All Forum Posts by: Luke H.

Welcome and Good luck

good question, might do some online research to see what markets are doing. ME: I would go for areas of working/middle class that want to rent and where I could find under valued homes to buy. 

Good luck

have you tried refi on your 3 props from a private company? i get mailers and calls from companies that do it, but i don't need their expensive money, yet... :)

@Adam Roberts, I was gonna try, but the applicants work verification failed so I didn't get a chance.   If you come up with something please reply to the post.  I'm just asked the online screening service I now use and they said yes, with applicants name, date of birth and current address. if you need their service message me please.  

I suggest clearly defined roles, detailed responsibility, including actions in cause of any contingency.  Example: Someone disappears and you need a signature.  Water heater breaks on a holiday and your property manager is out sick. What is everyone's goal? What is the exit strategy of the deal, for everyone or any one person? 
When you put it in writing you, want people looking in from the outside to say you are overdoing it.  That way the people from within can visual it clearly.
I suggest you start writing your plan and I'm sure ideas will flow as you get going.
Good luck

Hmm,
You didn't say price or equity in the deal?
What you should do will boil down to what your end goal is.

IDEAS:
5K assignment fee and you pickup the current payment situation.
 Mine would be to rent it out. Fix it (I would get it rent ready)
Based on situation, I'd wait about 1-2 years, then offer a lease option.

@Mark Fedorov, I agree about people moving fast.  To me, I need it now, i have the cash, I'll fix your place are red flags and like a smoke screen....

I don't care when they need the place. They all go through the process.  My Dad always gets excited when he sees cash in hand, but I just smile and say here is the app, let me know when it is ready. 

I don't show the place until 1 week before it is ready because I don't want them failing over tools, bothering the workers, or making things disappear.  It happens...

I tend to try and not solve tenants 30 day notice, I need it now, I have the money issues. The tenants I want have already given notice, going month to month and have already worked out something with the current landlord so they can move out. 
Now, I will hold a deposit for 1-2 weeks, and I will prorate the rent.

Do things by the book. Get around people doing the same with ethical standards that you have. As I've heard before, "if it doesn't feel right, don't do it.", or, the one I just made up "Will you be okay or happy if what you're about to do goes viral on social media?".

Enjoy the journey

No, but I wish I would have purchased the 1 across from my new house. I would call, write, stop by, go to school district meetings, email, and repeat until I get answers.

Good luck

Agree, make sure they have same credit or better than you, lol.  I've only done deals with people I've known for 4+ years.