All Forum Posts by: Account Closed

So I hear from places such as The Real Estate Guys, investors like Robert Kiyosaki and even Trump saying its always good to have cash ready whenever the next correction comes. For the average joe, our money is deposited in the large banks. Although it is arguably unlikely, these banks could fail if all hell breaks loose. I know most banks are FDIC insured, but who knows how that whole process would go if it becomes necessary.

Therefore, when these guys are saying they have cash ready, do they mean actual physical US dollars, cash in banks (like most Americans), or some other form of asset?

@Ali Boone I actually had a violation before this with the same situation with wrong address. I asked the PM to ask the city to send them a copy as well and to change my mailing address, but I turns out they never did it. I am just going to take care of it myself. It also irritates me that it's been an entire week before they even reply.

@Caleb Heimsoth Good idea! The city has a site where I can check any pending violations. I'll check that periodically from now on.

@David Cruice It is just violations for weeds (not marijuana) growing and refusing to remove.

I got a violation letter from the city 3 months ago. They had the wrong owner address so kept sending them to a different address, so it took a month for the letters to reroute to my current address (I requested change to the city just this week). They also send a violation letter to the rental property, so I thought, the property manager would get the notification as well. Turns out they had no idea. The fine comes above $500. I am a bit annoyed because I thought the PM would at least know about this. Is this something I have no choice to take a hit for?

Currently have a property rented out in a neighborhood that is primarily rentals. Should I be looking to sell this property retail or to other investors? Which will I get a little more out of?

If I am considering selling a rental, what type of broker should I be looking to list with? A broker who focuses on selling investment properties or a broker focused on buyers looking for primary homes? Does it matter?

Also, I know 1031 can only be used when purchasing like-properties (real estate to real estate), but is it possible to move proceeds into a commercial syndication?

I currently own one rental. I buy through turnkey providers, so I am looking at properties listed above market price. Prices have risen so now the cash-flow with these properties aren't that great anymore (if there are any).  I want to scale so that if this property goes down, I can have the others pick up the slack. At the same time, I don't want to be picking up properties that don't cash flow.

My rental is a very old home (built in 1910), and I am expecting to see problems. I have funds ready to invest, but am considering putting them in REITs or syndications instead. Should I be looking to offload this rental I own, or continue to hold on?

BTW, I get financing on my properties, which is why it's hard for me to find cash-flowing rentals.

@Daria B. I meant to say Mortgage and Tax. But, P&I comes to $389, and Property tax is $118. Insurance is $57.  I am accounting 10% for management, maintenance, and vacancy, which gets me at around $100 in cash flow. 

I do still meet 1% rule, but my CoC return drops to around 5-6%. Just wondering what everyone's opinions are..

I decided to go with turn-key property in Independence, MO. I had a clause in PA stating contingency on signing a renter for $995/mo. The property management went with a renter, but for $950. I am not happy about the lower rent, but would you still consider this a good deal? Here are details:

Purchase Price: $92,000 (appraised $95,000)

Built: 1910

Insurance + Mortgage = $507

Management = $95 (10%)

-The House will come with new kitchen, hvac, plumbing, new fridge

-The house will not have washer/dryer however.

Question for all brokers/agents:

If you drive clients around, whether in your own car or not, do you spend anytime checking out the neighborhood (shopping centers, parks/recreational space, etc) to give them a good feel for what the area is like or do you expect buyers to research that themselves?