All Forum Posts by: Clayton Plummer

@Edwin Correa - I would do some deal analysis on your friends' flips.  Hopefully they're making more than $5000 per flip.

I don't know, but it is very likely that the $5000 per flip is the wholesaler's fee for finding the deal.

As well, think of the money spent as education costs.  I know I spent more than $20K on my degree from college.

Also, you don't have to sign up to the REIG for life do you?  Maybe do a year or two of it, learn how to flip, establish a team of your own, and then go out on your own.

Either way, good luck.

@Clay White - 

Nice name!  

I also live in Manhattan, KS.

Yes, on the REIA: Flint Hills Real Estate Investors. We meet the first Thursday of every month. Look it up on FaceBook. Ryan Sajdera (realtor for the Alms Group) runs the show.

Hope to see you at the March meeting.

@dylangreytak - If you haven't already, I would look into an app like rentometer.com and see what similar units are renting for in the Tampa area.

I think BP offers a similar tool if you are a Pro.

Try to find the same beds/baths as the one you are trying to rent.  Rent yours for like $5 cheaper than the market average.  So, if the average is 1500/mo, go for 1495. . .  You're not really giving anything up and it makes yours more attractive.

Definitely agree with sticking to your guns on the tenant that ultimately rents your place.  Don't settle (it doesn't sound like you will).

Otherwise, good luck!

@Sienna Cardona - 

Check out Tarl Yarber.  He is @tarlyarber on instagram.

Also check out James Dainard.  He is @jdainflips on instagram.

They are both in the Seattle area and both active here on BP.  They've both been doing the fix/flip thing for a while and have really good systems.

Good luck!

@Alice Goodson - No, I don't think there is any advantage, especially since she's already 49% in your current LLC.

I don't know much, but I don't see why buying the rental for her in your shared LLC would be an issue.

If she's listed on the roster (not the right word) of the LLC, it shouldn't matter.

Assuming the LLC is buying the property actually, it just happens to be hers to manage on behalf of the LLC. . .

@Alice Goodson - Why not start an LLC for your daughter and put her rental under it?

@Satya Veer Bandaru - I don't know anything worth knowing on the subject-to topic.  However, I know that Pace Morby is basically THE subject-to guy.  He has a whole YouTube dedicated to the topic.

I tried to paste the YouTube link, but it doesn't appear in the post.  You'll have to search for it yourself.

Good luck.

@Sonam Nathani - maybe too broad of a question.  The parkade (parking structure - I'm going off a google search.  I've never heard the word used this way) leaks.  In what way does it leak?  The cars get wet when it rains?  Is it fully enclosed, so this shouldn't be the case?  Or is it open to the outside (besides the entrance/exit)?  When it leaks, where does the water go?  Does it go down into your foundation?  Is that OK?  Is the foundation built to deal with the water?

How much does it cost/would it cost to fix the leak?  Can you fix the leak?

I guess these are all questions to ask yourself.

As far as the building itself is concerned, you said the CRF is good.  Does the money make sense in the worst case senario?  What are you on the hook for if all of your tenants leave because you didn't fix the leaking parkade?

What other maintenance issues exist, besides the leaking parkade, that will need to be addressed?  What else has the current owner neglected or just ignored?

None of these things are show stoppers.  If you've done your due diligence and the numbers make sense, BUY IT!!  There are no perfect properties.  ALL properties have a leak/maintenance issues/etc.

Buy the property and good luck with the leaking parkade!!

@April Birdsong - I also live in a college town that has 100+ year old houses.

Lead paint is a thing for sure.  It's only really a problem when it is flaking off.  Also, with today's insurance market it's something that your insurance agent is going to scrutinize.

100+ year old houses can have asbestos siding too.  Again, not a problem until it's chipping apart.  Again, something your insurance agent is going to scrutinize.

100+ year old houses tend to have dirt floor cellars (or crawl spaces), so moisture is a thing in the house.  Especially if the college town is somewhere like Georgia where it rains regularly.  Something to pay attention to.

None of these things are show stoppers.  Do your due diligence, make sure the numbers work in the worst case, and make sure you have cash to pay for issues when they come up.

Good Luck!

@Anthony Dupre - 

I don't have books for all the things you wanted to learn, but you should look into the Nolo Guide books. They're really good. They have guides on LLC's, small buisness, buying your first home, etc.

Good luck.