All Forum Posts by: Carson Wilcox

Nice!

Let alone that security deposit isnt really meant for damage... come on... even in Ca. where rent is like $4k for a house... if they damage even one system (floors, paint, counters etc) it doesnt cover it... Security deposits are a filter to ensure the person has $...

So I think the answer that matters is @Colleen F.  The damage is done.  You have a steady paying tenant.  Maybe bump the rent a bit at renewal to grow your replacement funds... but they might stay 5 years!  moving with kids is a PAIN.  if they move well down the road, you would have had a paint and carpet ANYWAY.  let alone dont put carpet in a rental...  ha.    Take your emotions out of it.  You can boot these people or maybe piss them off with high demands.. and buy carpet and paint NOW with several months of vacancy.  or you can leave them in there, increase their rent a bit, save for the turnover, and do it in who knows how long when they move.

well, that is good.  It is a real issue... as planning and zoning can change wildly.  Assume the worst and plan accordingly.

that sucks.  But sometimes a lesson costs.  As long as you remember that none of these companies are UNICEF... they are in it for $.. Some are scam BS... others are great...   You learned your lesson!  Now take that knowledge and attack the next deal.

what the city "says" can and cant be built on it is moot.  Assume the worst.  Zoning can be changed, setback rules change, ****, bribes happen...  I would also ensure that the lot sq. ft you are left with is what you need for your plans.  If it were me, I would be like nope.  I am buying this lot #, if you want to take half my lot away,we have to renegotiate... and never ever ever take anything that is gonna happen, as a fact..  not notarized, never happened.

yep, you are toast because your deal was bad. You are basically asking a seasoning question. How can you buy (financed) and then get out with equity more quickly... I dunno. This is the biggest hurdle with it. If you finance on buy, you have to wait the time for refi, and then you also have the loan costs... it all needs to be factored in... for me, no rehab is gonna take less then 120 days anyway... so the season isnt too big a deal. if you can find a conventional lender that wont make you season on a private HML deal, cool. BUT you will have the points, and the increased interest cost.

Having a realtor who wants to show you the ropes etc.. and has flip resources and experience could be amazing.  Only issue here really is the conflict between your goal (buy hold rent) and his suggestion of flipping.  totally different market, timelines, $, areas, target demo, everything.  1/10 props I look at for flips might be a brrrr or a keep... but its rare in my area.  Stay in your lane.  If you want to switch lanes now, with this offer on the table... do it!

You need to ask how they want to be paid.  This is IMHO the real way to filter out the turds.  If a guy says 10% down and x% at these milestones and x% at finish... thats what I like.  If a guy wants a bunch of $ to "buy supplies" half to start blah blah blah.  that means that they are broke and shady.  

its tough.  first step is to skulk by the property.  If its vacant.... go in the backyard, look in all the windows etc..  If its not vacant... get with your realtor.  they can export any previous listings to show pics and details.  then get your comps and all from your realtor.  But remember, in my experience, like 10% of listed properties ACTUALLY go to auction.  and you need CASH