All Forum Posts by: Kellen M

Hi, I have a property where I had a water leak in the basement. Well, I fixed the leak, it's completely dry and I also got rid of everything that was damaged from the water. But I can't seem to get rid of the water smell in the basement. It's a huge basement, so certain parts are enclosed without a window. Even though the actual water is gone, I'm afraid that the smell is going to scare the potential buyers away. So, if anyone has suggestion on how to get rid of the water odor, please reply back. Thanks for all responses!!!

Thanks for the feedback. My initial feeling was that this didn't sound right. I wanted to do it the traditional way (buying and rehabbing), but like I said this offer was just brought to me and I needed some outside advice.

Thank you lots for the info!!!!!

Hi, my uncle and his partner bought a rehab property with cash for 50k, rehabbed it and now its worth around 120k. I'm looking for a rental property, so they have offered me this deal:

Sell it to me for 100k. So they will increase the loan for 110k, so that 10k goes into my pocket. Give me 5k each of their profits because they couldn't find anyone with good enough credit to purchase the property. And also put a tenant in the property for me. I think the area rents for 1200/mo.

So "supposedly" I will end up making 20k just for purchasing the property and potentially have a tenant in it paying around 1200/mo.

Thanks for all responses!!

Hi, I'm trying to understand the 1031 exchange. How do you receive your profits when you execute a 1031 exchange? Or do you always have to put all profits to another property? Which means that you can never see your cash unless you sell the property outright and pay the taxes you owe? Thanks for all responses!

I am thinking of buying a property and renting it out. I basically would like to know:

The operational cost of renting properties
Pro's and con's of renting out property
The substantial amount of funds needed for maintenance and occasional mishaps.

This will help me understand if renting out property is a good idea. All responses are greatly appreciated!

Kellen

I am thinking of buying a property and renting it out. I basically would like to know:

The operational cost of renting properties
Pro's and con's of renting out property
The substantial amount of funds needed for maintenance and occasional mishaps.

This will help me understand if renting out property is a good idea. All responses are greatly appreciated!

Kellen

Thanks Chris and Jeff, the information helped alot. It is at least giving me different ways to get into the market. I really appreciate it.

Kellen

Well I am thinking about buying foreclosures because it would be cheaper and turn them into rentals. Thanks for the reply!!

Hi my name is Kellen, I am a professional overseas basketball player. During the offseason, I do not work because I have to train and plus the money is good enough to live off of. The first part of my plan was to invest money into the stock market. Next I would like to purchase some rental properties, to set some kind of income that never changes or is put on hold because I'm not in season. Also to use as a retirement plan. But the problem is I invested too much into the stock market. And as you all know, right now is not a good time to sell stocks, especially in my case where most of my portfolio is in the negative. I'm trying to figure other ways I could get into the market. Also, are there any speculations on how much cash I would need to start? If any of you have suggestions of ways I could go about doing this, please comment. Thanks alot!!