All Forum Posts by: CJ M.

@David Bunch

If you're just getting started, manage them yourself. You'll learn so much and then know what to look for if you ever decide to hire a pM company.

Personally, I have my tenants text me directly. I also know some folks who have over 100 doors and still self manage...and others who use submission forms through software like Appfolio.

Frequency and cost depends on many factors however it seems I get more requests than usually right around the 1st of the month when rent is due :)

You'll probably get a lot of different responses here, but my opinion is, I never like being 100% leveraged. Some of the guru's talk and talk about no money down, yadda yadda, but that's just not the norm from what I've seen. Can it work though, yes, but have some skin in the game. Your financing should be based on your goals as well as your cashflow (after paying the mortgages, repairs, vacancies, etc.) HML are usually shorter term loans as well.

Hi Joe, it might help narrow things down for you if you noted what the ideal person looks like that you'd interview (flipper? BRRRR'r, HML's, etc). Also, local only? Just a thought :)

Thank you everyone for the response. I'll be walking the property later this week and will have a better idea of the condition.

So it sounds like if it's in good shape, it shouldn't impact my ability to flip it?

@Chris Seveney

They have an attorney doing some research. The mom and dad are on the Dee's. The newest details I learned recently are:

- They have until the 1st week of June to bring the loan current

- The mother recalls going to a bank with her husband to sign paperwork years back, however that bank has since been bought out and she's saying the new bank doesn't have any record.

Hello all,

Have an offmarket seller looking to get 50K on a 1950's 2/1 1000 sqf Cape Cod he's owned for 40 years (it's been vacant for last 2 years). Est ARV is 100-120K (good school district and solid B neighborhood).

I haven't walked it yet (I will next week), but according to seller, it just needs paint, flooring throughout, new kitchen countertops (possibly cabinets too).

Anyway, he mentioned it's horse hair plaster and lathe throughout. I've never dealt with that before but after researching it appears there may be some asbestos and possible anthrax in the plaster? And electrical was/is? knob & tube? (he said there is 100 amp panel)

My concerns of keeping it as a rental is liability if I don't replace everything with drywall...which would prob kill the deal for me. Should I be concerned if there is no crumbling or major issues with the plaster? I'm thinking I maybe just flip it...but will that deter buyers?

Any feedback is appreciated

@Don Konipol

I spoke with the son today. It sounds like his mother vaguely remembers signing something at her bank years ago and is going there in the next day or two to get a copy. I think this is a great first step.

@John Clark

Don't think there was any downpayment. It was just pay Wells Fargo going forward. But like you said, if they have a history of her paying...

 Is it possible to be on Title and not show up on Recorder's site? Regarding selling, I think the fear is the lady would come after the seller stating they didn't have rights to sell. Just an assumption as no one seems to know what the terms of the agreement are. I mean heck, I'd even buy the property to help save it...but don't want to be tied up in out of state court!