All Forum Posts by: Mark S.

Annette Hibbler , thank you for posting this! I needed a swift kick in the pants. I feel like I was falling back into analysis paralysis mode and I need to get out of that. I have a couple of properties lined up to see on Monday, and if I like what I see, I'm prepared to make an offer.

I enjoyed the podcast greatly. I think you all are great. Keep up the good work. I've listened to every single podcast and learn something new each time.

Just spend the $50, bro.

Lee Smith , Thanks very much for your insight. That's crazy about the previous owner's kids being the other tenants; sleazy move on their part if you ask me. Anyway, my realtor is actually second in charge of the property management company I'm considering. This makes it much easier for me. I am absolutely considering hiring a property manager. I almost don't want to buy a property without the thought of having one. Yes, it's true I may need to, or choose to, self-manage one day, but not now if I can help it. To me, an investment is truly passive and hands-off. I don't want to "buy a part-time job," as some on here have cautioned me against. Others may have a different approach, but I want to build wealth and have a little mailbox money along the way. Based on what I'm seeing out there right now in my area, this just might be too much to ask.

Okay, everyone, so here's the latest:

Went to 4-plex number one today. Arrived about 35 minutes early and drove the neighborhood. Oh...my...goodness! Run down houses, a truck on blocks behind the 4-plex, people that appeared to be up to no good everywhere, etc. Definitely appeared to be a "D" class neighborhood. Surprisingly, the quad was surrounded by houses and not other quads, which was cool, but certainly not an area I'd be interested in. It's too bad, too, because it's only about a mile from the downtown area that has so much to offer. I called my agent and had him cancel the meeting. If it's like that on a Tuesday afternoon, I can only imagine the weekends.

After further researching the area, we ruled out 4-plex number two (which, if you can believe it, is in a worse area than this one!). We did go see another 4-plex in a neighboring town. This one probably needed about $30,000 work that was evident to the untrained eye among all 4 units. It's also listed on an auction site with a starting bid that is WAY more than I'd be willing to pay for it with those repairs. I would CONSIDER that opening bid if it was next to move in ready, but absolutely not with those estimated repairs. The units were pretty rough - holes in walls, missing or badly damaged appliances, banged up doors, torn up floors, carpets torn up, fixtures needing repair/replaced, water stains on ceiling, settling/foundation cracks going off corners of door frames, damaged bedroom doors, stained carpets, etc.

I wish I could have written an update that I put in an offer on it, but I guess I just have to keep looking!

@James Mudd , yes, I believe so.

All, owner is meeting realtor and I this afternoon at property. What should I / should I not be asking him? Thanks.

Yeah, that's basically what my realtor said; we'll see how it goes tomorrow. Weather here has been nuts. Hopefully it doesn't get rescheduled.

@Bob Hines

Yes, these rents seem on the low end. I will keep what you said in mind as I check them out.

@Al Ciampi undefined
I mentioned this to my realtor and he, at first, thought I meant before we even saw the place. I told him, no, before we make an offer; he then seemed okay with it.

We're supposed to see it tomorrow, but just got word that for whatever reason, we'd only be seeing 1-2 units. I said no offer unless we see all 4. Why only 1-2? Waiting for response...

@Al

@Al Ciampi undefined

Not sure what's up with my Internet connection and if this post will properly tag you. You would ask for schedule E BEFORE making an offer? I would think that they'd only furnish this AFTER an offer was made, during the due diligence period.

Anyone else ask for this BEFORE making an offer?

@Raymond B. , that is an interest comment about your associate. Most 3BR rentals around here are SFRs, or maybe a condo. What type of rentals does he/she buy - higher end, etc.? There are plenty of people that would rent a 2/1, including individuals living alone and wanting an extra BR, or single parent with a child.

@Elizabeth Colegrove , thanks for your comment about Rentometer. I will continue to check other sources, but these numbers seem in-line.

@Steven J. , thanks for your comments. Sorry I missed responding to you earlier. Good point about the rents. I believe tenants pay all utilities. I will make sure to try to find this out when I go to look at the property. The only thing I can think of is possibly getting stuck with water, but I will do everything in my power not to have to pay anything. I was going for at least $100/door per month, which is why my end number with current rents on deal #1 is a bit disappointing.

DO ANY OF YOU, OR ANYONE YOU KNOW, OWN FOUR-PLEXES IN "B" NEIGHBORHOODS OR BETTER? I feel like I'm going to be hard-pressed to find any 4-plexes in nicer than a "C" neighborhood.