All Forum Posts by: Marc Winter

Suppose I understand your post and additional comments correctly. In that case, a waiver of inspection for the purpose of accepting the offer does not necessarily preclude you from having an inspection done for your own knowledge.

I'd definitely get that done before you close.  

After touring many modular factories, I found that modular is a better product than stick-built.  

All work is done in a controlled environment; no weather-related delays/damage, no warped/crooked studs, and internal wiring and plumbing rough-in are done at the factory.  

Once the modular is delivered to your foundation at your prepared site, it takes just a few days for an experienced crew to connect the pieces and button it up.

My experience is that in a C or B type location, there is no difference in appreciation, financing, or resale between stick and modular. 

An added plus: with modular there is no hassle with unpaid subcontractors, as there can be with stick-built general contractors having finance issues.

Hope this helps.  Good luck!

Why not get paid for all the research, running around, inspecting, and analysing you'll be doing looking for an investment?

If you truly want to gain an inside track to real estate wealth, definitely get your license.  The knowledge and experience you gain by participating in an established re office will speed your progress.

Good luck!

All of the above posts are accurate in that rent is a function of your local market; the mortgage is your own function.

That being said, appraisals can vary widely.  The only way to see what the market will bear is to put the property on the market to rent and see the prospective tenant reactions.  

Your own response to this experiment will be either:

"phew, glad that worked out", 

or 

"oopsie, my bad. won't make that mistake again."

 @Teisa Leaaetoa,

Yes, everything you ask for is possible.  The only question is finding the best lender to do it.   

Oh well, he closed the account.  Hope he found what he was looking for.  

@Wesley W. my experience is that drop ceilings in bathrooms are not the best idea.  I'd remove the drop ceiling and install proper drywall (maybe greenboard).

It's just a cleaner, modern look, and no moisture will build up behind it, unlike with the existing drop ceiling. 

Add this to the old "death and taxes are inevitable":  Delays and Overruns.

I keep a minimum of 20% cash-on-hand over the budget estimate and buffer at least 25% on calendar time to completion.  

Rules I live by:  #1 We don't know what we don't know.  #2 There will always be unknowns.

First, look to your lease.  It will tell you when rent is 'late' and how to cure.

My practice is to contact the tenant after the 5th of the month, and if not paid by the 10th, post a proper legal notice.  

Once served, the tenant will understand you are not fooling around and that you take the timely payment of rent seriously.  Posting/serving proper notice is mandatory to establish your demand for payment with the court*.

Be a nice, kind person and empathise with their situation; however, you are running a business, not a charity, so if you do not collect the rent due, YOU will be paying it out of your pocket.  

Note: In addition to the pay-or-quit notice, we provided a list of local charities that often help with emergency funds to avoid eviction.

*Many l/t judges will not honor a "no notice needed" filing even though your lease might stipulate it.  Save the headache of starting over--post that notice.

Continue to network with other investors, lenders-- traditional, private, and hard money. And never stop prospecting.

Remember, when you have a good deal, the money will find you.