All Forum Posts by: Gordon Starr

I guess it's all those thing. Guess I will absorb the now price and buy my rough building stock n keep rehabbing.

Yes! Investors,downsizes, young couples, diy, expanding locals. Finest homes going even if it's on the fringe. Lol

Hi BP, I'm in Dayton Ohio (OH) watching houses being sold off the MLS in a big hurry for prices that surprise me. Its a new phenom in mostly C class Dayton proper.. You did not get these kinds of sale prices before. Rents are leaping higher too. This is true at least in my part of town which is shiloh north riverdale riverside drive and north main corridors. And old north dayton, too. Anyhow I am trying to understand why?.. Who are all these buyers? Is it happening all over or just more in my area of town? Thoughts?

I once bid 14,700 through my agent on a supposedly double blind sealed bid auction. The sellers agent had a client that then bid 14701 and won the auction! There was a huge fight among the realtors as the high bidder clearly knew what my bid was. Anyhow, they withdrew and I got the property. owned it seven years now. It has paid for itself and double that initial investment. It pays to have your own agent in these matters. They can see through the bs and fight for ya!

Be sure to check with the zoning department in your town. Its a great idea and safer than most rental startup business as you could keep a close eye on it. Ask yourself this before you proceed.. Would you care too much about the little things.. like the privacy you would give up.. about tenants that are annoying and etc.

When I did this years ago, I could not have gotten the start I did without the 401K money. My view was that the IRS might penalize me, but I was not going to tell them that I owed them a penalty. The question of whether you owed a penalty was murky then and is even more so now. Some real estate investment rollovers owed a penalty and others did not. I did not report that I owed a penalty and they have not, as yet, penalized me. They did however tax the income as regular income and I had a hefty payment due come year end. Set aside enough money for that!

You are willing and able to fix up your own properties. You are operating in dayton ohio and getting low cost and high cash flow properties. you know what you want. Hit the gas pedal, not the brakes!

Pick ax. Very useful right off the bat when I get an overgrown house.i start at the curb popping out the ugliest growth first using the axe end. It never fails to make a dramatic impression on the neighborhood. lol. There is very little you can’t pick apart. Right now I am picking apart a cement flume. Plus the motions make you vastly stronger. Gets the man back out

In the future, I suggest you should give you tenants a list of house rules so they know what to expect. Getting falling down drunk in your own home isnt respectable, but it's extremely common and it is not illegal. The kind of strong arm stuff @nathan cody suggest very definately is illegal and can escalate into severe violence. 

Hi Tony, if your purchase is truly turnkey in a d class area, it is already better than probably 95 percent of the places there.. I'd build on that strength and be very selective about tenants and screen thoroughly. . Employ a tough lease and consider a verbal rent to own on top of that.  Your living nearby helps alot. Sweat out improvements to curb appeal and make friends with the neighbors. Manage it yourself and do it your self to the extent you are able. Be careful not to piss people off, especially when it's hot and humid. Your risk of being robbed or shot is much higher in D and it's hard to find people to do things for you because of that. Good luck, you just may need it.