All Forum Posts by: Ed McIver

also his income is 4.4 times the rent.

I have a prospective tenant who has no credit history, no evictions, and no criminal history.  I asked to verify employment and he claims to get direct deposit and no pay stub. He seems the perfect ghost. He filled out the mysmartmove application.

He is current living with a friend after a divorce. 

What do you think?

Hello Everyone, I was just offered $300/ month for a 700 sqft garage. At the present time the building is in need of major repair. The tenant is offering to gut down to the studs then rehang drywall. In exchange they want 3 months free then 300/month for the next 2 years. On the surface I am fine with the deal.

I will be specifying the minimum repairs. And nobody is allowed to send the night in the building.  

 But I'm sure there are several ways for the deal to go bad. What are the pit falls I should be looking out for?

Thanks

Is there a better time of year to search for deals? I bought my first property from a motivates seller on the condition that we close before January 1. He took a loss on the property and wanted in last year. Im sure there are deals to be had year round. But is there an investors season?

I have two businesses and I carry 3 credit cards. 1 card for personal charges. (Never comes out of my wallet). The 2nd for my day job. The 3rd is for all my real estate expenses. It is an Amex card from Lowes. When I purchase anything from meals to nails. I use this card. (I receive 5% off all lowes purchases.) I also have a "My Lowes" customer card to track purchases. When ever I purchase anything at Lowes the cashier scans the "my lowes" card. Then I can look up the receipt on line. It is a pretty easy system. The only problem is that I don't get paid for this plug :(

thank you

I am new to real estate investing but have been self-employed for 20 years. I purchased my first property December. It has 3 apartments.Apartment 1 has had the same tenant for the last 25 years. Apartment 2 needed some work and about 4k in improvements but was rented in about 6 weeks. The last apartment I completely gutted, removing everything except the ceilings and the bath tub. I hope to finish renovating this month and collect my third rent check. I did a great deal of the work myself.

I have so much to learn, but it appears that dumb luck walked us through our first acquisition. I bought the property for 100K put in 35K.We should gross about 3k /month.

I like the idea of multi-family properties. When I rent out the last apartment I will start looking for another. I like the idea of getting more properties very close to my first property. But I am not sure if that is possible.

I would like to find a mentor. And purchase foreclosures.

Absolutely change brokers. The unit is not selling because it is over priced. (Things over priced don't sell. Things prices correctly sell, priced low sell very quickly). Your broker is being lazy. This is part of their job. They should do it correctly without complaining. I would never permit a verbal unless you had absolute confidence the broker believed in the deal. Yours obviously doesn't.