All Forum Posts by: David Goldberg

@All LANDLORDS

Im looking into buying my first property right now and after driving the area a few times i have come to the conclusion i would not want to collect the rent in person. With that being said i was wondering what people do to collect rent in areas that are not so nice 

I dont know if this property does or not but on the last property i was looking into it had an above ground  oil tank is that reason for concern?

@Geordy Rostad

Its a single family that's attached to a few houses on each side (row of 6)numbers are good rent is 1300 expenses are around $500 all in and its occupied already. "The house cost 68k I'm going to offer 61k based off my comps".

#mutli family

Im looking at  a property right now that is starting to make sense, however its a row house is there anything i should be wary about?

Is it worth it to offer 40k cash on a duplex that is for sale for 68k and if they dont except the offer, offer a little hire in cash and then if they still dont except go to the asking price with a mortgage.

My reason for thinking is the house is built in 1890 and its not really comparable to any home around it and it needs some work. Or am i wasting my time and just offer a little less than asking price."somewhere between 60-65k"?

You bring up a few points I didnt  know existed. Like a minimum refi, seasoning and refi in an llc.🙏. In regards to finding a deal at low cost and high value that would obviously be the best case scenario. However the money I'm buy the house in cash is not money I need back immediately. I would rather make it back from the rental income and put the refi into the next property whether it is as a down payment or another cheap house in cash. My goal is to get my feet wet get an understanding in real estate and have my first few rental property's cover the bigger ones. Aggressive investing and at the same time a little conservative just so that I get the confidence that I know what I'm doing. 

Yes chris that's what I have the cash just sitting there until I find a deal which has proven difficult because of my criteria.

My idea to start off is buy a cheap home selling for less then it's worth."I have connections in all fields construction so fixing cost for me are much less". Fixing it up a little to add value with the rental profit and snowballing from there.

Thanks for that info CJ. I spoke with chase they offered 80%. I'm Farley confident in  my knowledge of holding  costs. However I am open for any things I might have missed. My strategy is not make it or break it on 6 month holding costs I'm looking to hold with a renter already in it. As I do not know how to get a renter and I would like to go in with an existing long term renter with a lease.

i have a stratigy that im trying to use to start off buying a cheap house in cash to then cash out refi. looking for tips on how to go about it.