All Forum Posts by: Jay Orlauski

 I was kind of thinking the same thing - what does the market know about this house that you don't? You mentioned after repair value - so perhaps there is still some value to build into it - question is why has it been listed for so long ? and why haven't other investors jumped on it? sometimes it is cause they come on and off the market if they go under contract , then fall out of contract - I've seen homes that do this 3 or 4 times before a buyer comes in and actually completes a deal. You could be up against something like that - or it could be the area it's in. Maybe other investors never offered 75K or the seller never accepted a lower offer before , but is now willing to after 2 years of being stagnant. Seems like some research into this would be warranted - it could be a good deal - but you don't want to be the one who has it on the market for another 2 years - I would keep following up with it - are the comps strong in the area? 

Congratulations Ashley!! and welcome to BP. I think it's great that you are stepping out of your comfort zone to follow your dreams. Reading everybody's stories and learning about all the different ways to invest can be quite invigorating - one can only sit on the sidelines and absorb information for so long , before it's time to go out and put it to the test. I hope your connecting with others in your area to help you get a leg up on the situation. I look forward to hearing about your exploits and reading about your acquisitions. What type of deal are you on the lookout for? SFR flip? buy and hold? Multifamily -spill the beans - maybe someone here knows of one in your area....looking forward to hearing more

Great Idea - I just started one up here in the central valley - ours is different from the other's as it is supposed to have weekly meetups as well as go through live deals (on paper) and discuss them - The idea of holding meetings on site of an existing project has come up more than once and I think it is a great idea and something we will probably do periodically - though not each week. Also - though it is supposed be weekly - starting it up just before the holidays might have been a little too soon - combine that with the fact that the place I want to hold the meetings regularly is actually under construction until after the holidays  - so we have met in a restaurants so far- but i am looking forward to getting us into a business center more geared for meetings. Restaurants can be great for getting together if it's a large group - but all the fuss with taking orders , bringing  food,  drinks coming and going .. it's all a lot of distraction - I would like to meet at a coffee shop but the group is too big and we would overtake the whole place  - meeting at a live deal is great on so many levels... especially if you have several of them available to visit. Good luck with your group - sounds like the responses to it are already positive.

Have you looked into any investment groups in your area? Most cities have several meetup groups that center around real estate or investing - perhaps attending a few of those will put you in contact with the right partners - check your local Association of Realtors - many times they have a special day for investors and real estate agents - we have ours every Friday morning - your local office may have something similar. Hope this helps. 

Great idea! I just did the same thing down here in Fresno and we have had a great response to it - we've held two meetings so far and we are going to get together each week and network, listen to a speaker or just have open discussion and then look over a few deals and talk about them - it is just getting kicked off so we haven't worked out all the kinks yet as far regular meeting place - but one of our members suggested a really great business meeting center here in Fresno that will work great , except that it is currently under construction due to it moving to a new and larger location  - hoping that at the start of the new year we will have new a regular place to meet every week. The feedback I'm getting is really great and watching new BP members meet and engage was so inspiring and I have already met some really great people in person that I might not otherwise ever have met. I applaud your efforts and look forward to hearing about it's success. 

Devils advocate jumping in : if we are to follow the lease to the letter - and the lease calls for a $30 / more charge based on two cats - if they no longer have two cats than they are in violation of the lease and should given a notice to perform or quit. In other words get a second cat or move out.  Just being facetious of course -  I had a triplex with tenants that for the life of them couldn't remember their keys and was always asking to be let in. I didn't make a big deal of it cause I was right next door anyway and they always paid on time .. sometimes in advance. But, I think like one of the posters above said - they got used to thinking I would always be there to open the door for them - one day when I was out of town and they locked themselves out - they called and were surprised to find that they had to get a locksmith or wait for the second person to get home with keys -they chose to wait - but the indignation in her voice obvious... like how dare I be out of town when they needed to get in .. and when it sank in that she wasn't getting in.. the resignation in her voice said it all.... it was actually the last lockout call I got from them.  

I am in California - but in here in Cali - a lease or rental contract must be honored , even if the property is sold - the new buyer must still honor the contract  - or offer to buy his/her  way out of it contract - seeking advice from a local attorney would be the way to go on this one - just to be sure - worst way to start off your real estate business is in court..

followup to a previous question - what are the expenses on it? Those are going to make a big difference - if your at $28 cash flow before adding expenses, it could be a major red flag - at the same time - living rent free has it's value too - that's $500+ a month that you don't have to pay in rent -  it may end up being a wash. You should try to get a handle on the expenses of it to be sure there aren't any big surprises. If you do get it - be sure to start saving up a buffer for major expenses in case of deferred maintenance. Would love to see all the numbers on this one. On it's face, it seems worth a more thorough investigation. 

Just from a quick read of that article .. it seems like rising prices are slowing down sales... just remember that no matter what the market , there are always opportunities to find a deal with some meat in it - most investors make their money capitalizing on specific situations more so than what is going on in the market. Just my 2 cents. 

Welcome Nicolas - sounds like your off to a great start - and coming to Bigger Pockets can only help as I'm sure you will get a chance to meet all sorts of investors with differing levels of experience. I look forward to hearing about your ventures here - keep it up!