All Forum Posts by: Aaron Wyssmann

While inspecting a house today I found this 

The tenant I was speaking with of course said that it was his roommates and not his.  He said, "he's had a couple party with some girls over."  I bet he has.

Needless to say it's gotta go.  Creates a bit of a humidity problem.  

My favorite...the inflatable palm tree.

@Maceo Lewis  The first thing I would do is see if their are other investors from that area on BP. They may be able to give you some insight tongue issues with the building. Second I would list it with a Realtor and just get rid of it.  The longer you hold it the worse it typically becomes unless you are missing something with the building. 

There are lots of folks that would be willing to help but you've got to put some details out here. Asking price, rent, taxes, expenses, etc. 

@Marci Wilson There ways of structuring the deal are endless.  

One that I've done in the past and both I and the investor liked is this: Borrow the purchase price and if willing the rehab money as well, up to say 80% ARV at 8% interest. Then when the home sells offer a 10% profit as well. I did this to get started because I didn't have my own capital for the rehab and wanted to entice my buddy to do the deal with me. Take these numbers and change them or leave them the same. The key here is to make it a win-win and if you are just starting out doing several deals will give you a wonderful "education"...may not make lots of money but you will learn how to do it better in the future so that you can make money.

The other thing to explain to a possible investor is what the 8% really looks like is something like 16% annually.  If you borrow the money at 8% for only six months then they could put that some money back to work with you for another six months and get another 8%. 

Good luck

@Account Closed No, the ones that I was talking about are the plastic ones that snap on over the top.  I put them on a house that I lived in and they ok but just not great.  I've never seen or heard of the foam inserts.

Pamela,

You need to make sure you have a copy of the original lease agreement.  Then you need to read it all so you know what it is you are agreeing to…because that's what is going to happen when you purchase the property.  The status of the term of the lease is what you will want to look at.  If the tenant is on month 8 of a year lease then you can try and make changes when their year is up but not before.  If they are already on a month-to-month lease then after closing you can create a new lease and see if they will sign it, more than likely they will unless you are hiking up the rent.

Congrats on the house.

Dude, Mike that is one horrible situation.  That is seriously a crazy situation.  Hoping you are able to get it all worked out.  Just remember it is even in these situations that our character is built.  :)

Matt,

The big box stores carry some things that might work, they tend to get blown off in high winds.  The best is the companies that install them permanently but they are expensive.

Derek,

Welcome to BP buddy. Sorry I'm a little late to the welcoming party. This is the best place to learn and grow, just take some action. Let me know if I can help. 

Aaron

@Dean Klein sounds like it might be a great thing. Just keep digging into it and always verify. Keep up the good work.