All Forum Posts by: Donnell Durden

Gerardo Dominguez so it seems he has moved all of his things and just wants to pay the $60 and be done with it. Is it possibly to prorate him for the week or so he was there? Or just be glad and cut the losses? Given the fact my sister did many things wrong that lead up to this

UPDATE. He's explaining to me that he want to pay the $60 fee for breaking the lease. And not any rent at all🤔 do I have options here's?

Hey guys. I need to help my sister. She owns a duplex and had lived in it for about 7 years and rented the other unit in and off. She's not really landlord material so she's constantly running into issues. I once came to BP about a section 8 issue she had less than a month ago. They are gone and now she has one unit rented..sorta. Here's the low down In her desperation and because she recently moved out of state she allowed this tenant to sign the lease, move in under the promise/assumption he would pay. I know I know she's crazy! He did attempt to pay her via western union but it's was $2200 and got flagged. So now he saying his money is caught up. Furthermore he told my sister that his wife saw a mouse and they've moved all of their things besides the bedroom out. There is also a bit of a language barrier. So there's a new sheriff in town! EFFECTIVE IMMEDIATELY!!!! I'm taking over. I hate to see my sister stress. She has so much on her plate and this is a perfect opportunity to play landlord as I continue to look for my first deal. So I need tips on cleaning this mess up. From the mouse to collecting the rent and getting the other unit rented. Thanks in advance

I would like to come. I haven't been able to invest yet but I'm looking for my first deal. Living in Bronx NY but I'm from New Haven and would like to come because I plan to invest in CT.

currently listening to The Book on Investing in Real Estate with No (and low) Money Down. Shout out to @BrandonTurner! Chapter six. Private money. Raised a couple of questions. In the interview a question with signature Homebuyers Inc was what kinda of security do you offer your lenders they say that give them an insurance certificate in case of a total loss. Is this only in the case of physical damage loss and excluding monetary loss? My other question involved the lender wiring the funds a the time of closing. I thought when purchasing you needed to show proof of income if the lender keeps the money all the way until closing? Newb out✌🏿️

Travis Billings I would focus on the most expensive debt first and that is usually credit cards. Loaners seems to be less concerned with college debt and it's usually a low interest. I thought I was ready to invest because my scores were decent and I had a few thousand to invest. Then I realized I was forfeiting over over $300 a month in interest charges. I call that hustling backward or reverse investing. Now my credit card debt is gone. My credit score shot up and I'm currently rebuilding the cash to invest. There's no rush if you went this long without investing. But I do know that the debt is bigger daily and that's no Bueno. Hope this helps

If you're looking to invest in near by states I'm in CT. Many opportunities here and not a far drive from NYC. I rent in NYC and I am looking to purchase property in CT to afford this insane rent

James C. I will keep knocking until I get in the game. I will make my first deal this year. Tha do for your response and the continued help

First off I'm looking to peruse a 203k loan (basically the bank covers the purchase and rehab)

In conversation an older gentleman I often run into offers me his one bedroom apartment on the first floor of a multi family. He wants to sublet it to me while he checks himself into the VA hospital for some health issues. I never took the offer seriously but he also mentioned that his landlord was renovating the 2nd floor 3BR to be rented and that there's a long time tenant.

So I say "ask him if he wants to sell it" and I kid you not, as soon as I said that his phone rang. It's was his landlord calling him about picking up the rent (today is the 1st)

Do the man puts it on speaker asks. The guy seemed a little put off that his tenant was asking him this but after a brief delay he says "uh tell em we can talk, give him my information"

I want to be prepared before I approach him so I need you guys help.

On either a BP thread or podcast someone mentioned to check the assessor website. So I check and so far that's all I have to go on. I'm not sure what some of these numbers mean and how they can help me formulate a number that makes this home a deal.

First I notice it's listed as a 2 family. Does that mean the 3rd floor dwelling is makeshift? Will I have a hard time officially converting it?

It was built in 1900 like many of the homes in my area and has 2260sq living area

The owner Sam purchased it for $52k on 4/20/2007

2016 assessment $91k

2016 appraisal $130k

Replacement cost?? $119535

-----------

Now how do I turn this into deal?

Since it's officially it's officially 2 units

3 BR=$850

1 BR=$600

=1425

Worst case

Or just $850 (up to 1150) if I house hack (live in one unit).

I'm guessing expenses (taxes, insurance, cap ex, repairs, vacancies) for the area to be about $500 if I'm cautious.

Then a mortgage payment

I've seen the first and 2nd floor apartment via the old man. Both need some updating but are very close to rentable. Lots of wood paneling. House was built 1900. I've never seen the 3rd floor dwelling. But the old man says there's a full bathroom and kitchen up there.

FYI I have like 7k to put down.

Guys what are my next step? What more information do I need to get from the owner or elsewhere? How do I make this a deal? I'm assuming I need to get some Comps (I just learned what this meant) to know what ball park to being. Talk to me BP

Dean Ingraham Thank You for helping put those numbers in better perspective. You mentioned Comps. Just to be clear, this is this the general price for near by comparable properties?