All Forum Posts by: Jason Dhanraj

@Joshua Hollandsworth If I can remember correctly is once you market your property for section 8 tenets make your choice of candidate then you will ask them to bring there package for both you and the tenet to fill out and send in to section 8 building and wait a couple week for your schedule inspection. There should not be a fee for a section 8 inspector to view the house and you could leave the house as is to inspect. However, try fix up majority of the property as the inspectors are very picky (depending on who you get) and can lighten up the workload for a future re inspection.

Not sure how to answer the last question so someone else could answer that.

One thing to look at is use your browser and type "CMHA" which is the program for sec8. That website should have more information since your a landlord or you can call their office.

@Sasha Fukuda Well your story was really amusing. can't really help with the girl problem but its seem you are serious about REI since its volatility is lower than paper trading or crypto. that being said if I were you and was looking into investing in this market. I would look at the market around my area and see how much real estate goes for my area. check if my online investing can cover the cost of buying and rehabbing a property after selling those investing deducting tax. And second see what professional are around such as: attorney's, contractors, certified public accountant, real estate agents, etc that will help me dealing with REI.

35? yeah your old. sorry if that a little harsh but that should not stop you in pursuing new goals. doesn't really matter about you age for investing as long your willing to learn.

@Ian Kurela Well I should say that if we look at hard money your positive is your able to get money faster to close on your deal. However, hard money is the lender set the amount of interest you pay back which is usually higher than your bank loan. 

Conventional is positive best for lower interest  and mortgage plans like 15 or 30 years so more flexibility to pay. A big Con is the verification process of income source, credit score, etc. Ian two things i will tell you. One, look at how long the seller is willing to wait. Two, figure out what you really want to spend for a property. these can be factors of which directions to take.

Overall, my advice to you start out with conventional loan if you can so you feel more comfortable of the process. then after a few deal then you can venture off into hard money. Starting out will be hard because your young age but i think you'll do fine old friend. 

I would not get too attach with this cause the property is price higher than market value which seem resell value is at a loss. Another thing is i did some digging which i found a lot of additional fees beside the tax of the city which is unusually being listed as a duplex. Usually if i would invest something like this i would find another property to decrease purchase cost and increase profit margin. But what do you think got you interested in this property and what can you predict the rents would be from and investor perspective?

@Tyler Porter Nice to see you are motivated into REI. Seeing as you are starting out I would not recommend a multi-family yet as it can be more complex to manage & maintain. Not saying that its not possible but can be more challenging and expensive.

With fix&flips you are correct that it does have quicker profit but can involve higher unexpected renovation expense, additional holding cost, and higher tax collection so in order to do this is research properties carefully and have a good cpa. 

Your last option was find a next home which i see a few option with this. First is find a single family and keep the other as a rental. Second, sell your single family to move in a duplex. And third which is bit coming from Brandon Turner podcast and weekly seminars I watched in the pass is get a FHA loan to buy a new house and get a 203k loan to do improvements while gaining rental income from your previous properties and pay for loan you took out.

So overall these three choices are not easy but they can help giving you some direction and some experience in term of investing so hope this helps. 

usually I would not go into this deal until I do my due diligence and research more about the property, area, and reason to sell. the price of the home is a little high with the addition of foundation problems which definitely need a contractor to fix that huge problem down the road. if the home was build properly then it can last over a 100 years but that usually rare. A better way for you next deal is to do more research about a property and define the cost need to fix to rent or flip whichever you choose. And to determine the value is all about the economy if people have two things: a job to provide livable standards and motivation to buy a house (in other words more buyers than sellers.) Overall you need to know if you can make a reasonable profit after all the expenses. 

with new construction is not much to find expense if the house was previous fix by a contractor or new. When inspecting a property you need to figure out what you want to use it for. Many people have different need like buy and hold's or flippers. checking the condition external and internal of the house can help provide some ideas of things you notice that where bad about the home that either needs replace, clean, or left alone. Make notes what you found that was in bad condition and research the cost for a item or job. with utilities check to make sure they work properly and get information on who did the job and what date if possible. then talk to a contractor to estimate about a full cost for work done then determined what option you would like to take  

@Jem J.

For the 4 corners you talk about if their like small holes they can be filled with wood putty with your wood color. However if the floor is really bad then you may have to fill the damage area with the wood putty and sand. Or sand the floor to recondition this would indicate you can take the deposit to fix the damage areas. If the estimate is about the rent amount use the security deposit. otherwise just take a necessary amount and reimburse the rest to the tenets. The wood your option is fill the damage which can be a cheap option if not much damage or redo the room to look new.

@Carole G.

It depends on the law in your state when doing evictions but I think you would do an eviction notice, go to court to evict the person, then if they do not leave the property in the exact time then you would pay a bailiff to force the tenet to move. That usually the process i'm familiar with which is common. this is a long process so you may have to go this route since the sheriff is not legally able to remove the stuff without permission from court order.

@Bob Collett

one way is hire a plumber that is familiar with the area with a good record. This can lower the risk of having a problem of thief. My second is not the ideal and best choice but doable with the type of area you work with which is self installation.

New hot water tanks are about $400-$900 depending on the need for the client plus any pipe adapters for the tank if needed as well as paste or tape for sealing the utility pipes. the package include instruction about installation which was not bad out of a 5 point scale of difficulties i give it a 2.5 or 3. So this option has a little more work but you won't be paying $2500 just for a hot tank which I find a little high in price. Just replace a old tank Saturday morning which wasn't to bad for two people to lift a tank and install.