All Forum Posts by: Leon O.

Hi,

On my rentals I take care of the lawn service. It would be nice if I can trust my tenants to do it for me, but if they don't do it on Time or very well, the HOA in the neighborhood will be the first ones to congratulate me with a $25-$35 fine. Sure in my contracts, the tenant will be responsible for any of these fees, but its just another thing that may make the tenant unhappy with their landlord (even though its their fault).

As far as bushes, roses and things like that.  I usually just cut all that non-sense out when I do the rehab on the houses.  The yards are presentable, but I do not have to pay the extra costs to get these taken care of each month.  I suggest you use the same lawn guy if you can, if your rentals are close to the same area.  My guy goes out to all of my properties 2 times a month, $25 a pop.  So $50 a month for yard upkeep per house.  I take that in to account when I set the rent for my Tenants, and they never complain that the rent is $50 higher than next door.  

I hope this helps.

Leon

Hi,

Wholesaling to cash buyers is the most ideal situation.  

Cash Buyer 

- Can close quickly to meet what ever close date you have on your contract.

- Does not require a Survey Ordered

- Does not require an appraisal (just another thing to combat, if comes back low & usually does)

- Any Condition is Ok, does not have to meet any FHA guidelines etc.

Bank Financing

- 45 Days to close

- Multiple reasons why a buyer will not get approved for a loan

- Funding can be pulled a day before closing

- Requires an Appraisal/ Survey

- Has to be in move in condition, with no structural problems

- Getting paid will be a pain if you do not have a Real Estate License and can receive a commission

- And/Or Assigns may not work for most bank financing. Some require seasoning of title if properties has changed hands multiple times quickly.

- & its a big cluster ....

I hope this helped

Leon

Hi,

Most contractors that you call actually do the work themselves with their team, and if they have a lot of business going for them they may have their hands dirty during the time that you call.  A lot of these guys can only handle a couple to a few jobs at a time.  Still no excuse that they had not returned your calls, they are a service business.

When I got my rehabs started, I used referrals from other investor friends and it worked out great.  I had the same issues with the no answer on other specific contractors, mainly foundation companies.  

When they do not return/ answer my phone calls that is a big issue for me.  They do not want my business, and how can I trust that they will answer the phone after I make the first payment to them if they can't even answer the phone to get me a bid. There are tons of contractors out there, just keep trying.

Good luck!

Leon  

Just wanted to say that the event was great again this month.  It is always good to meet with like-minded people and talk real estate.  Met some great people! Let me know when the next one is.  Thanks guys!

Leon

Log into your google voice account on a computer. There is a call log that you can access, and the number will be right there for you to call back.  You can call directly from google number though the website as well.  I do not work for google, but I have tinkered with it a little bit. 

Call them as soon as you can! Don't let the lead go cold!

Hope this helped.

Leon

Use Hard-Money financing and leverage to buy properties.  Then do a rate & term refinance after you have it rented out to get a better Rate.  Cash-Flow all day every day after that. Should be able to get 2-3 rentals with that $65,000 that way.

Good luck on your investing.

Leon

Hi,

I suggest you create a bank account with one of the bigger banks in your area that has many locations.  Then it is up to your tenants to stop by and deposit the rent money/check in the account by a certain date.  It will be easy for you to check if they paid on time, as you can check instantly online.  Make sure this is in your lease agreement.  This is what I do with my rentals and it is great! Speaking of whic, rent is due on one of my units today, and I got to log in and check right now.

Hope this helps.

Leon

Hi,

Sounds like you will not be moving forward with this deal, but for future reference If the wholesaler is selling with the tenant in place, there should be no reason for him not to be able to get you a copy of that lease agreement before you contract.  You need to know what you are getting into.  

Also buying with a conventional loan, the property is going to have to be in good/great shape already. So you should not expect much equity left in the deal.

Hope this helps a little. 

Leon

Amazing Feat, Great Job! Liquid is the Way to Be!

Build a relationship with a trusted Title company in town.   Investors that buy at the Auction need this done on almost all of the properties they bid on, and a good way to find companies that will do this for you for a minimal fee is to actually go down to the auction on the first Tuesday of the month.  There will be multiple companies passing out flyers to all the buyers down there advertising this.

Also, I would be interested in seeing what you have available for wholesale once you get your feet on the ground. I hope helped.