All Forum Posts by: Christine D.

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Are you planning to flip it? I think that is all you can do because rent is not going to make the 1% rule.

The other alternative, depending on where this is and how much tourist activity (as well as local ordinances), would be to STVR it.  You will have to fix everything up and fully furnish and decorate it.  That will likely run you $30,000 or more on top of repairs.  

What city?

Finding good and competitive property management is a concern. We have an out of state STVR and we got lucky on the timing. Property management is 22%. Now, new people trying to get into this market are paying 35% (and up to 70% based on the rental rate - some take a higher percentage with each additional day of the month the property rents).  Recently, we tried to buy an out of state minimall on TEN-X.  I struggled to find property management and that was a big concern about the purchase. 

Thanks, Bobby.  I am looking to avoid purchasing a property that would require expensive remediation.  I am planning to use the tests and labs backed by Dr. Shoemaker and not the cheap ones sold on Amazon.

Is anyone doing mold testing before purchasing a property?  Specifically the HERTSMI-2 test?  I have significant concerns about mold biotoxins and health.  Lawsuits related to mold are increasing as are jury awards.  I have no desire to get sick from a property and I would not want others to, either.  

As an investor, I am primarily interested in commercial properties and due to the cost of this type of investment, I am planning to do mold testing on prospective deals.

Below is a link to Dr. Shoemaker's website. Dr. Shoemaker is the nations leading mold expert and he is credited by Dr. Dale Bredesen (Author of "The End of Alzheimer's") as the physician who made the link between mold biotoxins and increasing the chance of Alzheimer's disease.

https://www.survivingmold.com/diagnosis/hertsmi-2

Sounds like you found yourself a predatory lender...

What about vaping?  Those nicotine vape pens exclude an oily substance that coats everything.