All Forum Posts by: Justin Berst

@Leah Woods

No, I wouldn’t do it. Just for work in Oklahoma by a licensed plumber it’s basically $1,100 per fixture for new, which is what I would call making a new toilet location. Then add the cost of the fixture and flooring flooring. That’s just for starters. Sorry, I don’t want to be negative but this would be a hard pass for me.

Buy the 4 plex.  You can always build the house in a year or 2 after you buy the 4 plex and live in it.  After 2 years of owning the rentals they will count as income and won't hurt your debt to income ratio.  Also, building right now on land that you can't sell, due to being next to your parents is not investing as much as it is providing for your own house. Your own house is great but if you can't sell it then it doesn't move you closer to financial freedom.  Just my opinion. 

Glad to have you on BP!  You can learn a great deal on BP so dig around.  I haven't had any issue that wasn't mentioned on on the forums, so use the search feature.  It is great. 

Thanks,

Justin

Welcome to BP.

Welcome to BP, Josh!

I am buying two duplex's which are currently rented, what is the rule or law when dealing with security deposits?  Does the previous owner need to give me their security deposits or are they allowed to keep it?

Shawn,

Glad to have you on here. I also live in Ada. I am realativly new to REI but I have done one house flip and am currently buying two duplex's. I have done a lot of learning on BP as well. It is a great place to learn. The pod casts are amazing to listen to when I am driving to and from work. Message me and we can go to lunch.

Justin Berst 580-320-1449

That is not true.  I know of several people that owner finance their homes to and from others.  The contracts are legal and binding.  There could be an issue about buying  home that currently has a mortgage.  The bank usually ignores the secondary mortgage holder as long as the primary is being paid.    

It's a small town with a suppressed economy.  It's not a place I would rent a house without being there or a property manager that you trust.  I live about 30 min from it.

I have only used it once for smaller units (10 or under).  The addresses were majority correct.  It is more of a sit and wait approach because the generally take a few months for any perspective sellers to contact you.  It gives you the owners name and address, not the management company.  I believe there is an option to include corporate ownership but since they were small units I figured I would have a better shot at approaching a mom and pop owner.