All Forum Posts by: Isaac Pepper

@Trinh T Dang

I do not show units with an "open house." I need to know that when I show a unit I'm not wasting my time on people that wouldnt qualify.

I do a walk-thru of my property recording the whole time. Once someone makes contact on my listing, I send the video and application link. I tell them if they like what they see in the video they can submit an application, and if appoved they may view the property in person. This will weed out 90% of applicants as they hardly ever submit an application. Then from those that show in person you can make your decision.

The last house I listed was 4 months ago and i had over 600 people inquire. I just copy and paste a script and the video without reading their message. I dont really open dialogue until I have a qualifying application.

@Parag D.

Youd want to get the the offer submitted and in contract before hiring an inspection.

Imagine paying $450 (or more) for an inspection, and in the time it takes to get the inspector out there and get the report back to you, the property goes into contract with a different buyer. Now you have a report to a house someone else is buying, wasting your own time and money.

@Adrienne Medina

Unless the house is super nice/expensive or is showing signs of movement in the walls, door frames, windows.....just shim it and install either new subfloor or luan.

@T.J. Isaacs

I know an investor that would tell the sellers something of the effect of : "You set the price, and I'll set the terms."

@Gabriel Mouzella

I do not know your market, or plans for REI.

But if I was picking up houses for 1/3 or their value, and only cash flowing $50, I would be flipping--not holding. Lots of equity there, but not enough cashflow for my time.

@Michael Nahm

If the point of the nail is up, is it possible that something was secured to the subflooring underneath, after the install? Did you have any work done in the basement/crawlspace since?

If there are gaps showing, you can cut in thresholds, and put a transition strip. Use a suction cup dent puller and a rubber mallet and lock them back together first. The flooring should not be installed under cabinets or similar fixed items.

@Kevin Phillips

If you feel you can have a good relationship with the tenant, I like @Colleen F. suggestion about a discount until the work is done. The other option I would consider is telling the new tenant of your intent, and do a 6 month lease, letting know of the rent increase on month seven at the beginning of the first lease. Of course you would need to make sure they met the income requirements for the higher rent before the first lease.

@Dylan Huynh

After the first one was purchased and rented I went a year to feel out LTR in buy and hold real estate. It confirmed it was the route for me. I had issues with a clay tile sewer line that had severe root infiltration. I ended up replacing it, and wish I had done it sooner. I also placed poor tenants due to inadequate screening and a urge to fill the vacancy fast. I ended up evicting and replacing the ruined carpet with floating floor. Now the rent is 15% higher with the new tenant.

I purchased the next property a year after the first, once I knew I wanted to continue in real estate. I am continuing to purchase cash flowing value add properties for LTR buy and hold.

My current goals are to close on another property that will cashflow no less than $200 per door per month. Also I need to obtain another loan so I can quit my job. My recognizable income after I quit will not qualify me for regular loans.

@Atul Kaushal

Get some airflow thru there somehow. When you can get the power on do so, and put dehumidifiers in there. Clean your gutters and re direct downspouts. Fix/install a sump pump.

Get some good masks, gloves and a paint suit and remove what you want to demo. When the weather allows run the furnace set at least at 70 degrees even if its empty to help control the humidity.

@Sam Fickel

From what I've seen, the type of landlord who will just throw anyone with a heartbeat and a payment into a residence does not use or even know about BP.