All Forum Posts by: Brian Dvorak

Hi BP community,

I'm looking at a deal right now on several acres that includes a campground with 16 slots, a motel with 10 units and a home. The guy that brought me the deal is a handyman who has been working on my single family rentals in Indiana. I've known him for about 9 months. I recently visited Indiana to meet him and see the property. He wants to live in the home on the property and manage the campground and motels for me, as I live out of state. 

My question to you all is what due diligence should I perform regarding the motel and the campground? And, what are your thoughts on having the handyman manage the property? One of my concerns is that some of the customers that stay in the motel will pay by cash, which could potentially disappear.

Thanks for your time and input,

Brian

Originally posted by @Andres M.:

Hi @Brian Dvorak.  Were you able to work with an agent in Indianapolis?

 Yes, I was able to find someone, thanks.

A colleague of mine uses https://brokerless.com/

I'm planning to try it out. For $99 you can get your property listed an tons of REI sites including the MLS.

I will let you know how it goes. I have properties in Indy and Detroit that I am going to be putting on the market soon.

Thank you all for the feedback. The tenant pays rent on time and wants to stay there. I will likely negotiate with her to something we can both agree upon. If not, I will move forward with eviction.

Here is the situation - I purchased a home in Indianapolis and the seller claimed the rent was $650. The tenant claims she has been paying $480. When I asked her to provide a copy of the lease, she sent one that expired a year ago. The market rent in the area is $700. Any tips on how to either convince her to pay close to the market rent or get her to move out?

Thanks Jeremy, 

To provide an update, I got an estimate from a local contractor in Detroit and he said it is mostly smoke damage and only upstairs. The worst area was around an outlet where he thinks the fire started. He priced out the job at 20K, excluding any inspection fees and permits. I'm leaning towards the rehab since the value of the home is around 55K.

@Account Closed do you have any tips on how to estimate the value of a fire damaged home?

Also to add, does anyone know the best way to determine the value of this property as an empty lot?

@Mark Fries I think they do it to make sure the house is dealt with and not left there for months. But yeah, maybe another reason to get out of Detroit.

Hello BP community I have a rental in Detroit that was vacant and someone got in and burned it up to the point that the insurance company is paying out the full insured amount. All the fire damage is inside so it could be repaired for probably slightly less than the payout. Or I could have it demolished. Detroit will hold part of my settlement until I either demolish or rehab. Anyone been in this situation? Any advice would be appreciated.