All Forum Posts by: Ken Cooper

Congratulations Darren, I have a 4 month old. Thats why I am looking into RE investing. Wholesaling is not my thing, I am more of the buy and hold mindset. Alwayse good to hear a success story.

@Brandon Turner Thanks Brandon, and thanks for all of your work on the site. I am learning a lot.

Ken

Hi Bryant,

I am new to BP as well. I have been thinking about investing in Gulfport/Biloxi. I am looking for a condo, or a duplex that will cashflow. I would be interested to tale a look at any thing you find in those areas.

Ken Cooper

Update...They decided to go with the recomendation of the neighbor. They wrote a contract where the tenant will pay $900 for the first three months to give the husband time to find a job. After that they will be paying $950 which will just cover their mortgage. @Mike M. they are pretty close to the break even point. No, they did not overpay. The neighborhood was nice, but it went downhill after Hurricane Katrina. Yes, they are banking on principle paydown and appreciation and are not sure when or why they think this will happen. @Kris Taylor I tried to help them out; got them a lease off of BP, sent them "The Ultimate Guide to Tenant Screening", and " How to Rent Your House." Sadly, they did not take my advice. Well, it was not really my advice, it was BP's advice.

I am a newbie doing a lot of reading (and looking for my first deal). You can lead a horse to water...... When I asked my Dad if he did a credit check, he said, "No, but I looked at their credit score and it was really good." Also, by "better for the neighborhood" I mean that the past tenants had unruly kids (jumping the fence to swim in the neighbors pool) and left large piles of garbage in front of the house, mattresses chairs etc.

I hope this works out for them. Thank you everyone for your help. It has been a great learning experience for me.

@Marcia Maynard

I have found a property manager in the area that my parents will be contacting. They do not live there any more, and will need help to keep things on the up and up. They will also be getting both tennents checked out.

Thanks for the advice Marcia,

Ken Cooper

@Ursula B.

Thanks Ursula, true they need to make sure to vet the tennents better. I agree that the track record of the agent is not good, and she has does not have as much interest in getting a good tennent as the neighbors do. They are leaning toward the recomendation of the neighbors, assuming the credit checks come back good.

Thanks again,

Ken Cooper

@Jedd Braunwarth

Yes, the one can only afford 900/ mo. Evidently the husband just got out of the military and does not have a job yet. I am waiting to hear back about the credit checks. No, I dont think they have treid on Craigs list yet.

Thanks for youe input,

Ken Cooper

My Parents are renting out thier former primary residence in Southern Mississippi. Their market is now soft, and they are waiting for it to turn around. Currently, they are choosing from two tennents. One from an agent whom they have used in the past. This tenant would pay $1,050, with a 10% commision to the agent (which will almost cover their note). However, the past two tenants from this agent have not worked out well. One missed enough rent that they had to be evicted, the other caused over $4K in damage to the property. The other potential tenant is a referral from a neighbor. This tenant would only pay $900, but they would be better for the neighborhood and the property, and there would be no commision to an agent.

Thank you in advance for all your help.

Ken Cooper

@Erica R.

Hi Erica, thanks for the welcome.

I came close to getting a deal out if state, but someone got it under contract before I got all my ducks in a row. I learned a lot from that experience and am looking for the next one. Good luck. See you on the forums,

Ken

@Will Barnard

Hi will thanks for the welcome. Cash flow is definitely the plan. I have seen your post on the la meetup thread. I hope to see you there soon.

Ken