All Forum Posts by: Donald Cooley

Welcome to bp....lots of great opportunities for networking on this site. Good luck with your endeavors. 

Welcome to bp. There are lots of great resources available. Make sure you check out the podcasts and webinars. Not to mention the ability to ask a question in the forums and have tons of experienced investors answer your questions and give you solid guidance. 

Good luck on your future endeavors and see you around. 

Don

@Dante Pirouz

Where at in Michigan? I'd be interested in the Port Huron area. 

Thanks 

Welcome Micheal, 

Tons of great resources and advice available on this site. Ask any questions you have and you will get a lot of great advice. Also, podcasts, webinars, and analysis tools are priceless. Good luck and much success! 

Don Cooley

Thank you everyone for all the advice and information. I will definitely be making a check list up from all of this and go through each item if I make the offer. 

@Jeff Sheraton it appears that the owner is out of state and is wanting to unload it. 

Thank you for the responses. Do the original deposits get transferred to the new owner? 

Hi all, 

I may have an opportunity to pick up a tri-plex that is fully rented. What is the process when purchasing and taking over the property from a managing stand point? Are there new lease agreements? What about security deposits? What if you have different rules on payments and repairs? Any help here would be greatly appreciated. 

I also have a great job, working under difficult management. That being said I am using that income as seed money to pursue a 5-7 plan to financial freedom, more time with my family, and more time to invest in things I long to do. I think gaining the understanding of get rich slow and build a solid and lasting business is truly important to those of us just getting started. If you have a job put that money to work making you money so one day, when the time is right, you won't have to. 

Great conversation.

Great conversation, lots of great ideas for us new guys. I've heard both sides, higher rent, the ability to depreciate on taxes, but also the potential headaches of dealing with repairs, damage, and theft. I will definitely have a lot to think about when outfitting my first property.