option.

So, because of my need to have a roof over my head, I went to school and pulled out a 45k loan. The word 'Regret' doesn't do this justice.

During school I got certified in networking with Cisco, landed a decently paying job, and continued to finish school. After I finished, I got certified with Microsoft for servers, got a better job. Then after a few years I got certified in VMware, one of the leading industries for virtualization...

Then I completely switched industries into home automation, with a focus on networking and programming their proprietary software. Now I make very good money and have never used my degree, ever. My latest job, that will now be my career, didn't even ask to see a resume.

Education has its place, obviously. Certain professions require it for a reason. But as someone trying to get into, for example, programming or IT, or any countless trades, I would ask them to revisit the possibility of self education and gaining experience through internships/after hour activities, similar to what another person said above.

Someone I know recently told me they were trying to get into IT and they are currently in school for computer science. I told them to follow my path and gave them a guide on what to do to be successful in my (now previous) field. They just couldn't grasp the idea that school wasn't necessary. It's a shame because they are going to waste the next 4 years in school, hopefully without student loans, and then go into the field with zero experience.

I remembered this meeting from a few weeks ago and decided to come here to be reminded the time and date.... And I see 36+ people going. 

Wow. Excited to see everyone and invest in the Ohio market!

@John Moorhouse

IT for the last 10 years until a few months ago. Now I'm a network engineer for a home automation firm. Great money, waaayyyy less stress, and I never have to touch a printer again.