All Forum Posts by: Justin Bailey

I grew up playing video games like Sims, tycoons, and investing simulators. I've always wanted a game about being a landlord. But what I'm thinking is that you choose your path. You could be a lender, or a property manager, or lone ranger landlord. The goal would to be able to build a sustainable business that runs in all areas and issues are taking care of by things you have put in place. Or make it a phone game that allows you to select properties and use Comps to find the rent or do BRRRR strategies and try to build that way. Could also select locations and see property prices and have to negotiate price to purchase. Rehabs could throw curve balls. And you could set up numerous accouts like E-Funds and general operating accounts. Either way this needs to happen because it could also be very educational as visual people are seeing a process happen with real numbers and scenarios. Just a thought I would share and maybe someone here has the resources or know how to make this happen. You have at least 1 sale right here lol.

@Charlie MacPherson thanks for the tips. I'm definitely checking "practicing" on everything possible, reaching out to the city about properties and trying learn processes right now. I seen it as an opportunity to learn alot. Thanks again for the advice

Alright here is a situation I would have never thought about this a couple years ago. So in my hometown there is a motel that has recently been updated. They want 900k for 50 units. The area is in need of rental locations because it is a good area to be in. The hotel doesn't do well because nobody travels here. Looking into the idea of this property because the owner is up for doing owner financing. If it were to be turned into studio apartments which each unit has the main bedroom a kitchenette and a separate bathroom. The rent would be $550-$650 a month which I know for a fact would rent out. The problem is that I don't know if there is any regulations against this. It's all flat one floor with an office. If someone could get me some info on this that would be great. I don't want to get this ball rolling if it's not allowed because this would cashflow 15k to 20k per month. I have property management team lined up that equipped for something like this. Thank you

@Ken Lim seems sketch for the math. The appreciation is great but doesn't give you options or an escape plan if the property doesn't pan out and that's alot of cash down for no return (negative actually) personally I look for properties that I could do short term rental, buy and hold (BRRRR) or fix and flip. The property has to check all 3 boxes for me because it gives me options. I also like to choose properties that do both cashflow and appreciate, its hard to get both. Maybe I'm to cautious but I make sure the property works for me. Most importantly the numbers work.

@Chris Seveney thank you! I'll try to remember to give an update here.

@Mateo Oquendo-Chandler alright I got some background info on what is going on. The landlord Is going through a divorce and is selling some of his properties, this was a property that his wife gave up to help settle there divorce. Once he acquired it, he jacked up the rent $200 on the tenant because of 2 dogs (who are really nice) we talked with the tenant and owner for quite some time after viewing the property. We put in an offer at 55 and they countered at 57, so we accepted the offer and the tenant agreed to sign a 1 year lease at $725. She was crying in joy... Long story short dogs shouldn't be used as leverage for living situations especially if the same tenant has been in the property for 5 years.

@Justin Bailey PS the 60k is below market value as well. Properties in that area average 90k-120k which might be where the rent comes from.

Alight so hear is the situation. Found a property on the MLS listed at 60k. Says it's owned by a landlord and wants to get rid of it and has a current tenant in it who pays $900 per month and the utilities. Doing a little bit of research the property was sold last year at 35k and no updates were made. Small 2-1 in this area typically rents for 650-700 on an updated property this small. My concern is why is this property being sold with a tenant who is paying way over market value. I do get the resale because of the market. My other concern is, is this fake and the tenant is squating on this landlords property and they're dumping it because of the situation they are in or am i overthinking the situation. This will be my rental. We are scheduled to look at it today. This is in rural Ohio outside city limits if your wonder on pricing.

@Brad Jacobson thanks for the advice, I was just at a meet up last night, 3 investors including me are in the same boat right now.

@Steven Wilson I'm in NE Ohio, thanks for the tip