All Forum Posts by: Dan Bryskin

@Aubrey Prado, it all depends on the foundation issues. Some times missing mortar between the blocks is being reported as a foundation issue, other times everything looks ¨good" but house is about to collapse. Get a house under a contract  with inspection close and get an opinion of the structural engineer or from a few reputable and experienced contractors specializing in foundation repairs ... But engineer would be a best bet, although a more expansive one. Good luck. 

@Ryan Pozzi, not sure whats the question here:) Sounds like a perfect deal to me. Buy it with say 10 year balloon on money mortgage, write it so terms permit a wrap around contract. Sell it with 5 years balloon on contract for deed.  Take more for the down payment then you are going to pay, add 1-2% interest spread on the sell  side ... And if you are bored - bring me one or two of them sweet deals :)  

1. Money mortgage (preferred way for the buyer). You are the owner of the property and the other party acts as a bank. Standard foreclosure laws and protections apply. If you choose this rote, use the title company. They can help you in creating and recording money mortgage.

2. Contract for deed (preferred way for the seller). Seller remains the property owner until the contract is fully executed (last payment is made), buyer has benefits of ownership, but if something goes wrong, it's a contract termination not foreclosure. In my state forms are available from secretary of state, or use a real estate attorney. Make sure your contract is properly recorded with the state or you may face a fine.

Good luck.

@Brandon Turner, @Joshua Dorkin. Guys, do you know, on google play the last podcast it 295. Seems like a last time new podcast was uploaded was September 6th. You don't seem to have the same issue with bigger pockets money podcasts. Fix it please, listening to you on google play is convenient ...  Thank you, Dan Bryskin

Teleport

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Safe and Secure by MasterCraft

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Any caprice  on your dime m'am

Check out abc supply, for $20-$30 more they carry a much better window then cheap home depot junk. Any decent carpenter can install windows. Get a labor only bid, select your materials ... Just my $0.02. Good luck.

@Eric Ingvardsen you answer is what @Michael Dyer is suggesting, or your other option is an SBA loan. That is some of the cheapest money available ... Good luck

@Alex T. Our gas company has a plan, service plus. Covers furnace / boiler, ac, water heater, washer & drier and may be something else. $20 or $25 per door per month. I have it on all of my rentals. Main boards, valves, igniters - this guys have it on the trucks. If they can repair it - it is free, parts and labor. I put new HVAC in my rehabs and get a service plus if I am keeping them as rentals ... my $0.02. Good luck

@Account Closed, can you get an equity line on your existing house, use it to buy a new one, pay it off from the sale of existing house? Just a thought ... Good luck.

@James Suessmann, so you are taking your duplex from making 2800 to 3205, reduced your expanses by 305 generating additional $705 a month. That's an additional 25% return.  That's great.  You can calculate your purchase cap rate and see how price will change based on 25% increase in revenue, but reality of it - duplexes are appraised based on comp approach not on cap rate. If you duplex performs better then market, you will get some money added to your appraisal, but comparative sales by enlarge will determine your sale price.  Hope that helps.

@James Suessmann, assuming you have 2 meters, consider 2 things. 

1.  Return on the investment. Say adding a boiler is $8,000 and your are saving $2,000  a year, that's a 25% return and probably a great idea

2. Let's say same $2,000 represent 5% of your yearly rents. In this case your asset may be worth 5% more. Caveat - it is not that straight forward with duplexes and will depend on the market / market conditions. 

Good luck