All Forum Posts by: Jeff Russell

Jordon, you have the wrong complex. I'll end this thread. Thanks everyone for the helpful thoughts and ideas.

I need to call a roofer in that area and ask how much a new roof for that building would cost and a garbage company, as well, in the event I can't get that info from the agent or seller. I really need to find out how many and how much, all the associated monthly cost could be, before I make my offer. I am currently listening to“How to Evaluate and Offer on Rental Properties", the pod cast Brandon did last week. This is very important stuff for those of us who are serious about retiring as early as possible. I want my family to have the lifestyle of envy.

I haven't, nor has my agent, been in contact with the sellers agent. I'd like to talk to the seller personally, to see what his/her monthly expenses, on average, have been. Also, how long have they owned the prop, why are they selling (if that really matters), when was the last time rent was raised and how much and anything else I can come up with, that I believe is pertinent. Listening to the reply about why they are selling it, could tell you something they wont tell you, or not, but I like to ask. If the agent gives me a different reply, then maybe something is fishy. I'll get back to you all when I learn more, very soon. Thanks for the input, folks.

Hello. I don't know how much to offer on a multi-family property I am interested in. It is 32 years old and has 8 units, which are 1,218 sf. each. They are currently renting for $565. and the interiors are not too old. They look really decent and fairly updated. They want $45,000./unit. It is not in a flood plain. How much could I raise the rents next year, if I do get it and the bigger, more important question is: how much should I offer, below the asking price? The roof looks to be in good shape and it has a brick exterior. Not sure what else to mention. I, of course, will have any offer I make contingent upon a satisfactory inspection and an appraisal. Would 10% off the asking price be too much? It has been on the market for 152 days. What say you all? Thanks for any help you all can give me.

Best regards,

Jeff

Huh, I thought it would be similar where you live. Hmm . . .

Sounds like you got a handle on things. Around here, the little crackerbox 850-950 sq. ft. houses can fetch $900. through Sec. 8.; non-Sec. 8 will usually fetch around $850. or less, depending on the condition. Larger houses don't necessarily bring more money here. It depends on the neighborhood.

It's been the experience of my real estate mentor and myself, that doll-housing up a rental in a low-rent part of town is mostly folly. I wont do that anymore, unless the rental is in a decent rental area and even then, watch what you spend, ALWAYS.

Great job. I really want to get into apartment complexes after I build-up a decent amount of single-family rentals. I don't have a job, but I have great credit. My congrats to you. When I was 21, I was a lost cause. Now, at my age, I am and have been since 2007, wanting to be financially free, but my jobs haven't given the banks much to be happy about. Working for temp agencies is not what they consider steady work, even if you work for them for a year or longer. Way to go. I hope to join you soon in being financially free. It will happen. 

Oops, some how I just posted my last post a second time.

Thanks to all for the welcome. The 5 properties we have were put together from Apr. '07 to around Springtime '12. We took a long time, which is not where I want to be. There is a guy in my town who is supposedly doing 3-4 houses a month. I want that. What I REALLY need to learn how to do, is how to screen out the scum as best as can be expected. I have some techniques that have helped and I also have used the National Tenant Network in the past. We'll talk later