All Forum Posts by: Amy Kendall

@Zack Stevens In reference to the REPC, this is the most relevant section: 

10.3 Condition of Property/Seller Acknowledgements. Seller acknowledges and agrees that in reference to the physical condition of the Property, Seller agrees to: (a) disclose in writing to Buyer defects in the Property known to Seller that materially affect the value of the Property that cannot be discovered by a reasonable inspection by an ordinary prudent Buyer; (b) carefully review, complete, and provide to Buyer a written Seller property condition disclosure as stated in Section 7(a); (c) deliver the Property to Buyer in substantially the same general condition as it was on the date of Acceptance, as defined in Section 23, ordinary wear and tear excepted; (d) deliver the Property to Buyer in broom-clean condition and free of debris and personal belongings; and (e) repair any Seller or tenant moving-related damage to the Property at Seller's expense. The provisions of Section 10.3 shall survive Closing

If you used a real estate agent, I would contact them and give them 24 hours to remove the property.  I would also make it clear that you plan on disposing of the property after 24 hours if they have not removed them and they will no longer be able to recover the items after that time.  

I have had a lot of success using a handyman to complete jobs like that.  They usually give more than a fair price for their time, and I feel like they are very responsive and do a good job.  Depending on the size of damage to your roof, you might be able to save some money going that route.  Most of my contacts work out of Utah county, but if you can't find anyone there, let me know and I am happy to give you their contact info.

@Josh Schmitt Good multi-family homes are pretty hard to come by right now, and a house with a MIL is also selling at a premium.  But I think you could probably find something with a MIL for cheaper than 500k depending on what your needs are exactly, or you could look at single family homes that have basements with the opportunity to add one.  Overall, you will be better off house hacking because it will cut down on your living expenses and help you save money for the next property, but I started my journey with single family homes that I lived in and then moved out and rented.  Not everyone loves the idea of having renters live in their primary homes, but I actually love being able to live in my house essentially free.  Best of luck!  As long as you move forward, all of those options will get you moving in the right direction.

@Account Closed, Wow! That seems like an amazing deal you have found.  Unfortunately, I don't have the answer for the a bank that will for sure lend on it, but once I personally passed on an amazing opportunity to rehab a property because of financing and I still regret it.  I could have done it with a hard money loan or exploring other options, but I honestly didn't think of it at the time.  So, I would recommend to keep exploring commercial lending options, but also be open to the idea of either a hard money loan or bringing in a partner to cover the rest.  Best of luck!

This is awesome, good for you guys!

I found the same thing when I was provided templates from banks.  I found them to be several pages long, but they still didn't allow me to include the information I wanted.  I think you will be better served just making a form for yourself.  I did it using Excel.  I have ten properties, and I found that you can make it pretty straightforward and simple.  I did make my sheet with simple formulas that add up your totals.  The formulas are really pretty easy to set up once you know the basics.  Plus, once you get it setup, it's fun to go in every 6 months to a year and update it and see how much your net worth has changed.  Good luck!

@Eric Moreno welcome to the forums!  This might not be the answer you are looking for, but it really depends on what your goals are and what is most important to you.  If cash flow is most important, then you could refinance your other duplex and improve that cash flow.  Your return on equity on that second duplex could be a little higher.  If your overall net worth in the future is the most important, you could exchange both properties and trade up into bigger properties.  Personally, I have been switching out some of my older properties with the 1031 exchange for newer ones that give me a little better return on equity and are properties that won't need a lot of capital improvements in the near future.  Overall, congratulations on building a good portfolio and setting yourself up well for the future!

Welcome to the forums!  Cash flow is definitely important so that you don't risk losing your asset, but appreciation is where you can make some serious money that will increase your overall net worth.  If it's the difference of only $100-200/month in cash flow, I would rather have a property that has a greater chance of appreciation.  Just make sure you have your 6 month emergency fund in place.  That being said, I always bought my initial properties with cash flow in mind and the appreciation came along with it.  I'm not sure appreciation is quite as easy to predict as we might like to make it seem; so definitely don't overlook the importance of cash flow first.

Awesome!

@Lupe Diaz  Welcome to the forums!  That is awesome that you are ready to get started!  Best of luck to you!