All Forum Posts by: Brad Gibson

Hello fellow BPers, I am looking into buying a Tri-plex that doesn't have any of the utilities split up. The current landlord rents to a farmer who pays all rent and utilities for his 3 employees living in the apt. So for now it will be easy but when they decide to leave what is the best way to split up utilities? Go by square footage? Is it worth the trouble?  

Nick Thanks for the input. I like that approach. I made this post 6 days ago and its still available so maybe I will have a shot at it. Ill keep you posted.

So this might be a dumb question but I found a hot deal on the MLS and it has the Fannie Mae first look contingency for ppl looking to occupy the home. Is there any way around this for a investor? I am confident this will be gone in two weeks when the first look deadline expires. Thanks

Hello, I actually turn 26 today! I got started 2 years back and don't regret it one bit. I bought a foreclosure for my primary residence and after putting a lot of sweat equity in an appraisal came back triple the purchase price. I took out a HELOC and bought my first triplex straight up which was also a foreclosure. After renovating and renting that out I used it as collateral to buy a 6 unit fully rented. That was about a year ago and since then Ive picked up one duplex.

Its been quite the learning process but im glad I jumped in a few years back instead of waiting around and overthinking things. A few more purchases and I can quit my Full Time Job!

What your doing is exactly how I got started 2 years ago and I have 11 units today going to an auction next week working on my 12th. I like your determination, keep it up and im sure good things will happen! Thanks for sharing.

Yes. Auction.com bank owned houses give you access with agent. Their listed on the MLS as well. Im speaking of the court house auction. Really gets the blood pumping when your bidding in a room full of ppl! :0

I actually did notice a Lockbox on the door today.

Im actually an agent myself and have never heard of being able to walk through but I think ill call the sheriffs office and ask as well as the LIEN ?'s Thanks!

Hello, I believe I found myself a great SFH going up for auction next week in a good area with solid rent rates. I was curious if anyone had any input on steps to take to cover my rear end. I walked around and looked in the windows everything actually looks really clean and pretty much rent ready(it even has newer appliances!). For the sheriff sales in our area we cannot go inside the property. So the condition of the basement with furnace and hot water heater is probably the biggest concern.

Other than condition of property should I have my lawyers office do a title search?

What am I missing what other things should I check on before bidding on this property?

Thanks!

Great advice fellas thanks.

I wasn't planning on using laminate in the bathrooms. I was hoping to get by with it in the kitchen but sounds like tile is the way to go. My first tile job last month didn't go all that well but im assuming like anything else it gets better with experience.