All Forum Posts by: Chris Lynn

@Anthony Angotti That's a perspective that I had not heard before.  I've bought plenty of houses and it's not unusual for me to know the process better than the listing agent.  Perhaps it depends more on the experience level of the buyer, but I'd be glad to take that 3% discount for representing myself.  You don't need much advice when you offer to buy as is with cash:)

I don't know about PA, but here in TN you don't need a buyers agent.  If a property is listed with an agent, I generally just work with the sellers agent.  They want that full commission, so I find that they "sell" my offers a little harder to the seller versus a deal from another agent.

As the owner of a plug in hybrid (Volt), I can tell you that he likely isn't costing you too much money if he's charging from a household outlet.  That doesn't make it right and they should pay for what they use, but keep that in mind before spending a large sum of money to solve a small dollar problem.

An easy option might be to disconnect the ground wire from that specific outlet for a period of time.  I know from experience that my portable charger (what they are likely using) will not function if the outlet is not grounded.  Just take the cover off, pull the outlet out, disconnect the ground wire, and reassemble.  The next time they go to charge, the outlet won't work for them and they will think they either messed up the outlet or that it's broken.  A week or so later, go back and reattach the ground wire.  Solved!

I take a middle of the road approach.  Personally, I hate paying the fees that come along with a mortgage, so I only do so for investments are greater than $100k.  For the rest, I pay cash.  That keeps my loan to value around 50%.

Just to updated and close out this thread...my street savvy contractor called me when he got to the properties to give a repair estimate and told me he wasn't getting out of the van.  That was the end of the deal.

I've inherited two low income, elderly tenants.  I had a conversation with one the other day and she was telling me that she didn't get a stimulus check.  These ladies only receive some social security and I'm sure don't file 1040's, but I would think they would still qualify for a check.  For multiple reasons, I'd love to help them get those funds if they are able.  Has anyone done any research or assisted tenants in a similar situation with this issue?

You guys sound like my wife, who is probably right.  I like the rehab aspect of the deal and the ongoing cash flow.  I'm not excited about the increased tenant interactions.

Pros: $2.8 monthly rent for $150k investment

Cons: Takes 8 doors to get it done

I'm doing a drive by today and sticking my head in the burned units.  I very much appreciate the rational feedback.

I'm looking at a portfolio of 4 duplexes. All are side by side on the same street. 2 are 2/1 and two are 1/1. Two units (different buildings) have fire damage that is (reportedly) repairable. Other units are leased and current with the exception of 1 unit that hasn't paid in several months. Area isn't great, but not the worst. Purchase price would be around $110k or so and rents are/would be in the range of $300 to $350 per (hopefully a little more). I'm figuring $15k of rehab on burn units. I'm intrigued by the concept of value add (which I've done several times) and cleaning up the exterior of all 4 buildings to raise the value of the group. My other 5 properties are SFR's in better parts of town and are pretty easy to manage. The cash flow of this deal would be pretty good, but I'm concerned about the caliber of tenant that I would be dealing with. Anyone have any experience with a similar group buy with value add and/or dealing with this range of tenant? Am I chasing cash flow right into the frying pan?

I've only financed SFH's, so keep that in mind. Of the ones I did finance, I used 30 year conventional mortgages. Going that route and based on the way I model deals, you're looking at coming up with around $175k down. $565,000 purchase price x (1 + 3.5% closing costs) x 30% down. That may put a damper on your flips for awhile.

Two words:  Paintball Park

You're welcome.