All Forum Posts by: Zane Cress

"This one won't last long" with 80 days on Zillow, I think you have some bargaining room here. Do you know if this has gone under contract before and came back on market? If it did then there was likely something during the walkthrough that spooked someone off. Be thorough in your due diligence period. If nothing else ask for $1k off so you can paint over that yellow kitchen.

Yeah I wouldn't pay for that. It's their own negligence and if you were not consulted on how the problem was going to be fixed then that violates the "under the direction of the landlord" part. Especially if that was a $20 bedroom door knob from Lowes. 

The answer should be, whatever you are comfortable with. I think 5-10% cash on cash return is decent. But if you can cash flow anything in an appreciating market then you are doing it right. Only question is does that $150/month cover all the potential fixes you will have to do? Does it buffer for a month or two of no tenants? If you can appreciate 50k in a few years it's acceptable to break even on the monthly cash flow. Some people would even take a small loss if they knew the appreciation was going to be there.

Looks nice, glad you made a decent profit. Where do you get your info for tax liens?

How's the market in Tulsa, anything worth buying for cash flow out there?

You could send me a few hundies if you really don't know what to do with it all........

But really, you could invest in a syndication group that focuses on large apartment buy and fix deals. Do no work and get a decent return in a few years, repeat the process over and over if you like your syndicator. 

If you are fine with owning outright and being a landlord then a 10-20 unit apartment building would yield nice cash flow over time.

3 layers is considered too much weight for a roof from everyone I have ever talked to. That's a lot of weight to take off and dispose of at the dump. Maybe you could tell your higher bid that you have a $6k bid and if he would come down on his price you would give him the business. He may also know your other bidder and be able to tell  you why he is so cheap and what corners he is going to cut in the process. What if your low bid is the one putting 3 layers of shingles on peoples roofs? You might get what you pay for here, and it's a 20-30 year purchase, average it out and it's not that much more per year.

Zillow will likely have rentals listed in the area, Apartments.com is a good source as well. There are definitely property management companies in the area that would be more than happy to give you an estimate of what a 4 bed would rent for in the hopes they can get your business. They may even draw up a rent proposal based on other properties in their portfolio that you could leverage with the bank on your Refi value. 

This is fantastic. Glad to see you working through problems and always finding a new angle. New construction is on my list in the future and something like this will be great to look back on. Keep up the good work.

I feel like your first purchase trying to buy and rezone an old hotel will have way too many pitfalls and hang ups, plus it's all reliant on the county government and if they say no then it's all worthless. Someone with a few years of experience in large multi family would be needed on this project if you pursued it, and they would probably take a lot of your equity in the process.

Why not move to an area that's a little further away where prices would be cheaper and your barrier to entry/ rental return would actually cashflow? Are you trapped in your particular area for some reason?