All Forum Posts by: David Moore

@Jordan Moorhead

Yes, please PM me that referral.  Thanks also to John who gave me a referral.

@Michael Lee

Sorry to offend...just saying that starting a new guy on someone down to earth is probably better.  Cardonne does have some funny stories, though.  

I remember speaking with a company in Bloomington, MN or Richfield, MN that contracted out evictions for about $550.00.  I cannot find that number now, of course, when I need it.  Can anyone recommend a good company to handle an eviction?

@John Woodrich

I did look at this, and it had a major flaw, but I cannot recall what it is.  That is, a major flaw in my buying criteria.  I remember asking you something about it, but it escapes me.  

Just a side comment.  @Michael Lee....I am not a fan of super long posts.  But the guy you are citing doesn't fit the BP profile.  I personally would hold people like @John Woodrich as a better example of an investor someone new should follow or @Dawn Anastasi.  Funny how in America we judge the person who has millions, and spends all his time at work as rich, or the guy who has a jet.  I wouldn't emulate him.  

@Bob Smith

There are a lot of pieces missing from your story.  First, consider none of us know your market.  The first time you consider a rental, fear is a major factor.  It is important to get another set of eyes to look at the property, and evaluate it.  Look for another investor in your area, show him/her the unit, and get their feedback...what do they see that needs repair.

Talk to the local government.  Surely, a rental license is required.  Has there been one?  If yes, ask the municipal government what repairs they are requiring.  You might be surprised (hi or low) at the cost.

Next, go to a site that helps determine market rent.  Your mothers case is an important lesson for any investor.  Keep rents low at your own peril.  You need to raise rents to market, so you can maintain your property.  

Finally, consider the intangibles.  The property has been in your family for years.  Are  you sure you want to sell it?  

Also, if you think repair will work, try to acquire the property from your mother.  If you get it, renovate the side she lived in and then moved out of.  When that side is renovated, offer the unit at market rent to the other tenant.  If they pass, tell them you have to renovate their unit, and give them notice.  Renovate both sides, and collect market rents, and off you go.  

@Travis Hibbard

Greetings. I'm not seeing good deals right now the the MLS. Let me rephrase. I'm seeing sellers who know what they are doing, and buyers who also seem to recognize the legit value. As an investor, I want to find the property where the seller has outdated rents, so I can find the value add gains. Lease loss is my favorite strategy.

I'm going back to private marketing to find my next deal.  I have a meetup that will be occurring on 09/18/18, in Golden Valley.  It would be great to see you there.  

@Andrew Morem

My wife and I own 4 properties in Albert Lea, and they are really profitable.  The ones for sale now are not bank owned beauties, but beaten up rentals.  Still, there is value there.  We also own a 4 plex in the metro.

The key in Albert Lea is to get a good, long term tenant.  The contractor contacts are the best.  High quality contractors at 1/3 the cost of what you pay in the cities.  We have two properties with long term tenants.  We pamper them.  The one thing to keep in mind is resale.  The smaller towns have less buyers, have more investor interest, which means more low price offers when you sell.

Our appreciation on our four plex in Crystal is crazy good.  

We get calls that mean we have to go to Albert Lea about once a year.  I have a good handyman who is my emergency contact, and the city is a breeze to work with.  I also network with other investors, and get great contractor leads from them, and sometimes we get together and just chat.  I really like Albert Lea.  

We self manage all of them.  Showing them for vacancies is the only hard part, but we deal with it.  

@Bruce Harding@Allan Kyariga@Josh Cook@Account Closed

The next meetup is two weeks from today.  I have a great guest speaker.  Hope to see you there.

https://www.meetup.com/Bigger-Pockets-West-Metro-M...

@Ben Payano

Ok, but fix your link in the original post.  That's what everyone is seeing.  

@Ben Payano

I followed the link on your original post.  Go down to price history on the Zillow ad.  It seems you've put this up for rent many times, and for many varying rents.  So why bring this up?