All Forum Posts by: James Vermillion

Max,

This one sure turned out to be more interesting than I thought it would be. I hope you find a qualified tenant soon and good work on asking the questions.

Thanks for the nice comments, we started the rehab in the beginning of Jan, so it took about 2.5 months.

Thanks guys. I also forgot to mention that we had an open house on Sunday and have 2 very interested potential buyers.

An older couple down the street actually did this about a year ago. It looks great and the only thing I remembered is it a lighter color (has to do with heat absorption).

That sounds kind of shady...when you were talking to her did you ask her any questions that only the owner would know? How long did you talk to her?

I really don't have any advise other than to keep investigating. I will keep an eye on this thread.

All,

I want to thank the many of the posters (you know who you are) who have helped me out over the last year or so. I went from knowing very little to starting a business, finishing my real estate license coursework, developing a business plan, purchasing my first property, rehabbing the property and now the house is on the market. I have learned a ton from BiggerPockets, so thanks to Josh and the experienced and willing to help posters.

As for the rehab, we budgeted $25K and the final number is right around $23,500, so I am thrilled with that. It took about a week and a half longer than I had planned, but I am not too upset about that, as I was able to get a few "extras" in. Once the property sells (hopefully soon) I will post the details of the deal. I learned a lot of lessons and kept a detailed record of things I can do better on the next one, so that is exciting for the future. I have 3 offers in for my next property, so with any luck I will have something under contract soon.

You can check out my website to see several pictures of the inside transformation (just click the portfolio tab). I will be posting pictures of the completed outside shortly (I was waiting for the new wood on the porch to be painted).

Thanks again for all your help, guidance, and education...what a bunch of gurus you all are! :mrgreen:

From what you have said I would rent to them if the financials were good. It has been three years and everything else seems to be in order...it sounds like he deserves a second chance and will probably reward you by being a great tenant.

Oh, and I would check his background to make sure there is not a history.

This sounds like a path to a high vacancy rate! Sure you might make some extra money on late fees, but you will have some very unhappy tenants. If you screen properly and fairly price your rents you should not have too many issues with your tenants not paying rent on time. I would stick to the basics and stay away from this gimmick. It reminds me of something a credit card company focusing on people with poor credit would do.

I count deals like so:
- Every time I close on a loan/sell a property
- Every construction draw I take out on a rehab
- Every time I receive a rent check
- Each time someone I have ever talked to closes on a deal

This makes me look more experienced and polished as an investor.

:)

On a serious note I count a fix and flip as one deal and do not understand the logic of calling it two deals.

I am so tired of the highest and best as well...I have been fighting it pretty hard lately.