All Forum Posts by: Ray Slack

I'm jumping in too.. Very nice job in the renovation.. But this is a real estate investment forum and most of us are interested in Flips due to the making of money not really about making something pretty that was ugly..  Don't get me wrong I don't see anything wrong with the post but I also "Lost interest" in the post after not seeing numbers.  Not a big deal as we are all looking for different things in the forums.

Well, The best thing you have going for you right now is your job with UPS..  Don't Quit!!  You can use that to be able to get a loan on a property.. If you are self employed it's very hard if not impossible to get a loan.   Do you own or rent currently?

BTW.. I've been investing in Real Estate and flipping properties for 30 year.. Working on 5 right now in Bowie ... If I can be of any help let me know

Ray

Not sure about ohio but in Florida you need to file a quiet title suit.  That is the only way to get clear title with a tax sale property.. You need to contact a good real estate attorney in Ohio.

Ray

You should put together the deal and post is to the marketplace here looking for a partner. It's probably going to have to have a really good cap rate to attract and investor. 

I agree with most of the posters... 

1. I feel someone else won't have the urgency to rent out the property quickly (no loss of rent from one tenant to another tenant)  We almost always have our new tenants moving in the 1st of the month when the last tenants moved out the day before. 

2. The markup for your "Trusted" contractors and whether or not you're over paying them.

3. Collecting the rent isn't really worth the 8%-10% a management company charges.

I like the idea of a strict gross percentage of rent.. 

No re-renting fees if the tenant breaks the lease. 

I would also suggest coming up with a list of repair costs for basic repair visits.

You need to go to a hard money lender, but you also need to figure out an exit strategy for taking out the hard money lender. I'm in Maryland and have one that would probably do the loan for you at 50% LTV of the ARV $350k.. They would setup draws for the work to be completed and you would have to pay off the 1st mortgage. 12% interest 3 points and a 6 month loan.. but again you would need a plan to pay off the HML after your rehab it completed.. (You may be better off telling them you are going to flip the property)

And addressing the prior posters that say the property is the tenants during the term of the lease and the landlord shouldn't be showing the property I would say that the tenant should have addressed that issue when signing the lease and asked for it to be crossed out.. If they didn't they need to honor the lease they agreed to and signed.  I rent my properties without a months vacancy between tenants bout 80% of the time..  Just saying you are going to eat a months rent every time your property is vacated is just bad business. It's the landlords right to show the property prior to the lease expiring why give up that right and a month's rent?  

I would tell them you will be showing the property and that the dog seems aggressive when they are not at home and that is the reason you are requesting him to be put in a cage. If they refuse you will be bringing mace with you to show the house and if the dog isn't locked up and you feel threatened by the dog you would have not choice but to mace him.  Any dog lover would not use their dog as a pawn in trying to not have the house shown. 

Ray

There is a great pod cast on Biggerpockets from a "NAVY WIFE" about how her and my husband invest by using his VA to buy a house wherever he is stationed.. I would recommend listening to it. I think it's around POD CAST 120ish.

Ray

I'll look at anything in Bowie or lanham.

20715, 20716, 20720