All Forum Posts by: Dan Wentworth

I agree with @Joe Alonzo, this was a bad deal from the start.  I would definitely get bids from multiple contractors & have multiple inspectors to take a look.  I would think the damage would have to be pretty bad to condemn the property but I would also check into making the original inspector liable as suggested by @Gil Segev.  What made you choose to invest in Lexington?  Seems like a deal with these margins wouldn't be to hard to find.

@Greg Carrier

@Greg Carrier

Greg, would mind sharing that with me as well?  I would be forever grateful, lol.  

Eviction judge tells me my tenant (who is 2 months late) is not made of money & gives him another week to get out. Sheriff comes a week later, he is still not out.  The sheriff calls the judge, the judge says we can lock the property up with his stuff inside & set a time for him to come back.  My response to the sheriff, "why would he come back if he is not doing it while he is here?"  The judge said we could not remove his property & had to give him the opportunity to come back tying up our property even further.  We had sheriff go tell tenant he had to be out by 6pm & luckily he was.  So we avoided further drama but does anyone have any suggestions how to best avoid this in the future?  Thanks in advance for all responses

@James Smoot

You'll have a lot of those moments, just don't get discouraged when it happens & keep learning.  Every one of those moments gets you closer to where you want to be:)

@James Smoot

After Repair Value is 350K on the report

Wow, a $350K property that only needs $2500 in repairs.  That is a great find, well done.  The property taxes seem high in relation to the cost of insurance IMO but I've never been to San Diego unfortunately, lol.

@Nick 

@Nick Peters  yeah, was thinking about that & will need to add that as I don’t work for free, lol

@Charles McCabe  Just found this, great value......Thanks for keeping access to this available.

@Tim Herman  Not sure if first reply tagged you properly since it didn't highlight your name so here it goes again.  If this is a duplicate to you, I apologize in advance.

Interesting point Tim. I just used the BP calculator to come up with the #'s. Maybe that is a per unit amount or maybe I did something wrong. This calculator thing is pretty new to me. I guess I need to come up with my own way of calculating so I can confirm & view the deal from multiple angles. Thank you for the information, it has helped me a great deal to understand & evaluate the numbers better.

@Tim Herman

Interesting point Tim.  I just used the BP calculator to come up with the #'s.  Maybe that is a per unit amount or maybe I did something wrong.  This calculator thing is pretty new to me. I guess I need to come up with my own way of calculating so I can confirm & view the deal from multiple angles. Thank you for the information, it has helped me a great deal to understand & evaluate the numbers better.