All Forum Posts by: Daniel Lee

Thanks for the input @Casey Cuppy and @Account Closed I'm going to have a contractor and my prop manager walkthrough the properties with me tomorrow and ask for revisions to the offer price.

Quite the learning experience for my first MFH and a property where the Offer is Subject to Interior Inspection!

Hello BP crew!

About to jump in my first deal, I like the numbers and the rent potential several PMs have given me. It's 3 unit, 1 occupied 2 unoccupied, in which the seller needs to approve of an offer before I get to see the units and then I have to option to take it or leave it.  He approves, after a walk-through with my realtor(should have brought a contractor!!) I find the following:

• Occupied unit needs roof leak repairs on the ceiling and the roof(approx 16sq ft)
• Occupied unit Surface mold remediated in the bathroom (approx 4sq ft)
• All 3 units need bedroom carpets replaced
• All 3 units have the possibility of lead paint being used(haven't received disclosures yet)
• All 3 units need cosmetic repairs in bathrooms and kitchens
• Exterior needs new paint
• Tree hanging over roof, needs to be trimmed
• Possibility of rats as told to me by occupants

Cabinets, floor laminate, electrical, plumbing, doors, windows are in good shape.

The RE environment here is pretty competitive, the quicker I decide the less risk there will be of losing this property.  This house has been on the market for almost two months. Current tenants are very busy, took almost two weeks to schedule a viewing of the occupied unit.  Even if I put down an additional $20K to do repairs, I would still like the numbers, but a penny saved is a penny earned, so I need some advice...

Should I blindly ask to reduce the price reflecting my estimated repairs?

Should I get a contractor to go with me on another visit(may take another 2 weeks -_-) but risk losing the property to another investor?

Should I stick with the original accepted offer, avoiding all risks but paying more?

Open to any other options I'm not seeing as well.

Hello BP!

I've made my 1st offer on a property out here in the Inland Empire of California, the deal isn't amazing but I was eager to get started and I'd like my first investment to be close to home.  Anyways.. this post isn't for a deal analysis, it's regarding property managers.  

My business strategy will include a PM because I feel it's more scaleable that way.  My questions was to see when during the buying process everyone starts the interview/hiring process for property managers.  I was thinking about starting right now, but would it be better to do so during my due dilligence period or even after we close escrow?

I have reservations because other agents or the prop manager can make an offer on the same property and PM companies won't feel like they're wasting time if I have a property already.  A professional rent analysis would help but I am pretty familiar with the going rents in the area.

Any thoughts would help!

Hi @Aaron Norris haven't looked too much into Riverside, but I would be open to it.  I'm going to be a holder as well, let's link up!

@Brandon Turner , great article! I always learn a few things everytime I log on to BP. See you around the forums as well.

Thanks for the kind words @Rob Pene , see you around the forums

@Fred Sams tell me about it man, there's so much info I find it hard to get off my computer sometimes.  Great resources and great people so far.  Nice to meet you!

@Dmitriy Fomichenko Thank you for the tips and recommendations!  I've been glued on this website for the past few days.

@Cornelius Charles Dena stand up!!  Thanks for the welcome

@Ali Boone Hi Ali, cool website. Hope to be doing what you're doing in time =)

Hi BP community!

I've been educating myself, going to meetups, and networking for the past few months.  I've heard a lot of success stores, met inspiring people, and the BP community is just adding fuel to the fire!

I have a business degree from the University of Southern California and during the day, I run a full service car wash with my sister.

I'm looking to start locally in San Bernardino with residential multi-family dwellings.  If you're from the IE or Pasadena, I'd love to chat it up with you.  

Looking forward being a part of the Bigger Pockets community, it's already taught me so much in a matter of days.

Kindest regards,

Danny