All Forum Posts by: Cassidy Burns

@Ozzy Sirimsi @Ned Carey great input.  Thank you.  I would love to sit down and talk more about the location in general.  Do you have recommendations for a good real estate agent in the area that works with investors?  I would prefer to purchase a 3-8 unit complex.  Mostly my business focuses on cash flow but getting in an appreciating market would be icing on the cake.

I look forward to hearing from you both.

Hi BP,

I currently own, 6 properties in a small town of southwest Va, Covington, Va.  The returns are great, and I am very familiar with the area as I grew up there and my mother currently still lives in the area so I have been very pleased with that end of the business.  UNFORTUNATELY, the people/team that I am generating there just seems to be average and with managing out of state it becomes very hard/frustrating/almost not worth the hassle. 

I am looking to start investing closer to my proximity within an hour from Washington DC.  I currently work as a real estate agent in the city and own 1 property that I am house hacking.  Does anyone have any recommendations for potential areas that are within 1 hours driving distance from the city that are good for buy and hold?  

Interested to see what people say!  Thanks in advance BP.

Hi BP,

I am starting my first flip today. I purchased the property under my name, but just listened to Amanda Han's tax benefits podcast and realized that I should have purchased this under an LLC to help mitigate the taxes that I pay on the potential profit. Is it to late to transfer to LLC? Any advice?

Thanks!

@Gus Ross this is very helpful.  Thank you!

Hi BP, 

I am looking at buying a single family home as a buy and hold investment property.  The house is 90% rent ready.  The remaining 10% is there is a little mold in the bathroom.  The water has not been turned on in 1 year so I am unable to see where the leak/moisture could be coming from.  Is this a deal breaker?

Thanks for the help!

Hey @Christopher Phillips, both tenants are on month to month leases which is what I am transitioning all of my rentals to.  I feel as if I have more control when they are on short term leases and if I manage properly they will want to stay!  

But I did ask the sellers to raise the rents before purchase and I would pay full price so now I am waiting on their counter offer.  Any other suggestions are greatly appreciated!

Hi BP,

Just curious how everyone is structuring their numbers??  Are you basing it off of the current rents being collected?  Or are you using the numbers that you will eventually raise them to due to being under market?

Example:

Duplex: $45,000 purchase price off market.  

-2- 2 Bedroom/1 bathroom units: Both have been occupied for 6 years @ $350/side.  $700 total.

-Current cash flow: $275/month 

-Market Rent: $550-600/month per unit.

-Unit is in good condition and wouldn't really need any work following closing.  I offered based on the current rents @ $38,000 and they will not budge off of $45,000 and are going to put it on market at the beginning of June.  Do I just come up to their $45,000 due to the projected numbers ?

Thanks!

Hi BP,

A great opportunity has come to me through networking!  Constantly talking about real estate really does work.  I had a seller contact me and wants to seller financing 1/4 of his portfolio (23-25 units), a mix of single gmail homes and small multifamily units, to me.  He is currently putting together the list of units and his price.  

I want to be prepared.  This being my first seller finance deal, any specific way I should structure it?  Or what should I know before going into negotiation?

Also, what information on the units should I ask for before committing?  Currently all units are occupied, under month to month leases, but drastically under market rents.  Great opportunity to add value in cash flow.

Any advice is greatly appreciated!

Hi @Kim Younkin, I currently own 5, all on 1 year leases.  I am currently in the process of purchasing another Duplex and Single Family Home both currently occupied by tenants in month to month leases and I am wondering if I should make it mandatory to upgrade all leases to 1 year or allow the inherited tenants to stay at month to month??  

Hi BP,

I just wanted to see what everyone thought of the question regarding month to month leases or longer term (1 year+) leases in lower income areas?  

Do you do month to month to avoid evictions?  

Thanks!