All Forum Posts by: Account Closed

Good morning BP,

I've looked at quite a few duplexes recently. Some are already occupied by tenants. I realize this can be both a good and bad thing. How do you go about dealing with this? What kind of problems have you faced? What can you recommend to me? 

Assuming purchase transfers to lease to your name - or do you need (can you) to create a new lease? Or are you basically stuck with what the previous owner agreed to (rent, policies, etc).

Do you generally have a conversation with the tenants prior? Ask them about their plans to stay, etc? Get income verifications.. Can you do a background check or at that point it's too late? 

Just seems tricky.  You purchase the unit and cash flow is already coming in. However, it's under the previous owners terms.

Any thoughts along the way would be great. 

This is awesome advice @Greg S. I'm a newbie that's in the phase of meeting with potential mentors, partners, management companies etc. I am also reading a lot and become a p

I am organized, diligent, type-A, worked in administration and totally agree that transactions shouldn't be emotion-led. It's business. There's a contract and rules. 

Curious to see what people think are the most important guidelines/points in a lease contract?

Do you generally have your lawyer look at it first, or is that a wasted expense? (Instead, just look up the laws, find a good template, and do your homework to create one). 

I really like the idea of a M2M lease at first. Do you generally do that for 3 months, then offer an additional 9? 
Thanks again for taking the time out of your day to post. 
-Jen

@Peter MacKercher - that was the best response I could have asked for. Thank you so much!

Aleen

If you are making multi offers without going to view the property as Brandon has mentioned on podcasts and webinars - do you make the offer contingent on inspection? How do you know you aren't over offering without having gone through the place?

@Tom Keith - TOOL ... lol is what I meant. I think for me I want to see the numbers in terms of what I need to put out full in cash which I can do in the report but then also see what my loan payment would be if I refi and put a mortgage on the property? I hope this making sense.

I need to see how much I can offer in cash. Repair in cash to be able to refi at 75% and pull a decent amount out at the end with also being able to see what cash flow is left over when we aquire a mortgage with the refi?

Does that help at all?

Hi all!

Has anyone had any luck using the BP calculators for the BRRRR strategy. I can't seem to manipulate them correctly to get the numbers clear enough to view the full picture. I would be so grateful for any insight or suggestions. I have yet to find a toll that is meant for this approach.

Thanks!

Aleen

Hi all!

Looking to find a good wholesaler. Have cash and looking to use BRRRR strategy. Any insight on how to connect would be great! I seem to search the blogs and forums and come up short! Thanks for any insight in advance.

@Jen Carlo

@Lelith Walker - great suggestions on the contingency. Can you still write that in an offer on a foreclosure?

@Sean Ridlon - that is extremely helpful to know. I will talk with a few to see if they would be willing to do something similar. I appreciate your perspective. Thank you!

@George P. - I will do that. Walking the isles and taking general cost notes is really smart.

@Jeff Bridges - I actually do have a friend who may do that for me. Great suggestion! Thank you!

Hi BP members just a newbie needing a little insight.... I have heard to make many offers and not visit until one is accepted but how can I estimate costs without walking through with a contractor? We are leaning toward the BRRRR strategy and running the numbers feels a little out of control when we haven't set foot in the place. Also - if you do recommend walking through with a contractor first won't I become annoying when it happens with multiple properties and no actual work being done thus him not making any money? Thank you in advance for any insight you have to offer.