All Forum Posts by: Jerrad Carranza

I have a tentative offer to pick up a property owner financed with a balloon due at the end of two years. After doing the numbers, including 10% for vacancy and 20% for repairs/maintenance, I forecast an cashflow of between $160-210/month. I would be more comfortable if I had a solid estimate of no less than $200.

I have done a bit of wholesaling. This is not my endgame and has only been my introduction to real estate. In fact, that is how I came across this property.

A couple problems:

1) This property is not in the best area of town. Although not a war zone, it would rent to "a lower class" of renters who stereotypically do not care for a property as perhaps those in a better area of town. So upkeep and maintenance, as well as turnover are a concern I have.

2) I have no capital and no reserve. Although the property needs very little to make it rentable, there are inevitably unexpected expenses, I am sure. Also, if things turn south from the beginning, I do not have the reserves to keep it afloat. I could afford the mortgage for a few months, but when you factor in any other expenses, I just don't know that I could do it.

Any suggestions?

Most signs I've placed in the ground have lasted at least a week, sometimes two or three. I just received a call yesterday from a sign I placed before Thanksgiving. I didn't put out any signs over the holidays and now the ground is frozen. @Justin McClelland, I hope your correct about not having too much trouble with half stakes in the frozen ground. I like the idea of putting signs up on wooden poles but it will be more difficult placing them. Another issue is a decent amount of snow on the ground. Will get some signs out regardless as I need to start picking up the pace.

Thanks @Wayne Woodson!

@Nathan Paisley, @Alvin Grier, and @Fred Ramos: thanks for the suggestions. I had heard that before but it has always been easier to put them in the ground. Guess it makes them easier to remove by the city as well. I'll have to go scope out locations to place them where they can be nailed up on a pole.

Thanks @Tim Norris.

Does anyone here place bandit signs in the winter when the ground is frozen? How do you deal with this? I could nail some up to wooden poles but they're not always in the ideal locations.

William Strong, welcome to Omaha. No, I haven't had a lot of success yet, as I really only started shortly before the Holdidays. Didn't do much between Thanksgiving and Christmas. Now that New Year's has come and gone it's time to get busy.

My brother and I are primarily starting with an attempt at wholesaling, but we've a couple other areas we'd like to attempt as well. Ultimately, I'd like to have a portfolio of multi-family rentals.

Best of luck to you. Feel free to contact me if you'd like.

Thank you all for your comments! Rob K, I'd like to talk with you more about land contracts, if you don't mind. I don't know the best way to get ahold of you on BP. Let me know if you'd be interested and I can give you my email. Thanks!

If I were to sell a property on land contract, how do I ensure that that the buyer maintains homeowner's insurance and stays current with property taxes?

Thank you all for your input. It is greatly appreciated!