All Forum Posts by: Account Closed

Curtis-

How can you say the home is in a bad area and a low quality home - some people are just scum and trash anyplace they rent. I am currently dealing with this myself. The home I was renting used to be my home until we built another home in another state and moved. The home is a beautiful antique colonial in a very desirable, upper middle class, new england town that my husband spent 5 years renovating while we lived there. Along come the renters from hell (well disguised I might add) and now 2 years later after non-payment of rent and eviction, I have a trashed home that I need to sell. I feel for you Bryan. I spent all day just cleaning up the SCUM's trash today!

There are many companies offering business funding programs for fees as well. Should I get my money back if I have joined one of these programs?

Anthony-

Feel free to contact me with any questions. I joined NACREPS about a year and a half ago. For anyone else who is interested in learning more, check out their web site for yourself. www.NACREPS.org. This is a legitimate opportunity and NOT even close to a get rich scheme. The criteria is very specific, problem is since I joined, the criteria changed several times due to changes in the market. I had submitted over 20 properties that were not pursued but now after having done this for awhile for different groups, I know the learning curve is steep and takes awhile to really be good at it. No deals yet for me but I also got away from them for about a year to work with another group whose criteria made more sense to me.

Wow! Never thought of that. I didn't ask why it's empty, I just had the impression that it is about to be foreclosed upon because the broker states a great sense of urgency. They are reviewing offers over the weekend. It's in the McAllen area - San Carlos. It does have individual water heaters and separate electric service. The water heaters are OK. The HVACs must be gone or are old - they were per unit. 19 units are 2 bedroom and 1 is one bedroom. I looked up avg. income in this area and it's like $14K and many low income laborers so that explains the low rents. I have decided against making an offer as I'm sure I will be competing with people who have all cash. Broker seems to have been overwhelmed by response to it and has offers already. Thanks for your replies. As always, you guys always think of things I didn't.

Built in 2002, south Texas, currently empty and boarded up. Needs $50K rehab + individual HVAC units (or window units), individually metered electric, individual hot water heaters. Seller will consider 100% financing with deferred payments for start-up. Proforma GOI $86K, expenses $41K = NOI $45K. First of all, is this the great deal I think it is? Secondly, would you take seller financing for mortgage and hard money to cover the rehab and HVACs? Thanks.

Jay-

It comes up easily when you want to take it up. The planks do not stick to the floor but to each other and float on top of the floor.

I once had a tenant who sounds a lot like this guy - a walking nightmare. He was full of hot air - but you never know. I went through the legal steps to have him evicted and he stayed until the day before the court date and did not show up in court. It was a long frustrating process but he was out. I have also paid people to get out and that has worked too - they leave and don't trash the place on the way out or they get no deposit back.

I have had two total nightmare tenants in the past three years and what I learned is that I will never be active in the process - meaning I have too much of a soft spot and can be the world's biggest sucker for a sob story. From now on, I will have a property manager whose job it is to mess with all the crap and send me the checks and the bills. Period. I have a nightmare - property manager story too..I'll save that for later.

:D Thank you all for your responses. I agree that I also do not like the owner paid heat in the second building. It must not be separately metered I'm guessing. I'm glad to see that a few of you also thought $230K was a better asking price as I had thought it to be a little high if doing a worst case on expenses. I will pass on this deal unless seller offers me a deal I can't refuse.
To answer some of your questions, these units are in town and need no repairs. They are in good shape so no immediate expenses there.

As a side note, I have a single family home that I rent out now where we paid for 1000 gallons worth of oil as an enticement to get it rented (oil prices were high and this is a 4000 sq ft, 200 year old home). Once tenant reached that 1000 gallons, they were on their own so they were very aware of their usage and barely went over the 1000 gallons. Just thought I'd share that tip with those who may be looking for a way to get a BIG unit rented more easily.

Thanks again everyone.

FSBO - Two 4 unit buildings on same property 8 units total. Seller financing - will hold back a second. All units rented with long term tenants - all units in good shape. Gross Income $4675/mo. - property is in Belfast, Maine - property taxes estimated at $5K annual, one house has all utilities paid by tenants, second house has an efficient oil burner - owner has been paying heat. Asking $274K - has to sell and move due to business owned on West Coast.

What do you think. This is a little more than 2 hours from my home.

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