All Forum Posts by: Darryl Givens

Looking for recommendation on software to manage 17 properties with mobile phone capabilities.  Suggestions for small self management 

Looking for recommendation on software to manage 17 properties with mobile phone capabilities.  Suggestions for small self management 

Thanks Jacob.  I believe we will seek an appraisal to justify our price point based on a couple plans.  It's uncharted territory for me but seems doable.  

A planned Flip has caused a change in plans due to major basement issues.  Would like to tear down old house and build 4 patio homes.  The average home sales for 70 year old homes are about $170K.  We'd like to build Patio homes with an average value of $250K that would match other homes 2-5 miles away that sell for as much as $300K+.  Your thoughts on any landmines to consider. Will have to Replatt of coarse.  We feel these homes will stand out and have small yards for little maintenance.  

Hi Gloria.  I didn't have all my facts when I posted.  The seller needs to sell the home as part of a divorce to remove ex name.  apparently they are required to refinance.  For what appears to be a legit reason, credit score dropped below what's needed to refi.  Judge has given a deadline to sell and/or move out of the home if it has not been refinanced in their own name.  Owner wants to keep home, but fears an ordered sell of the home.  Payments are current.  Mortgage broker attended court with owner.  All verified.  I am looking for a fair price and appropriate contract.  If they falter, they give up a house they've occupied some 15 years.

I've been asked to buy someones house who may lose to bank due to divorce.  They want me to buy and lease to them for a year to rebuild credit and sell back to them.  Looking for ideas to structure this as well as cost I should apply for doing it.  They have roughly $30K-$40K equity in the home.  Estimated at $160K with $110 owed.  Any thoughts on a fair rate and structuring.

Thanks Elizabeth.  I would love to talk.  I am certainly interested in how you're able to manage at a distance.  You also mentioned a detailed business plan.  My plan is a work in progress as I am learning more each day and almost sure my plans will change.  I am trying to reading and pull from the blogs as much as possible. I bought a few properties in foreclosure, but had not idea all the ways to exist in this market.

Thanks Michael. I appreciate the response. They are all SFR. I tried a triplex, single bedroom early on, but could not get out fast enough. And "I think" I want them to be long-term projects. I saw a post recommending each be evaluated independently and if losing money or high maintenance, I may want to off load. I do want to hold on to as many as possible. I also want to flip along the way to speed the payoffs. I will need to get abreast of the "google drove" and how you suggest I use dropbox. I am very interested in how to set up electronic payments as well. I can already see your feedback will challenge me to really get all of my data in order.

No PM anymore.  Making an attempt to see how much cashflow I'm actually making.  Before, I honestly winged it.  Mostly paid profits back to waste, dishonest subs, and poor management on my part due mostly to time I didn't think I had. 

I have been in the market about 10 years.  I haven't bought a property in at least 5-6.  I run another business, so I have been hiring out everything.  I only recently began really detailing my numbers and micro-managing subs, materials, cost.  I have more than likely lost my short, but built a little equity.  Although I've have time in, I lack real knowledge and creativity I have been reading about on Bigger Pockets.  I love this industry, so I'm looking for creative ways to get in, make money and continue to build. For now, looking for suggestions on creative ways to manage about 15 properties with turning over to a management company and improving efficiencies.