All Forum Posts by: Charles D Cruz

as soon as you can drop the required documentation off with the lawyer and get the eviction going. And either find someone to fix or replace that window with in the next couple days. Being indecisive is a very bad trait to have, gather your information and make timely decisions.

Paying cash on each property is a slow build up for a portfolio. 

If this is your first cash is a very safe way to start. And then you can cash out refi later. When your ready to expand.

If you know you want to keep going and your ready for the challenges. Then 20% down, keep another 40% in reserves and go look for 2 more deals with the remainder at 20% each.

If your gana make rules, you should follow them.

If you want to give consideration then check her payment history on utilities.

Get prices from utilities taps if they are not in already. If they are there already make sure they will support the number of units. 

Next Call a builder and get some quotes.

My opinion is from the stand point of the potential seller, since I had this done to me today on a fourplex.

1: everything is for sale for the right price.

2: research the property a little. I was asked if it was the original roof, property is over 50yrs old.

3: dont use the last list price if it was over a year ago as a starting point for your offer. Could be higher or lower, so know the market price.

4: When your cold calling on a property, your not just buying. Your trying to sell them a deal.

Random tip: Make a list of all MF that sold in the last year. Cross reference that to Facebook, craigslist or any rental place if you notice that turn over seems high. That's a newbie who is losing and will probably like to cut their losses. Which could be a good deal.

Here's a general answer.

Buying during a recession is great chance to buy at deep discounts and a great chance to buy a sinking ship.

Remember that credit is hard to get during recession so when your out of cash the party is over.

Zillow is not 100% up to date. And if you pay attention to dates on listings they cycle in and out. In my area 2 weeks to fill a vacancy appears to be the norm. Study your desired market.

No, it doesn't work.

House hacking is limited  to 1-4 units. 11 is a commercial property.

Without inspecting the property everything I say needs to be taken with a truckload of salt.

Partnering with the person doing the work is the way I would go. If the property is selling for 50% of ARV, your going to learn alot.

Have everything in writing. Also your partner needs to understand if everything goes south. He will be will be working for free.

When rehabbing a property do what the neighborhood calls for.

Also don't put all your faith in a Zillow estimate. Go see other house in the same neighborhood with similar features and see what they are selling for. This will give you a better estimate I think,but markets change with time. So don't expect any accuracy in estimates made today 6 months from now.

About half to 1 mo placement (4.15 - 8.3% of gross annual rent), 8-10% gross monthly rent for management, none to 1 month for renewal (0 -8.3% gross annual rent).

So anywhere from 26.6% to 12.15% of gross rent. Shop around but duediligence and consider building your own team if that meets your needs.