All Forum Posts by: Dean H.

 My property managers send pictures of before and after on EVERY repair proposed and or made. I never asked, it's just how it's done and lets all parties have a good understanding of the scope of work.

On any property and especially auction properties always buy title insurance. Title insurance issued to you in the event of the "long lost relative" would get you clear title and the insurance company a bill to pay. In a nutshell they are " insuring good title to the property" Be glad you can get it, on tax sale properties it can take from 5-7 years to get an insurable title on those, meaning limited options to resale and very limited options to finance.

My first choice would be to avoid any partnership!!

If I HAD to I would form an LLC for the partnership and define EVERYTHING in the paperwork.

Jacksonville appears to be a good investment area, why branch out ?

Chris,

I have a small SDIRA that I have used to make a "micro loan" to an investor. IRA took first position lien on a property he owns in a neighborhood I invest in personally as collateral. He uses the money like a line of credit, monthly interest payments on outstanding balance but pays balance down when he refi's or sells his project. Works and a nice return.

FYI, Brian Eastman helped my wife and I set up our SDIRA's 

Carlos,

They are tough to finance for a reason, there is just nothing there for most lenders in the event they have to foreclose. The reality is a group of 10 of them doesn't improve the situation. Personally I only pay cash on property under 30k and do very short term private money 30k to 80k. I really don't like debt of any kind on properties under 30k and I have lots of them. If it's under 30 just sell your wife's car and your lawn mower and pay cash. Private or family are pretty much your only leverage option in my opinion.

@Austin Latty

It was great to meet you last night Austin. You seem to be well on your way to being an outstanding young man. I thank you for your service to our country and hope your education goes well at our fine school ( GO BEAVs ) I will help you get a start here as best I can. I hope you gained some from the meeting.

Dean

@Eunice L.

Most are in Memphis. Professional management ( I'm 2000 miles away ) No section 8. The majority  are B- to C+, I try very hard to buy the roughest on the block and make it the nicest.

@Jordan Moorhead

I LOVE THEM, you have to remember to buy them cheap and stack em deep. NEVER over renovate for your tenant area, we always make our exteriors functional upon purchase to preserve our asset but do as little as possible inside till we get our money back.Vacancy and slow pay is going to drive you crazy and they tear them up a bit but it's part of the deal. Over time you will net about 1/2 of your gross rent with management but NO DEBT SERVICE. Hire a local manager that deals with this level of tenant.

@Austin Latty

Welcome Austin, GREAT choice of schools, 2 of my daughters graduated from OSU. I am in the Salem area but most of my investments are in the mid west. A great way to learn a lot for a little in this area is the Salem meeting of NWREIA , a great diversified group fills the room with lots of  knowledge to share. The meeting is this Thursday come on up and learn, info on the website 

Dean

Well that change things a bit. Like mentioned above put the tank in the attic if possible, or tank less if you can spend the money. Just don't install a small tank to fit under counter and run short when showering.