All Forum Posts by: Adam Drummond

@Kevin Siedlecki        

I feel like this is a pretty good deal.  Ofcourse, i did post this to get other people's thoughts and opinions :) .  I have owned rental property in the past, and understand the costs associated with them.  In most of the rural areas near me the rents for a smaller apt such as this will only get $500 max per unit (houses get more for a 2br).  Once the apts are empty, I will do light renovation and raise the rent to $450 per side.  I have spoke to the property managament, and the tenants have been in place for years, and always pay early.  Unless i have the means of buying a large complex, I will not be able to realistically meet the $1k net per building in my area.  

hey everyone.  just wanting to get other opinions.  i am looking at a duplex for 35k.  both units rented long term at $400 per side.  neighborhood is an older neighborhood with sales recent sales from 55-120k for single family homes.  mostly older retired people from what i have noticed.  taxes are 1400 per year, and not sure about insurance yet.  tenants pay utilities.  thanks in advance!!

I am looking into getting my builder's license in the near future to build spec houses in the sub 200k range.  Is there any builders on here that I can shadow, or pick their brain?  I have flipped several houses, and do most of the work myself, and I'd like to expand my knowledge to the building process as well.  Just looking to learn more about the process.  Thanks in Advance.  

Adam

@Rocky V.

I agree about hiring things out.  There are some aspects of remodeling that i enjoy doing.  Honestly, i have flipped about 6 properties, and so far I have found a grading contractor and a plumber.  Most of the guys i've tried using, I'd never hire again.  Also, i didn't really expain myself that great in my first post.  I don't always pay cash for houses.  I don't mind using small local banks in my area at all.  Banks are much different than hard money and private money though.  Make sense?  

Just curious if there is anyone else out there that uses there own money to finance deals or a bank?  the last few investors that i have talked to use private loans to finance their deals.  it is definitely taking me longer to build up momentum with a limited amount of cash (getting there though).  seems like most of the people that flip houses full time use private loans.  my flips take longer to turn over and i do a lot of the work  myself... i would hate to have a high interest rate loan tied up, and not be able to sell in time.  thoughts??  thanks.

these studio apts rent for about 350 per unit.  right now, the new owner will prob need to clean house, or get new leases signed.   im not sure how the current tenants are paying or if they are paying since the property is bank owned.

@Curt Davis

@David Ocon

see if you can pull up expired or withdrawn listings from the mls.  

http://properties.gibbsrealty.net/listing-details/...

by the way, i am not affiliated with this property or company at all.  i ran across this listing yesterday, and it seems like this is a good deal.  obviously the place needs work, but seems like you can't go wrong with the numbers.  i wish that this was on the market maybe a year or so from now, and i might be able to pursue it.  anyone else ever run across numbers like this on multifamily property?  

@Dawn Anastasi   

I have called on several properties in the past and left messages, and i hardly ever get a call back either.  I never thought of them just wanting to get your contact info so they can add you to a list.  

More of a rant...

Obviously there are good wholesalers out there (never met one, but have been told they exist).  I talked to one earlier today that sent me two properities and their arv are not even close, and they have no idea about repairs needed.  Very Annoying.