All Forum Posts by: Barbara G.

Hi Lucy  That's a good idea.  Have you also joined a Real Estate Club or a Meet up Real Estate Group where you can also network and exchange ideas with other Wholesalers?  Try one or two groups and let us know how you are doing?

Does the managment company send you copy of the work orders?
For example do they itimize the details with the apartment number and the tenant name?  For Example "Tenant Adam called Aug 16, 2015 and said Toilet is running  Plumber repair  bill $120.00"

And who writes the checks to these Plumbers etc, and who audits these payments ??

Our water sewer bill shot up to $1,000 from $300  (we get billed every 3 months).   It was the toilets in our rental  duplex.  We have to retrofit all the tanks with new insides.   There are 4 toilets/   The cost of the parts will be  approx $10.00 a toilet.  We are able to do this ourselves because my partner can do plumbing but if you have to hire a plumber it might pay to just buy a new toilet/  Our toilets are over 20 years old .  How old are your toilets?  

Also check all faucets for leaks.

My partner  estimates  it will take approx 1 hour a toilet but who knows? 

You have plenty of time

Post your add every where.  Zillow Craigs list etc etc.  Do you have pictures?  Get someone to clean the back yard up.  If you allow a dog you will get more applicants and you can charge extra

Raise the rent to the level you can and still be competitive.

You will be much happier with your new tenants. Don't get too friendly with them.

Good Luck

Start with the person's name and Town  See what you can find on these locate people  sites.  You might pick up a relative  

See if you can find 2000 telephone books on line an see who is at this addess that you have.

Call people in the houses on the same block that they were listed at.  i m sure a neighbor will have some information

Jd Martin is right on the money.  Take time off  from your job and move into your property.  Hopefully you are in commuting distance.  If not either move to that area for as long as you can arrange.  Fire the managment company and do it your self . Do it until you can figure out what is wrong and what you have to do to change this scene.  Maybe you can just go and take a desk in the Managment  office for the frst week.  You can do this  before you fire them. Get the lay of the land and the 2nd week fire them  Tell them you are broke and  have to manage it yourself until you get back on your feet.

 Just figure the whole thing out.  If you can't do it by yourself  (and I don't know why not)  just get yourself a virtual assistant,  or a book Keeper or a friend or a mentor or whatever to walk you thru this.   

This Investor already bought this property and it's a done deal.  He needs to know what to do from this point on.  There is no point to saying he should not have purchased this property.  That part is Over.  He has learned what is wrong with this buy.  Now it could be worse.  It could be  a complete loss.  Let him talk to his accountant and see what he can retrieve in Taxes plus Principal pay down, plus appreciation.  He could have invested the same amount in a Geru course and gotten sick behind that.  Instead there are some positive things he can focus on and one of them is his  education in Real estate.  He has done his first deal and the second one will be better.  I wonder how much money he put down here?

What is the rental  income here?  Can you itemize your expenses?   Are you self managing or figuring in 10% for management.  How much  is the renovation number???  The renovation number is important.  

Negotiate and see how much they will come down.  The numbers don't sound bad.   

If you spell all the numbers out you can get more  accurate imput here

A first property is a learning process  You aren't losing money you are making that $145.00 a month or  $2,350 a year.  You are getting a large tax loss that is saving you money every year. You are paying down your principal every year and your property should be appreciating 2% or 3% every year.   You are getting ON The Job Training.   Manage it your self and make another 10%.

It's not the worst senario in the world and you have your start in Real Estate

Sounds OK to me.  

I like the 4 family better.  

The rent on the 4  family is 1.50% 

The rent on the  1 Family is 1.25%  

So I like the multi better for the .25%

The SF gross  is         $12,000 
The MF gross is          $21,600 

The SF vacancy will be 0 income 100% Loss

One MF Vacancy will only be a       25% loss

Let's hear it for the 4 family purchase