All Forum Posts by: Brad Gibson

Michael, I actually just installed about 700 sq ft of Traffic Master in my personal residence. Kind of the reason im asking this question because its affordable, easy to install, and it looks great!

Thanks everyone for the input I think im leaning towards going completely Laminate in this building.

Hello, I recently bought a 6 unit apt building and have decided to start updating units as they turnover. All of the floor coverings in units are pretty much worn out. I'm debating on eliminating carpet completely and installing something more durable to last long term. Would laminate flooring be a good option for rental units and would installing throughout entire apt including kitchen, living room, and bedrooms be a good idea? Just seems like it would be uncomfortable having anything but carpet in areas like a bedroom but maybe that's just me.

I would say hiring a good inspector is probably your best bet starting out. He'll point out any defects in the foundation, plumbing, furnace, AC. Although after I got a few deals under my belt I started to feel more comfortable picking out defects myself. I'll still call a friend every once in a while if I want a 2nd opinion. You'll learn as you go.

My first deal was a Triplex I bought for 21k shortly after I got my RE License. I had to go through a bidding website called hubzu.com. It was completely vacant and in need of some TLC but pretty minor things overall. I ended up only putting about 3k into each unit doing all the work myself. Had trouble in the beginning finding tenants thinking that a sign out front on its busy road would surely grab renters attention. Not really the case, I was borderline in panic mode thinking that maybe it was a bad purchase until I put it in the newspaper and craigslist. After that I got it filled up pretty quick collecting a nice $650-700/month profit. They are lower income units renting for only $375/month. But so far I feel that its been a solid purchase. Used its equity to help purchase a 6-unit fully rented apt 4 months later!  

Hello Scott, sorry for getting back to you so late but thanks for your reply. To answer some of your questions it is not the owners primary residence all the units are vacant. I am not sure if he declared bankruptcy but I do know that he owned up to 15 properties in the county and lost majority if not all of them. This is the only property showing up in his name though on the auditors website. Henry county Ohio holds tax auctions almost every month. I have not searched the title yet. 

If I did call the owner I guess im not sure which direction to head in to acquire this property or even what to say at this point. 

Ok let me try to explain this. There were 3 Triplex's in a row that I thought went into foreclosure about a 2 years ago. They were split up individually and a bank bought 2 of them which ended up on Hubzu.com. I ended up buying the first one, a lady bought the 2nd one aprox. 6 months later and the 3rd never seemed to hit the market so I dug a little deeper. The same guy at one time owned all three but the 3rd one was not bought by the bank that purchased the first two. I looked it up and it appears that the 3rd triplex is still in his name with about 5k in backed taxes. 

I guess im confused why the county didn't auction it off at a courthouse auction and are letting the taxes build up or why the bank that bought the first 2 didn't buy the third. I am interested in the property and curious if there is any input on the best way to go about buying this triplex. Should i call the owner himself and work with him and his bank directly? Possibly work out a deal with them and offer to pay backed taxes? Any info would be highly appreciated.

I agree with Jean have your patience in check because its quite the process. I bought a Triplex through Hubzu a year ago. The bidding system is pretty sketchy. They start out with a listing price and start taking bids, after the bid time period is up they'll either accept one or if they think they can make more money due to a high volume of bids they'll start the bid process over and reset the clock with a different price until they're satisfied. Also, with my experience I could only communicate with sellers through email which was also frustrating(pretty sure they're located over seas).

In the end I got a great deal for what is now a nice cash flowing property but it was an interesting ride to get to that closing table.

Hi Michael, I am actually in the same situation as Kevin so I guess ill pick up where he left off. I came across a great deal for 50k that needs some work and is CASHONLY due to some needed repairs. They don't want any contingencies with banks. So here is my mindset, I take out a 50k personal loan at roughly 7-10% interest and buy the property straight up. I do the repairs and a few months later I get traditional financing at a much lower interest rate then pay back the personal loan. How do you feel about this strategy?

Elizabeth thank you for all the great tips. I absolutely love the site so far. I couldn't agree more with your comment about having goals and pushing yourself to get there. Good Luck with your pursuit of early retirement! : )

Hey Brandon yeah its definitely been a learning experience. Thanks for the offer I might have to take you up on that!