All Forum Posts by: David Cruice

Waide, if it was easy everyone would be doing it.  Be patient.  A buyer will come your way.  Remember, you only fail when you stop getting back up.  Join you're local investors club and you'll have plenty of tails of woe from successful guys and girls who learned a lot of hard lessons along the way!

CoC return looks good. After your refi you're only into the deal for $1,342.81. Times your monthly after-refi cash flow of $468 by 12 and divide that by your $1,342.81 and you've got a CoC return of 418.22%. Remember that when refi your taking out almost all of the original $52,600 you had in the deal.

Don't do it.  Very bad idea.  If the guy was any good at what he does he'd have a full-time job and be able to afford to pay rent for a place.  

Sorry, @Jeremy Bridges but you've been beaten to the punch by whoever purchased the property at the tax deed auction. The bank either hasn't yet realized that someone else already owns the property or they're going through the foreclosure process for a procedural reason. One of two things is going to happen next: (1) The bank is going to write off the mortgage to bad debt or (2) They'll file for a right of redemption based on lack of due process, etc. It all depends how much was remaining on the mortgage. Either way, "that dog ain't gonna run"!

Stainless steel my ***!  The biggest oxymoron since jumbo shrimp and reality TV!  You only have to look at such appliances and they get a stain.  However, with that said, have you tried HD Supply?  They usually have great prices on bulk purchasers.  Try to speak to one of their regional account managers.  https://hdsupplysolutions.com/shop/c/appliances-00-15.  Also, you gotta figure these guys would come down on their price for 98 units:  https://www.abt.com/packages/87941/Frigidaire-Stainless-Steel-Top-Freezer-Refrigerator-Kitchen-Package-with-Gas-Range.html

Don't do it!  @Peter M.'s idea is a classic!

"They told him to pay it but would not give him the amount"?  Good luck with that.  If it does go with the renter they should turn the power back on.  If I was you, I'd call the electric company myself and ask them what their policy is in such situations.  You're not asking for any personal account information so they should tell you.

Check your contract with them to see if there is a termination clause, say 30 days notice, etc.  If there is, kick them into touch.  Poor communication is a sign of poor business practices elsewhere.  If the owner - the one who is paying their PM fee - can't get a hold of them, how difficult do you think it's going to be for your tenants to get in touch with them?  

The property tax rate should be the same for all residential properties in a city. It's typically the sum of the city and county MIL rates. Simply call up the property tax assessors office and ask them what the total MIL rate is for a particular city. For the insurance, call a local broker and ask them how their rate is calculated. It's typically a percentage of the fair market value or a percentage of the replacement cost. You'll also need the percentage they use for the replacement cost, i.e 65% of FMV, for the latter calculation.

Don't do it yourself.  You'll regret it.  Find a good contractor, highly recommended by fellow RE investors in your area.  Ask the investors if they would advise doing the work with or without permits.  Yes, I know the former is the right way to go, but sometimes it is more trouble than it is worth.  All depends on your municipality.