All Forum Posts by: Account Closed

@Frank Patterson here's an article with more.

https://www.investopedia.com/articles/investing/012117/buying-house-tenants-quick-guide.asp#:~:text=For%20starters%2C%20it%27s%20important%20to,even%20when%20ownership%20switches%20hands.

@Frank Patterson Hi Frank, I think the leases stay with the property so you would need to honor them until they are up for renewal. That is my understanding.

@Graziano Casale Congrats on the negotiating and the deal! Great job

@Andrew Duclos Hi Andrew, my understanding is that the tenants lease agreement stays with the property until the lease expires.

@Vee Vu not sure on that, I'll let other Flip investors chime in. I would think it all depends on your comfort with GC and his background and experience. Have you run several scenarios through estimation and do you have the expected profit range determined?

@Zach Perry Hey Zach, welcome to Bigger Pockets! I would try and attend a local meetup and talk to some local investors even if its virtual for now. See if anyone needs help with anything. Maybe you could bird dog for them, or run some analysis. Maybe you could clean some properties or do other property tasks for them in exchange for knowledge and advice. Just ask questions and continue to learn. Sounds like you have a good start already with being able to budget and manage finances. Best of luck!

@Joshua F. So I was reading the responses so far and all 3 pointed out key info. Understand it takes effort, a strategy (taxes being a hugely important piece) and a system that you are constantly adjusting (your procedures, communications, templates). So I don't have too much to add. I have 3+ years experience so naturally I'm still picking up new things all the time as well. Be flexible and continually learn and force yourself to learn to analyze deals through practice.

@Vee Vu hi Vee, Yes, I would be worried about this since you are putting in all the money. The risk is all on your side (other than the 30% profit - aka his variable bonus if things work out and it sells quickly at a good price after a smooth reno). If GC has other jobs running concurrently and they see the 30% profit slipping because of the reno challenges, length, other unknowns (while your holding costs are increasing which also are on you), who is to say the reno timeline/costs doesnt stretch so they are still making their money. I wouldn't want to go in on this unless they had some money in and there were some guarantee timelines and/or other documented assurances.

@Randy Gutierrez that area (Lehigh Valley) might have some more options in multi, but not in 100k range. Probably should have clarified that. That would be nice at that price point.

@Art Johnson are you tied to the immediate Philadelphia area? Have you looked in Allentown / Bethlehem /Easton? That might offer some more opportunities in multi