All Forum Posts by: Amber H.

@Alex P. I always err on the side of caution. I asked a lot of investors for a "full gut" rehab price estimate, and most all gave between the range of 60-75. I added closing costs and unknowns. 100 is way too high, but it was a good place for me to start without any base to be conservative.

@Joseph ODonovan @Joe Villeneuve The owner has health issues. Their family member is speaking for them and does not have access/does not believe they will get access. Also, Joe - that's a great suggestion. 

@Derrick E. Actually it was owner occupied up until this week. 

@Ray Johnson I don't want to gamble. Especially not as I'm just starting. I'm just interested in how others might approach this (which I guess in this case is not at all). 

@Dennis M. Who would? I'm just trying to better understand what to do in these types of situations.

@Krissy Key I don't think so - it was bought in the 80s and the guy has not done much with it since then as far as I can tell. 

Hi, BP,

I found a property in a pretty rough/up and coming area in Tampa that I need help with. I have estimated ARV as roughly around 185K. I am unable to view the inside of the home, so I have no clue what rehab costs may be. I am thinking if the rehab costs are at most 100K, I can comfortably have a MAO of 55K. Of course, I would start negotiation around 45K or so.

If any of you can help to guesstimate what's the worst possible amount to spend on rehab, OR if you can tell me what you've done in situations like this, OR tell me if I'm way off, please leave a comment below. 

Thank you guys!
Amber

@Michael Quarles, I am a big fan of your podcast episode here on BP and I have looked at your company in the past. It is a pleasure to talk to you! Thank you for your guidance and help. We'll see what sticks and what doesn't!

Hi, BP!

I'm starting a direct mail marketing campaign and am curious. I get a little heated when I find properties that are owned by other companies, investors, or the like and they are not taking care of the property and it doesn't look like they have plans to (based on time frame of ownership). They do not want to make it better, make the city better, nor help create a better standard of living for their tenants. Many of the properties may actually be vacant, from the looks. 

My question is, is it worth direct mailing to these people? Before I spend my money to get them to sell to me... why would they want to sell if they have a tenant in place and they don't care to change anything about the property? What would make them "motivated?"

Thank you in advance, 
and I don't mean offense by saying "slumlord," in case that bothers anyone. It's just easier for a short title.

Amber

Hi guys! Been a bit since I posted here. I've been working very hard to start a REI business and it is happening! (We'll see the success rates later, but feet in the right direction is a good thing)!

I have had a few people reach out to me that are not prospective deals. Pretty unconventional phone calls. Either way, I would like to learn what to do to help them. If you can point me in the right direction or tell me it's a hopeless cause, please let me know.

Person #1:

Wants to find mid-rehab projects to modify for disabled vets, put them in as renters. Beautiful idea, but hard to implement.
My thought process with this one is that it's not functional for the everyday landlord (pay X dollars to modify, pay X dollars to switch back afterward for an average tenant). His best bet would probably be to become an investor himself, since he has a pool of people who could become renters if something happened to the prior. Is there anything else I may be missing?

Person #2:

Less unconventional. Wants to rid of a mobile home that is in a park, meaning they pay lot rent. Is there anything I can do to help her?

Thanks in advance,
I just want to cover all bases.

Hi Kevin! Welcome!

May I ask why you think the wholesaling and marketing didn't work for you? And what direction would you like to continue going, from here on out?

Best of luck,
Amber

Hi Jacob! I’m only a little bit older than you. Your enthusiasm is awesome! Step number one for me (but my risk tolerance is low!) is to go through the lawyers. You want to set yourself up for good and correct things to save hassle, money, and time down the road later on. Just my two cents. Let’s connect. I’m learning too.

@John Thedford Sorry for the late response. Do you mean purchasing a list?