All Forum Posts by: Wilton Baker

I checked out the info, I'm working with an agent in the town. Thanks for the insight and offer Thomas. Maybe we could work together in the future.

@Thomas Quinn the seller wants to sell fast w/o doing this leg work. However you are correct it has to be done. I Wil find out the info and get back to you. I appreciate the points you're raising.

I need some assistance. I'm in communication with a seller that has 5.5 acres of property with an appraised valued at $425K. The house is condemned due to a fire (burned down a month ago). The seller is the trustee with four siblings and mother in a nursing facility. The seller wants to sub divide the property and sell it but doesn't want the hassle to go before a board, engineering and etc.

Comps for homes in this area with approximately an acre+ is $300K+. If sub divisible ARV is $630K+. Would and offer of $250K sound reasonable given the 70% - Expenses rule. The risk may be that the property is not easily sub divisible if at all.

I have the opportunity to acquire multi family properties an hour from home. Town is depressed (slowly coming back) has a population of circa 50K and is a working class town. I'm a newbie and the opportunity to buy and hold at a lower price point with good returns is appealing. The properties are in lower income areas and I don't have any relationships in the town. In order to make this profitable I realize that I need to train the property. This is where I need your suggestions.

My questions are:

1. What policies can we post, implement and effectively enforce
2. What are reasonable fines to impose and are they generally enforceable
3. Should I pop up on site for the first 3 - 6 months of ownership
4. Is it reasonable to engage an onsite maintenance/super (offer discounted rent)
5. Is it worth it to manage properties outside a radius of 30 miles from home
6. What is a good operating model

@Ned Carey I appreciate the feedback and get it done. Thanks

Seth Williams and Josh Randall thank you for your responses and time, its greatly appreciated. A quick follow up as a newbie I don't have any testimonials as of yet. I have a mentor and others who can vouch for my professionalism but not my actual rei work as of yet. How do I get do this, execute video (script) without violating any ethical standards?

Josh Randall & Seth Williams, apologizes for the double entry still getting used to using the applications. Will you review my site as well and provide feedback. Thank you.

This is great information. I recently completed a website as well and I'm soliciting your comments and recommendations as well. Thanks BP members.

Sounds like you have a good start. I also want to own multi family units. Maybe some day we can give each other some advice or look back and chuckle over our journey.