All Forum Posts by: Ben Sears

For everybody holding money in reserve, are you holding it in a savings account, investment account, etc? Seems like if I had a couple thousand dollars, I could hold it in a low risk investment account until needed to further compound my savings. 

@Ken D. no it's not my first property. I've flipped 7-8 houses around the area with some decent success. This will be my first rental that I'm going solo on. I'm going the traditional route of a conventional mortgage, fighting underwriting, etc. All of my flips have been cash with privately money which is temporarily unavailable. I have some goals that I'm trying to reach and I don't kindness doing it with of fashioned sweat equity and streetsmarts. I wish you all the best no matter what you're cash flow endangers up being. 

It's likely that the tile is uneven because of damage to the pan or subfloor. I think missing over it is an easy, short term fix. If the substructure isn't right, your new tile will never sit right either. Gut the shower and rebuild it. We install shower kits by Schluter all the time with fantastic results. You'll be much happier in the end!

Ken, I'm with you on this one. I think there is something to be said for both sides of the argument. I work in a fairly small, rural area where typical rental properties are in the $50-100k range. A lot of our areas are well below the poverty level so there isn't an abundance of cash flow. I think the goal is to determine a long term strategy. My number one goal is that the property cash flows and pays for itself. The deal I'm negotiating right now has an estimated cash flow of $150-$200/mo. depending on how the numbers fall in the end. It's not a property that I have to hold forever but it's a great start for me to get into rentals.

@Ned Carey  I like this. I try to ask for something every time I get a counter as a matter of course. So far our negotiations have been: 

List price: $54900

I offered $42500 and was countered at $50k. Inspection for information only. 

I countered at $45k and requested some broken windows be fixed despite the inspection

The seller held at $50k including the window repairs. 

My final offer was $50k and I negotiate the inspection report or take the $45k and I'll take the property "as is" with the requested repairs. 

I haven't heard back but perhaps tomorrow. Luckily, $50k still works well for me as a rental. The unit is already rented and cash flowing. 

Thanks @Matt K. and

@David O. Always looking for tips to improve my negotiating. I'm hopeful that this one will push through. I did get them to agree to fix some issues even before the home inspection so we'll see what happens. Waiting for their counter to come back. 

Hey Montreal I'm about an hour outside of Richmond but frequent for work. We've completed several flips and know the areas pretty well. I'd love to chat sometime about your goals!

I'm looking for strategies to counter when a seller offers their "best and highest" offer. I know there are some fantastic negotiators out there so I would love to here some tactics. I'm in negotiations right now and have hit this wall. I'm more than likely going to take the deal because the numbers still work great but my type A personality hates not having the last word!

@Joe G. Thanks for the insight. That's a great idea. I already have a call in to my realtor to find out the details from the MLS listing.

@Joe G. Thanks for the insight. That's a great idea. I already have a call in to my realtor to find out the details from the MLS listing.