All Forum Posts by: Faustin Hoover

@Larry Turowski the comps were similar and as close to it as I could get and no I meant 91 per sqft. So it would be close to 100k ARV. Thank you for the input.

@Ezra Henderson I did figure closing costs and may not use a realtor. I'm sure it won't go as planned as nothing seems too. Thanks for the input.

Hello. I am looking at a potential flip and wanted some input. If I ran my numbers right it makes sense but I could be wrong.

3 bed 1 bath house 1100 sqft. Asking price 11000. Looked at comps online and it should sell for around $91 a sqft arv. Potentially needs around 40k to 50k in repairs. After purchase and repairs and closing fees I am getting 30k to 40k in profit. Does this seem correct? Thank you for your input.

For those who don't manage their own properties. I've heard a few diff names of apps on the bigger pockets podcasts for tenant screening and leases and repair tickets etc. Is there one that's better than the other or do any of them work? Which do you prefer?

@Scott M. That makes sense. Thank you. I mentioned the credit card because my wife and I stayed on vacation at a cabin and it said if there was any damage to the hot tub or anything that our card would be charged. But that was a vacation rental so I guess that would be a bit different than a normal rental.

Hello all I do not own any rentals yet but I am looking. I have a question for those who do own them. If you have a tenant who damages your rental property and you try to bill it on their credit card you have on file but it is maxed or they don't have enough on the card how do you go about trying to get the money? Will collections work or do you have to go to small claims court? What if that person doesn't have the money at all and doesn't currently have a job? Do you just lose out and have to pay for the repairs yourself? Will insurance kick in?

I'm sure this doesn't happen all the time just curious if anybody has gone through this process? Thanks in advance!

Hello everyone. If you were to start your own real estate business no matter what kind. How would you go about finding an attorney and cpa or tax person to help you set it up properly? How many would you vet before picking one? What are some questions you would ask them? Would you seek a business loan or build credit first to gain capitol needed? Thanks.

Thanks for the advice everyone i appreciate it!

Hello i had a couple questions. If you buy a rental with tenants in place already do you have to wait until their current lease expires? If so how do you make a new lease or where can you find them and is there anything you should change right away? Lastly if there are some minor renovations that need done do you send them a letter to let them know and how long in advance should you let them know? Thanks!

Hello i was wondering if anyone has found a private or hard money lender that will do 100% for a new investor. All the ones ive talked to only do 80% of the purchase price and 100% rehab. So if you truly have no cash how are you supposed to get started?