All Forum Posts by: Stephen Adams

@Chris Eaker! That's why I set this alert up. Great idea. Sorry if he flooded your inbox yesterday. I think I might have contributed to him shotgun blasting every Craiglist area around. 

@Mark Gallagher no. Nothing beyond just the one photo. I knew it wasn't a good deal at the price listed but like @Joshua Dorkin @Brandon Turner say, there's a price that would make any property a deal (although it might be a negative number sometimes). My purpose in calling was just to get more photos and info. I hadn't even gotten to the point Of wanting to see the property. He just volunteered the bit about the nonrefundable deposit. And it seemed extremely sketchy. 

During our call, He asked me how I found the property and I told him Craigslist. He then spent the next hour adding identical listings on Craigslist sites in every major city around Knoxville. 

Pretty pathetic if he really is a fraud. I'm sure it won't be the last time I run across a scam. One thing that I have really taken to heart from the BP podcast is that your character/integrity is everything in this business. This situation Reminds me of something I was taught as a kid...we have to be wise as serpents and innocent as doves. 

Thanks everyone for your input. What a great community. 

@Nick C. :) LOL. 

Hi @Steve Vaughan. Good point. It's actually a triplex that I found on Craigslist: https://knoxville.craigslist.org/reo/6051927198.ht...

But I think you're still talking about bigger deals. On this one, there was one photo and he says the repairs are $25K. I wanted to get an idea if that was true but it's impossible without seeing inside. 

I can see why you wouldn't want to bother good tenants. But for a small deal like this with an~$80K asking price, it seems like a pretty big turnoff for potential buyers. Especially when there's only one photo available and your only choice is to go view the property. 

Would you ever buy a property without actually viewing it?

OK. I thought it was a bit crazy too, but I'm still new and wasn't sure. Thanks @Kenneth Mooney and @George Taylor!

I just spoke to a person claiming to be a wholesaler about a property that he's offering. He wanted a $1000 deposit to view the property. Half was non-refundable. He said this was to avoid bothering tenants with people who are not serious. Is this common/typical? 

Hi guys. Great information here. I'm at the learning stage and excited to move to the next stage and find some deals. I'm looking at 2 fourplexes and wanted to get some others' thoughts. They are listed at 270k. With 2 vacant, the other 6 are currently grossing 2600 a month. At 100% occupancy, gross would be around 3500 a month. I talked to a local property manager and he believes the rents are a little below market. With 100% occupancy and market rent, he believes gross would be around 45k (40k with vacancy) with 16-18k in expenses, netting 22-24k a year. Using the on the 1% "rule" as guidance, it's a good deal. Would you do it?