All Forum Posts by: Kevin Dong

@Nilo Ignaciomy market is at fort Myers FL .   These $50k deals are hard to find. Of course off market.  At C neighborhood 

I think flipping is the best option for u. I was in the same shoes as you are. I am all about buy and hold long term but guess what I have to flip to make capital to fund rental.  If I was just pouring the money for rental I would have been only 4 rental units total now instead of 26 units.  You have to grow .  I am selling off some of my rentals now as well to get the most out of the property value. For instant. I have rental property I bought for 55k and rent for $1100 a month. But I can sell it for $110k and use that money to get two property at 50k each and rent for $900 each for the total $1800.  Get more case flow More depreciation and other factors.  No brainer 

Nothing wrong with this amount.   You can always try.  Give listing agent double commission and give seller good term.  I just offered 20k below the list price.   Property listed for 70k but it is worth 100k as is.   I offered listing agent double commission even I am license in Florida myself and 7 days close, no inspection , paying for closing cost too. And I wrote up the contract myself and sent it over the mins this listing was out.  I got it for 52k.  So it is like 50 Cents on a dollar. It works sometimes. 

Do your own number.  Find a good contractor to walk the project before buying it if you are not experienced 

Well.  I don’t see a problem there.  Simple solution.   State in the lease that they have to paint the house back to original color before returning the unit and require for whatever amount the painter will charge to get the house fully painted it. So you are secured. 

Get multiple bids.   I meant even if residing the whole thing won’t cost u $30k.  Come on now.  How big is the four plex ? 

Buy in bulk and getting tons of discount coupon. Use the sub contractor to reduce the cost. Don't overkill on the rehab.

If They are on month to month lease. Post the terminational notice as well. So you have double security. Just file the non payment eviction in the court and follow the step to evict them. Get an eviction agent to handle if you are not familiar and if you don't wanna get involved. .i don't like to use lawyer. They are just too slow on the process.

Follow the lease and follow the lease. Please do what u promise and fix times timely as you expecting the rent to be paid on time. Even if roof needs to be replace even if the AC needs to be replaced. Just do whatever it says in the lease.

Always do your own dudiligent. Wholesaler is just a lead source. They do come up with great deals. But they are trying to sell you the deal most of time. But I am looking over 20-30 deals to actually buy one . I never look at thier ARV. I run my own number. As far as the titile issue. Title company should take care of it. And there should be a clause in the assignment contract (deposit will be non refundable if buyers back out unless there is a title issue ) Always drop that non refundable check or money to the title company not to the wholesaler unless you establish a relationship to trust them. I have some wholesalers that don't even charge me any deposit because I always perform when I say I want it. But yup do your own number.