All Forum Posts by: Aaron Nelson

Came across a deal today I thought I'd seek some advice on.  There is a 7 unit D class property consisting of two duplexes that are efficiency 1 bedroom apartments on each side as well as 3 small houses all spread across two lots. Five of seven units are rented with a gross income of $2500 per month. The other two units are completed gutted down to the studs. Basically, all 7 units are capable of renting for $500 each per month making a potential income of $3500 per month. The current owner is paying all utilities which amount to $900 per month for the entire property. There is only one water meter and three electric meters which limits the ability to switch the tenants to paying their own utilities. The seller is asking $80,000 for the property. It had been listed at $119,000 for quite some time. The seller has no financials they can provide except for a few electric, gas, and water bills. I would estimate that $20,000 total would get the two units into rentable condition. Taxes are only $685 per year. Two of the units were recently remodeled. 

Am I missing anything? Would you guys jump on it without knowledge of expenses? It doesnt sound like they have kept accurate records.

Hi everyone,

I've been reading on BP for a while now but I thought it was time to make my first post! Anyway, here goes:

We have had several oil companies approach us about renting out homes to them in the corporation's name. We have been turning them down because we are worried about the type of people they will be running through there without the usual checks. The lease states the occupants allowed to live in the property but I have no doubt they will end up violating that provision.

Does anyone have experience with these corporate type leases? What recourse do we have if they violate the lease? Can you evict a company?

I have been a Realtor for about 3 years now and am finding investing in real estate to be an enjoyable learning experience. Looking forward to the advise you seasoned investors have to give and to giving back when I can!

The market down here in West Texas is turning into a bubble and I have a few owner finance deals lined up. I plan to hold them for around 8-10 years and sell before the local oil market weakens. In the area of the Cline Shale play. That money will then go to one or many more diversified markets. Any advise would be great!