All Forum Posts by: Account Closed

In terms of strategy, I would say (1) Do as much research as possible, find out what other similar properties have sold for, study the comps. Is it normal in your area for a property to sit for 6 months or is this considered a long time. If they're not getting offers, its likely their asking price is too high or there's something wrong with the house.

(2) In my mind the best strategy is solving the obvious problem - they've had to move and they're having to carry this house while having the expense of setting themselves up in a new location. Just make an offer. Your research and your investment goals will tell you what the offer number should be.

Even if your offer is lower than what they want its what you're prepared to pay (remember: the market price is the price the market is willing to pay and that you are the market). My approach when dealing with sellers is to explain how I got to my number (comps in the area, potential rental income to me as an investor) and to indicate that I am firm on my number. Even if they are not willing to consider my offer now, I make sure they know my door is always open and if they change their mind they can reach out to me at any time.

Don't be uncomfortable about making a low offer. If you are uncomfortable, learn how to get more comfortable.

On BP, or on any other site that deals in some way with investing or personal finance, you will get responses right across the spectrum. Some believe debt is bad and some believe its good. Ultimately, you need to use the "ability to sleep at night" metrics to determine what works for you.

I'm not sure what your analysis looks like, but being someone who loves spreadsheets, have you factored in the snowball effect of using the income (the $350 per door) to put money into new properties or pay down debt. The more income you can create, and the longer you can defer actually needing to use it, etc. 

If you have a paid for vehicle that is running well, keep driving it until it stops one day and you have to leave it on the side of the road. I agree that building a garage, if you plan to live in the house long term, is something you could justify and may, ultimately, make your house more marketable.

Why not sell the "summer car" (not quite sure what that is) because if the truck you have works in the winter, it'll probably be just fine in the summer too. And then see if you can build a garage for $7000?

As to the bigger question about whether you should do the above, or use your money to invest in real estate... only you can decide what your priorities are.

Have you tried simply typing their name into a search engine? Chances are they'll have social media accounts or linked in accounts or something.

If that doesn't help, maybe they're older or are more savvy about protecting their online information, there are a variety of search engines that you have to sign up for (and may have to pay for) to do a search. I've used a service called Intelius before. I don't know if they're better or worse than other sites out there but I had success the one time I used their service. When I did a search, there were several addresses and telephone numbers and I just had to go through them, send letters and call until I found the right person at their current number.

If you still don't have any luck, you can hire a skip tracer. I've never used this before but I've seen people post about it so just do a search on BP.

For as long as they pay!

I'm less than one year in with my two units (so far). These are some interesting stats. Hopefully more people chime in.

MSc in Public Administration - I can't remember anything useful but its made for an interesting career.

I've been a buyer for a public institution for several years and have learnt invaluable lessons in negotiating and contracting to get what I want.

Some things that come to mind:

All major systems (hot water, heating, cooking, etc.) - you will want them to disclose the age of each to you in writing but its worth looking with your own eyes,

I would like to see the unit that is being renovated - are they doing it right? Is it good enough/not good enough for the neighborhood?

Roof, windows.

More than looking at the property, once you get further down the road and you decide you like the property, you'll need to do your due diligence on the numbers. Look at current leases, monthly income and expenses for each unit, maintenance cost/expenditure over the last years, etc.

Hoping others come forward with some more valuable advice.

Let us know what you thought of the property when you've seen it.

@Marci Stein 

I redid a kitchen on my condo in Queens about 1.5 years ago and got fridge, microwave, stove and dishwasher for just under $2,700. I bought everything at a nearby PC Richards, midrange stainless steel (GE), nothing fancy.

You can do well on Craigslist, probably less than $3,000 and if its a rental, I'd give it a shot. But if you're willing to spend $3000, it may be worth it to buy new and have the peace of mind that it will last a while and will be under warranty?

This sounds like a labor of love and not an investment property. Some really great advice here.

I can absolutely see the attraction. Being in real estate for the money is important but most of us would be lying if we said we weren't also motivated by how we can make neighborhoods better, make an old ugly house beautiful again, etc.

Where has this been my whole life. Just went to the website for the first time and read a few articles. This is exactly how I live.  I didn't always live like this so I probably will only be able to retire by my mid-40s. And it is a mindset. I don't live by giving things up or thinking of the things I can't have. I make sure I get myself anything I need. I just recognize that stuff complicates my life and sucks my energy. The less stuff I have, the happier I am.