All Forum Posts by: Bill Tyler

How much do you have in savings?  My thoughts for what they are worth would be get those credit cards paid off.  You are at 91% utilization and ideally lenders like no more than 25%-30% - would YOU want to lend money to someone that is nearly maxed out on the credit?  As others have mentioned, paying them off puts 14% & 15% back into your bottom line.  Something else to consider when you purchase the multifamily is "house hack".  If the numbers work why not move into one of the units (not telling the tenants you are the new owner).  Since you are paying $850/month "rent" to your mom, that is more money back into your bottom line.  That would also allow you to keep an eye on your tenants to see if they are worth keeping at the end of their lease.  If there are additional multifamily buildings in the neighborhood, it will also allow you to scope out the ones that may have problem tenants, which of course leads to motivated owners selling their problems.

 Their website indicates that the monthly membership is $39.80

What does the potential tenant do for a living? It is not that uncommon if they travel frequently (pilots and truck drivers do this all the time) or if they are military going on short deployments.

See if this website will help in identifying your floor tile and as to whether or not they contain asbestos.  

http://inspectapedia.com/hazmat/Asbestos_Floor_Til...

Also - State guides for removal are usually very good.  Here is one from Minnesota that you could use as a guide (check to see if Maryland has something more specific).

http://www.health.state.mn.us/divs/eh/asbestos/flo...

How do you guys use your finished basement?  Is it extra living space or mainly storage? If it is extra living space keep in mind that if you choose to go with just the concrete floor - it might be very cold in the winter.  

Homewyse.com is a pretty handy website to estimate labor and material costs.

Very nice rehab and profit.  Thanks for sharing!

I can't offer any insight yet either. I just started reading his book this week

This guy is a "pay me your rent in cash" type of landlord. Lol

This property has been listed several times over the past few years. It has now been on MLS for over 90 days - which is a very long time in the current market for Dallas/Fort Worth. I am pretty sure it will be listed quite a while longer.

One of the things that is a little concerning is this block has 8 buildings but about 5 different owners.  I can control who I approve as tenants - but not who they do.  

I just received a response back from a seller that has 2 quadplexes and a triplex for sale on the same block. Unfortunately they are listed on the MLS. I sent a request for the rent rolls and the trailing financials. Now that it has been 3 days with no response - I inquired about my previous request. Here is what I received:

"the seller will only sell for full price and asked if you were willing to do that."

I seriously can't stop laughing. I actually know the property well and the area. I also know that he is AT LEAST $90k too high on the quads, and $50k too high on the triplex. Without walking through them - I would also expect that he has done only minimal repairs in the 10 years he has owned them, and nothing on roofs, HVAC, etc. Maybe he thinks I should just fall in love with the 10 year old MLS picture? I KNOW the picture is 10 years old - because that's how long ago that a friend of mine lived there - and his car is in the picture.

I hope you didn't have any liquids in your mouth when you read this - but I thought I'd share a laugh with the BP Community today.