All Forum Posts by: Jerry Dengmanivanh

Are you saying you have the opportunity to get owner financing from the seller? Or are you saying you will be buying the property cash and then owner financing the property to another buyer?

Just to get a little more context to the thread..

What is your experience level with flipping houses?

1-2, 5-10, 20+?

That answer may help others offer their advice better. Ultimately, the decision is yours and should be in the best interest of you and your family.

Hope you find the answers you seek very soon. Best of luck to you!!

I do want to add that I do not support slumlords. But making decisions that effect the better landlords because of them, I do not support.

All landlords are not bad, so if you see your city treating all landlords as one big bad money hungry group of people, get involved with your city meetings, councils, boards etc. to let them all know there are good ones out there.

Very interesting read! Thanks for sharing!

Never heard of such a thing, but I guess it's expected from people that have no idea. It's easy to make decisions that only effect others and not yourself.

Can't wait to hear others responses.

WOW!!

MAD PROPS! to you Dylan and Tristan from San Antonio for getting started so early!!

(sorry not sure what slang you guys use now a days)

 (also my phone won't let me use the mentions properly)

Seeing that I am double both of your guys' ages, I just wanted to share my support to you both! My son is 13 going on 14 and would love to see him begin to think of his future as you both are doing now.

Well, I wish you my most sincere congratulations and best wishes in your future endeavors!

Welcome to BP! Never let anyone stop you because of your age! Never stop learning! Never stop making moves!

I purchased a SFR and a neighboring duplex as a package at the end of last year. The SFR was vacant, but pretty much rent ready. The duplex had tenants in both sides. Which we were happy with since we did not have to deal with multiple vacancies being that it was the end of fall heading into winter.

We did meet the tenants prior to the purchase, but went in as part of the general maintenance inspection with the then owner. It was good to see how they were living and the condition they kept the units.

Both tenants were very nice, but as we were done and standing by our cars, one of the tenants came out and told the then owner that her toilet seat was loose (these are in low-income areas).

The previous owner then made a comment that he's gotta fix her toilet seat, but has to chase her rent check most months (something along those lines). But quickly switched it to her being better lately.

I shrugged it off, but looking back I should have taken that comment very seriously. I should have then asked specifics like how long has she been with you? Out of that time, how many times has she been late? Etc.

Well I didn't. I inherited her and every month from that point forward I was chasing her rent check. She was with the previous owner for only three months and was late at least two of those months. She was late for the first three months after the sale.

Then she breaks her lease 6 months early and said she found a new place. I did not argue, just wanted her gone. She did leave the unit in surprisingly good shape I'll give her that.

So my only pieces of advice when inheriting tenants:

- Find out all the tenants payment histories

- Ask alot of questions about the tenants and listen very carefully to the sellers comments

- If tenants seem talkative ask them their likes and dislikes of the property so you know what to expect when you take over

- We left leases in place, so if you do too, read them thoroughly

Best of luck to you!

WOW!!

Lots of good info put out here. Thanks all for sharing your experiences!

I wish you all great success with your investing!

Hello Emilio Basa,

We have a duplex, but fortunately for us they have separate furnaces and water heaters. I would contact your utility companies to see if they have any advice. But for certain I would definitely get away from paying those utilities.

Hope you get it figured out soon! Best of luck with your future investing!

- Jerry D.

When
Thursday May 19, 2016 from 11:30 AM to 1:00 PM CDT

Where

Hilton Garden Inn
1501 S. Neil
Champaign, IL 61820

Presents:

2016 Turnover Panel

Randy Hughes

Andy Hutson

Michael Jay

The panelists will describe their turnover process and give tips on how they have improved their turnover process and reduced cost over time. We will discuss the pros and cons of single family, off campus apartments and student apartments within the context of tenant turnover. Find out more at www.cirpp-live.com

Illinois, Champaign, Urbana, Mahomet, Savoy, St. Joseph, Tolono, Monticello, Rantoul, Danville, Decatur, Bloomington, Peoria, Sringfield, Paxton, Mattoon, Effingham, Taylorville, Kankakee, Tuscola, Clinton, Shelbyville

The rehabbers and buy n' hold guys I've met are just to busy with their current holdings/projects that they are in desperate need of good wholesalers to bring them deals.

Wholesaling is a great way into the industry. But if you haven't heard the saying yet, here it is.. "Wholesaling is simple, but it isn't easy."

I do not say this to deter you, I just want you to know that real cash buyers out there will want you to bring them REAL deals. If you are unsure of what that means, you must reach out to your local flippers and buy n' hold cash buyers and ask them what they are looking for.

Best of luck to you! And remember, NEVER GIVE UP!