All Forum Posts by: Jeffrey K.

You can only get away with one bath if it is college kids and maybe section 8. In my area you can not rent to more than 3 unrelated people. I try to only buy 3BR or less.

A good RE lawyer and getting to know as many agents as you can. Good deals are rare on the open market. It is all about who you know and who they know. It took me two years to get to the point where people were calling me with good stuff.

If you are a buy a hold guy I would also not waste your time with wholesalers unless you know they are good at what they do. I can't tell you how much time I have wasted talking to these bottom feeders.

You also have to be tough in this business. This does not mean you should throw out the golden rule, but you might have to get close. You will start to walk into situations thinking, "How is he going to screw me over." This is fine and normal, but try to remember to keep a smile on your face (I have trouble with this).

If you are really going to get into rentals and self manage, you are going to have to really work. To get the good prices you are going to have to buy the junk others dont want. These will require repairs to make them into property that everyone wants. You will have to learn construction and fast. You will also not be working a 9-5 job. I work seven days a week 10-14 hours a day. I am starting my fifth year and still working this hard. You have to remember that it is great to hire people, but they will not work as hard as you and every penny you pay them is a penny out of your pocket.

I think it might work for web based PM software. Has anyone used it for this?

Your numbers seem right. Can you get the loan you are talking about? Is there a way that you can get if for less than 125k? Getting it for 100k would look a lot better.

You will learn very quickly if you hang around on-site.

We see a lot of houses with undersized beams. This would likely been seen as a bow or a crown. Was this always finished space? If it was an attic before, the decking could be 1Xs and it could be as simple as putting down some new 3/4" T&G OSB.

If it is a nicer house I would go with the tile. It also lasts longer. It is a lot less expensive to install the fiberglass surround. I would get the Sterling Accord if you go that route. This is what we use in our properties. It can be had for around $350.

Prices have gone up a little in my area. There are a lot of buyers with cash who do not know what they are doing. It is still about who you know. Take the time to know the agents who get the good listings and make sure you get to see them first!

Am I missing something here? How can they sell it to you? Is it owned free and clear? Why is HUD in the picture with their lock?

When I add a property to my policy they do not ask if there is a deck. I would just build it and make sure it is to code and safe.

If you came in under budget put the money in your pocket and count it as found money.