All Forum Posts by: Bob Mazza

Congrats on the deal! Interested to find out more - are you going to occupy any of the units? If not I would love to find out how you managed such a low down payment...Thanks and good luck with the building!

Hello BP - It has been a while.

I just had a tenant leave a unit after providing 30 days notice. He was a day late in moving, contacted me to say everything was moved out and when I arrived that was not the case, There was a huge couch and big lamp in a small unit that takes a lot of space. Needless to say 5 days after he was supposed to be out he finally came to get it May 31 move out turned into June 4th.

I had a potential renter who passed up on the place because it was not truly "vacant"

Additionally, the place was not cleaned, there was damage to a few places from the move and he broke a screen for one of the windows. 

I called him the next few days to square away the security deposit but he never responded. Almost a month later he is asking for his balance in full via venmo, again he has not called me back.

I want to explain to him all the reasons why he will not receive his balance in full but am not going to hunt this guy down. He has my number and can call me anytime.

His security was 1475, of which I had already returned $750 in good faith leaving a balance of $725. Given that he did not move out plus damages and cleaning he will not get the full amount from me.

Any thoughts?

@Andrew Postell Thanks for the response. I think you answered my question, no reason to switch title during refinance, I will do it after and keep the loan in my name.

@Filipe Pereira thanks for the referrals to Vlad and Edward. Looks like Edward is very local and could be a great person to know in my area.

I want to do a cash out refinance and at the same time (if it makes sense) convert the property to an LLC. Would doing that at the same time be beneficial in any way?

Love the Grant Cardone podcast, #250 will be one I listen to again and again

#222 with Jay Hinrichs is up there as well, amazing RE evolution...

My favorite however is still #223 - Give me more @Scott Trench!!!!! 

Whats your favorite?

When we first house hacked a 3 family we did an FHA loan wth 3.5% down plus a 203K for rehab - Fast forward a year and we refinanced out to a conventional with no MI.

If you can find a project and are willing to put in work in time you can build in equity. Sucks to pay MI but in the end it worked out very well for us.

@Jon F. anything you can help with?

@Metra Ulloa thanks for the tip on the turnkey site, I will take a look. In cruising the forums I have often found @jayhinrichs opinions to be valuable

@Rob D. appreciate you sharing the same feeling, maybe the site just shared - http://turnkey-reviews.com/ - will be helpful 

@Matt K. thanks for the input. I have always found knowing your budget is smart but every scenario is so different...I have a rough idea but never like to let it limit things given the possibility to get creative.

@Tom Ott appreciate the input on turnkey properties. Having a 9-5 I understand the value add but always feel like I am missing out by going the turn key route...if I do I will look for those that handle everything in house.

Appreciate the responses.

Been lurking for a while hearing about so many people investing outside of their backyard and am intrigued but where does someone get started in looking at investments out of state?

There are so many turnkey programs but I feel like so much of the equity is lost going that route. Exploring Loopnet, realtor,com, zillow, craigslist all seem like good options but are those doing this finding it best to target specific markets or just a deal in general.

Additionally, if you purchase a place that needs rehab, how are you managing that from afar? Really just curious on where to get started, looking to acquire a 5+ unit

Any thoughts on markets? I am thinking Philly, Charlotte, Raleigh - staying at least on the East Coast but really no reason for that. Prefer apartment buildings to SFH's.

Thanks in advance for your input