All Forum Posts by: Bryan Devitt

There are too many variables to give you an answer to that question. We need to know every detail about the house short of the specific address to give you an answer. Post all of the details (and I do mean everything short of the address) and you will get the answer you're looking for

NO!!!!! Never ever, ever, ever under any circumstances, NO!

ALWAYS follow your gut. If you feel it isn't right, DO NOT DO IT! I personally am waiting for the crash, but I might be crazy and it might not happen. Worst case, I am wrong and I hold off on purchases for over a year (I've been waiting a while) but I haven't missed out on much because prices aren't increasing right now anyways (by me at least) and best case, I save myself some nights of kicking myself in the azz for going against my gut and buying at a peak before losing a ton of equity. Yes, as long as it cash flows then it doesn't matter, but I would rather it cash flow $2k a month than $800 a month. Esp if I can only afford 1 now (at 800 net) or 2 at the bottom in a year (?) at $2k net ea.

Will you be able to get higher rent because the garage is drywalled? How much will it cost to do the job compared to how much higher rent you will get?

NO!! DO NOT CAULK IT!!! If the seal is leaking, get a rubber ring from a box store (wax rings are old school and wear out) and you will never have to deal with it again. As stated before, if it is leaking now, you're not fixing the leak, you're diverting it into the framing and causing way worse damage. I have fixed more of these than I can count. It will destroy everything around the toilet and under it for at least a thousand dollars. Or you can turn off the one supply valve, flush the toilet, vacuum the rest of the water from the bottom, disconnect the supply line, undo the 2 bolts, pull it up and put it on a trash bag, scrape the old wax off the bottom and the discharge pipe, put the rubber ring on and put it back together. It takes about 30 minutes if you know what you're doing or an hour watching YouTube. Easiest $1k you will ever save yourself, not to mention the headaches

With the units "recently updated", why such high repair costs? Is there something major needed, lots of little things or just planning for worst case? 

So the tenant is down to $600/month for rent? Are you planning to convert the garage or rent it out as-is?

Time to find smarter tenants. The copy of the cashed check that their bank gets is the only receipt that any court, future landlord or mortgage company cares about.

I would have offloaded that thing a long time ago. If it doesn't cash flow every money, what is the point in keeping it? Do you think it will keep climbing here in value forever without any dips?

Welcome to the site! I feel there are still deals in some areas, but they're still at a peak now. Too many fish in the pond driving the prices up with people willing to buy places at a 4 or 5 cap. Take some time to do more research, check out the deals ands "deals" people post for analysis on here to get to know the numbers better and soon enough the real fun will start and we can get back to making real money again