All Forum Posts by: Dean H.

Why worry about it.

Remember not to over renovate for your tenant class. 

Bernie Huckestein Congratulations on the grandchild, I have my first due mid January and am kicking the same idea around. One idea I have is purchase in a llc and gift ownership of it when the time comes. One thing to keep in mind is not all children turn out as we expect, I’m sure yours and mine will be perfect but seriously I think we have to maintain control until a point is reached in both age and maturity where the assets will be used constructively. I’m sure a expert will pop up and let us know the proper way to do this

We are in some rough areas and like Jay said we put water heaters in on rental day and even try to make HVAC so simple that we can take it all to the warehouse during rehab and vacancy periods. One of the simplest things to do on copper theft is to randomly leave a couple chunks of pex in the flower bed by the doors. Yep, the thugs think you changed out the copper and go next door. We are rehabbing one right now that they went thru a peak vent to steal a 40 gallon water heater, seems like a lot of work for 20 bucks on Craigslist !!!!

Great job. I love these type projects but I follow the " why eat lamb today when you can sell wool for years" idea and keep them for rentals.

Again, GREAT JOB

I misread your post, thought it concerned hard money lenders.

For private money the game is more about communication. SAVE MONEY. Don't think you have nothing to bring to the table, you are on here studying and researching so you have more than most out there. SAVE MONEY. Best advice I can give is just gently let people you know what you are trying to do. Carry pictures and spreadsheets of a couple of properties you are interested in. SAVE MONEY. Find a local REIA meeting and go and introduce yourself, it is amazing what you can learn and who you will meet there and don't be shy about your goals.

It's all about the game

1. Take a current credit report to prove you know how the game is played.

2. Take current financial statement and bank statements to prove you can put REAL skin in the game.

3. Take pictures and a recap of prior projects to prove you can successfully finish the game.

4. Take pictures, a scope of work, and financials for your proposed project to prove there is a reason for them to play the game.

5. Get off the bench and play the game!!

Taylor Nunn Taylor I have bought a few properties at auction and cash means cash / cash available as most of the properties won’t qualify for what would be considered “ normal “ financing and as Jay mentioned it just doesn’t work under around 50k for hml . Basically the banks selling properties don’t want to wait for the time it takes to arrange financing so they default to “ no financing”. My advice for what it is worth if your going to buy these type of properties is to have at least double the price available in cash because more often than not there will be significant costs to get a “ rented” property truly functioning. I have a dozen of these “ pigs” and it works for me but please don’t go into cheap properties with the illusion that they stay that way.

It depends on the city and class of property. Multi family in C-D class areas of some cities are just to limited of a tenant pool to risk multi. Any decently qualified tenant will rent a single family leaving multi for the rest.

50% Loan to REAL value

30% REAL EQUITY

20% REAL working capital

Most of my Memphis rentals seem to be short term

Sorry,,, just a shot at humor,, PM called about another eviction