All Forum Posts by: Elenis Camargo

@Dylan Barnard What kind of leads are you looking for? I assume you are looking for people wanting to sell their house?

I would say do NOT purchase a property without having a plan behind it and doing your due diligence on it. Plan being are you going to rent it, flip it, rehab and refinance it, whichever it is, have that plan and have a backup. Then make sure you do your due diligence. For example, if you're going to rent it out then how much are mortgage and expenses, how much are rents, etc. to get your cash flow. What's the neighborhood like, are there good tenants, etc. If you were going to flip it then look at the specs for that. All comes from your initial plan for the investment!

@Michael Junior As long as you did your analysis and the numbers work, then it's fine to pay more than list price. You know many times sellers list their properties either at unreasonably high numbers or sometimes they list it too low to just get rid of it. They probably needed to get rid of it fast and that's why so many people went to go view it. Don't overthink it. You did your analysis and should be fine!

@Brian Ellis Have you ever had to repair the washer/dryer? I would be pretty pissed if my tenants were trying to steal my appliances. I would notify them that reviewing the documents, you see the washer/dryer belonged to the seller and not them. If they take it, you will remove the cost to replace them from the security deposit. I doubt they will bother taking it after that. Good luck!

@Hilary Stalder I am in the same boat!! We found a property we really want to flip but it has a foundation issue with an estimate of $36k. At first we thought we should walk away, but then thinking about it makes us want to move forward. Most flippers will walk away from this deal and the one who does it right can make some decent money. We are highly considering doing it!

@Victor Hogan We purchase homes that need work so that we can get them at a lower price and add value along the way. We did that with our first property and made some money while the inherited tenant was there, then when she abandoned we rehabbed it and increased the cash flow. I wrote a blog about it if you’d like to read our experience with that: https://www.biggerpockets.com/blogs/11360/78720-how-our-first-property-turned-into-an-eviction-and-rehab-5-months-in What I would change in the next one is rehab the property fully up front so that we don’t have problems with the inherited tenants along the way. It’s much easier and quicker to get work done when the home is empty.

@Roemeo Barnette Congrats!! Keep us posted on that :) glad this was helpful.

@Greg Buenzli The roach problem was not on the inspection report. Either it wasn’t that big of a problem, which I don’t think it was, or they usually don’t include stuff like that. I think roaches are due to cleanliness issues, not to problems from the house. Maybe that’s why. The termites were included and they said it was a small problem so we went for it.

@Linda S. Agreed!! She asked my realtor "What happens when the lease is up? Do we have to move?" so that makes me feel like she wants to stay longer term, or at least another year after the lease is up. Definitely want to keep her happy if she's one of the good ones. 

@Jack Bobeck You hit the nail on the head! That's what made me go look at the lease in the first place. When the pest control company said "usually roaches come because of the living conditions in the home" I was like hmmmmm if they are dirty then why should I pay for the pest control? But I get everyone else's point too. I don't want my properties infested so I'll just keep following up until I know the problem is solved.