All Forum Posts by: David Hildebrandt

A few things:

Found the listing online, saw the pics. I would move those hoarders out ASAP, no one would ever treat one of my units like that.

It looks like an auction, what makes you think you can buy it for 260K?

If that is true it seems like a good deal @Lamont Marable. I see separate meters for electric, why in the world is the bill $550/mo? First thing I would do is hire a company to do a RUBS system for your utilities and put 80 percent of the water sewer hear back on the tenants. This would drive your NOI big time. If the electric IS master metered...which is not permitted in Ohio...I would RUB that as well.

If you don't have credit karma, sign up now. You can monitor your score for free and they provide tips on how to improve it. Also check out selflender.com they set up an account where you deposit a small amount in a CD that pay interest, you make a payment, to yourself, every month that is report to all three credit bureaus, after 12 months you get your money back with interest and a great payment history.

To get rid of hospital bills, see if you can find a local person to negotiate them for you, or do it yourself. If they have gone to collections they are especially easy to renegotiate as they arent tied to a specific amount of money like if you defaulted on a loan. It might be a long call, but if you are prepared you can get those amounts reduce to 20 or 30 cents on the dollar.

The best rates are usually at 740 and above, although different banks have different criteria.

Should be run once on a purchase.

If $200 per month meets your criteria then go for it. I have to think with a little patience you can find a similar single family rental that might pull the top end of that rent range and would eliminate the $340 HOA fee.

Value is relative and its is your job to find it. If you do find it, and take it to seasoned investors, someone will help you.

For example: If the going rate for a building in area X is $1MM and you can find a similar property for $700K it would be a relative value. The fact that dollar amounts of the transaction are large does not matter

First of all, I am not a lawyer and can only speak from my own experience. My one question is: Have they signed a new lease in any form? If so, you will need to go through the eviction process.

Otherwise, in Ohio at least. I would hire a junk removal place to take all their stuff to a storage unit. It has to be stored there for 12 months I believe and you must provide them with the location. You can attempt to charge them for the storage unit rental, but wont have much luck I would assume. This is certainly an additional cost to you but part and parcel to the rental game. Before you transition to a new tenant, make sure you complete a move out checklist (you can download one as part of @Brandon Turner landlording book extras) and send it to the former tenant.

Not receiving 30 day notice from a tenant is a common problem. This is how we work around it. Collect a double security deposit. The first part acts a your security against damage, per normal. The second half goes to pay their last months rent, since you have their money on file, they call you to tell you they are moving in a month, and you use that money to pay their final rent payment. In ohio you do have to pay interest on any amount above a one month security deposit, but rates being what they are the cost is minimal and far outweighed by the benefit of actual notice.

@Kirk Simpson check out self lender . com for one tool you might use to help your credit score. Haven't used them personally, but my younger brother is to help establish credit for the first time

@Kirk Simpson Point of clarity, you cant set goals on credit karma. But you can set them on a piece of paper with a pen! They do make good suggestions and give insight though on how to drive your score higher.

Welcome, Kirk. Join your local REIA, and go to the meetings. Ask how you can help...check people in at meetings, update directories...whatever. You don't need credit or cash to do that.

If you dont have credit karma, you should sign up, so you can monitor your credit regularly. Set a goal to reach a number by a certain date and follow the suggestions they provide.

The cash thing is less of a problem. If you find a deal, you will find money!

Buy a mobile home park. They let off cash like crazy, tenants have low expectations and you can develop multiple income streams from both lot rent, and seller financing the trailers on your pads.

You should create a note, secured by a mortgage against your property and sell that note to another investor who understands the value and isn't constricted by a bank's rules. How much are you looking to get out of it?