All Forum Posts by: Johnny Hastings

The simple answer to that is if the numbers make sense, and it facilitates your purchase; then it makes sense for your situation. $26K cash flow sounds promising!

You said the property is turn-key, but is there any value ad opportunity in this situation? If so, and you can push the value over the $3.1M purchase price without a huge investment, then it makes even more sense. 

The part that seems a little scary to me in the scenario is whether the seller would continue to hold the note for you. Make sure that part of the contract is rock solid, else you risk losing everything here. 

Regarding your Cleveland specific question, I'd google that one if I were you.

If I had a similar problem here, I'd reach out to one of the building contractors I know. As I see it, that's a job any credible builder/contractor could handle. They may require the rental of some special equipment to get it done, but it certainly seems doable. 

If you don't have any contractors that you've worked with, just pick one from the google search and give them a call. Meet her out there, and discuss the problem and potential fixes. When you phone, say you're looking for an estimate on a repair, and you'd like top meet at the site to discuss. You'll definitely learn a ton, and it'll likely be a free education!

I put some pretty detailed info in my profile, so I won't reiterate all that here. Suffice it to say I'm into residential rentals, my first purchase was a distressed 12 unit which I have since turned around, and I've picked up 5 other units since (a duplex and a three unit). I currently manage all of them myself, and have since my initial purchase in mid 2013. 

I have a 9 to 5 still, as a Software Engineer Specialist. I'm working towards being able to quit, once I replace a sufficient portion of my income with rental income. 

Lately I've been exploring many different avenues of real estate investment. I've taken crash courses on tax deed sales, foreclosures, and preforclosures in the last few months. I also am actively looking for another larger purchase (to me that means 10 plus units). 

So far I've really enjoyed the information I've found on here. I've been listening to Kevin Bupp's most excellent podcast for the last several months, pretty much non stop, and it was at his direction that I finally came over to check things out here. I'm glad I did!

I think calling is a great strategy. I've done it, and have never found it to be too direct. I second what Ray said about needing to know how to talk to sellers. If you're not very personable or well spoken, consider the direct mail route. 

If you're having trouble finding the owners' contact info, do a search on local for rent ads. Their number will be listed there if they currently have an opening. Also, when a landlord has an opening is a more stressful time, so they may be more receptive to listen to a potential buyer! 

Hey Ven,

My advice to you on this one is to reach out to a few local contractors. Before you do that, you should have some plans drawn up. If you have the plans already, any contractor should be able to get you a reasonably accurate estimate on the build. From my experience, I'd tack an extra 10% on to what they give you, building costs always seem to run over a bit. 

If anyone on here was to give you some estimates on your build, it would be a complete guesstimate. If you want accuracy, take the route I gave you above. 

I hope that helps some, though it likely isn't what you wanted to hear.