All Forum Posts by: Eric Mayer

What do you guys do when off market deals find you, but you’re not quite ready to buy? Partner with someone? Try to wholesale it? I own 3 quads in this area so someone with a beachside property approached me before putting it on the market. Gross rent is currently $3,200. I’d make a little at $280k.

Eric Mayer

@Michael Ablan I have hurricane coverage as these properties are only a block from the ocean. I also would get 1 year of lost rent, but I would still lose big on my 1031 exchange goals.

@Jay Hinrichs It’s looking more and more like it’s going to squeeze by my properties and head over to your new builds. Do you build multifamily apartments?

Who else has properties in harms way? I have 3 Quads on Daytona Beach and I cant sleep! 😭 All that effort...Smh

Eric

I get contacted regularly. I got a text today and a voicemail yesterday to purchase my properties. Once I respond and ask if they are interested in wholesaling the property, I never get a response. I guess they prefer to be deceptive which gives them a bad reputation. Don’t make offers if you have no ability to pay for it yourself!

Sorry to hear about this. Where is the property located? It was probably targeted for some reason, but would be hard to prove it was the tenants fault. Have you had any disputes with contractors or old tenants? Might as well call your insurance company and get it handled.

My property management would have just handled it and given me the bill with something like that. Too inexpensive to risk upsetting a tenant.

One property a guy left all of his belongings  including tools. I always wonder what happened to that guy. I left a notice on the door for a few weeks just to be sure, but the electric was off.

Have had this happen a few times now. They did you a favor. Hopefully you got the security deposit at closing which you can now put toward getting the unit rent ready.

Congratulations on your success and growth! I bet you will cash flow more than $2k on the 24 unit.