All Forum Posts by: Ian Walsh

MLS and lots of practice.

It depends on how deep your pockets are and your goals but I prefer to always have positive cash flow.

The management company getting the fee is my vote.

90% of the deals I turn down think the ARV is much higher than it is. It really depends on the lender.

12 days isn't a long time.  If it was me, unless the average DOM was like 10 days in my area, I would wait to see if anything comes up within 30 days.  Unique properties can be tough to comp.  The property will always sell when the price meets the market demand but being aware of the DOM for a location is important so you don't jump the gun.

Usually title fees and transfer tax.

Anything under 5 units I am way more focused on the comps for sale to get a value.

The startup costs aren't the issue.  The barrier to entry makes it very appealing.  It is the scaling that is the secret and trickiest part.  There are benchmarks in units where the right moves and money has to be spent to do it right. If it is done wrong at those benchmarks, it grows wrong and then eventually becomes unsustainable.

If the repair was an upgrade, who cares.  I just make sure I have the insurance to cover any issues there.  

Private and hard money are basically the same thing.  It's just about where they source their money.  Most banks pulled out of the space so most money is all privately sourced now anyways.  The approval letter is usually a front end broker believing it is a waste of time because they don't believe you have the ability to buy.  I usually do it for people in my market because it's good business.  It doesn't take long.  I do make sure the deal makes sense though. I don't approve on a borrower.  It is always deal driven first.