All Forum Posts by: Kenneth Mooney

@Anthony Vargas good luck! Are you looking to invest in Minnesota or elsewhere?

@Robert Collins Yes, my personal residence that I am currently renovating was near a teardown. We re-built with what we had but we also planned on it in the front end. Purchased for $30,000 and ARV is $145,000.

@Eric M. when you are in due diligence have a plumber run a camera in the drain line to see what kind of drain you are working with. They should also be able to tell you common types of drain pipes found in that area and if they are currently going through a "failure" phase or if you still have some life left. Same thing for the supply side of the plumbing system applies. As Jay mentioned pressure is something you will want to pay attention to along with type of supply lines. Just do it all in your due diligence period or budget for full replacement on the purchase!

@Winnie Rim apparently its just my market but approach any Lowe's with caution. I can't name a single company in America that has provided me worse customer service than Lowe's. I've literally received a notification from them stating my appliances were ready to be picked up, showed up to the Lowe's 5 minutes later at 8 pm, and waited there for four hours for them to find my appliances. Every level of in store management got involved and told me the exact same thing "Your appliances are not here yet." Four hours later at midnight my range was being rolled down the aisle. By far the worst company in America. 

Maybe it is just my market, but would recommend approaching with caution. I can't tell you how many labor hours I've lost out on due to their lack of procedures and quality personnel. 

@Chris Mason interesting perspective and makes some sense. My market is similar, huge shortage on labor. I think I would struggle finding someone with that as an initial e-mail as well. Even though, I think that having that level of detail is actually very beneficial for OP. This is a prime example of where knowing your business and knowing what to present to GC and what to hold back for personal use is essential.

@Westen Newman Could just be a bad property management company. Do they have any experience with investors?

@Westen Newman not entirely sure as to the laws regarding move-outs and move-out inspections in Tennessee. I can understand both sides to wanting to show/not show prior to resident moving out. A one month turn in all reality is not that bad for the markets I have experience in. I know up north and in much larger cities its more common to show prior to move-out. I have not seen it much in the south. 

@John Oh good luck!

@David Clark not suggesting you move to one of these markets. Just suggesting you invest in one of these markets from your current location. There are companies across the US that can help you find the property, renovate the property, find a resident, and manage it once resident is in place. They’ll handle all accounting on property side and send you a monthly ledger showing cash in and cash out. All you would be responsible for is finding the money to fund the deals and you’re in an excellent city to (1) make money and (2) find money.

@Eric Roloson I would use this same strategy and possibly add in a letter explaining what your plans are for the house. There have been times where I have "pulled on the heart strings" and explained that I was going to make their house beautiful again and that I would love the opportunity to show it to them afterwards (have to execute). Also, on MLS you are going to have to become buddy buddy with the agent so that they make a sales pitch on your behalf.