All Forum Posts by: Mario Alexandrou

I have been talking with my daughter about real estate for some years now, trying to coax her into getting involved at a early age. So what we decided is we do a project together, I would fund it, but she would do most of the running around, while holding a full time job. So here is a way I thought we could fund this. I have a second home which is full paid. It’s a small home, maybe could appraise for about $60,000. What would be the best use of this asset, to fund a project that my daughter and I could do together. As always, I would appreciate any input from the BP community.

Overseeing the rehab is a great way to learn the business. After doing one or two sfh or apartments you soon get to realize what is essential and what isn’t, making you a better investor.

Done, thanks for setting this up.

Have you thought of evicting him on the legality of the lease, and then renting (on Airbnb) the place out yourself. I’m sure you can find someone to clean the place every turnover. They are probable making 3 times what he is paying you, if not more. Any idea what he is renting the place out for a night. Just a thought.

Great work Billy Maloney, I have just ordered James Greene book and now even more, looking forward to reading it. I started locally and now that I have a little experience want to expand out of state. Thanks for the post, as others have stated, we would love to see the numbers, and how you worked your way through all the properties. Following your discussion with anticipation. Thanks again.

As Arron suggested, make sure you know what other 2 bedroom 1 bath houses are renting for in the area. Maybe visit some of these rentals and see what a tenant gets for that $750 rent. Would your unit be in a similar condition once you renovated. Also you mention you would be putting about 10K into it. It’s very easy for the 10K to become 20K. Stick to the budget. I personal have fallen into that trap and overspent on renovations. Yes you can sometimes get better rents, but on a down swing in the area will forces you to lower rents. There is a sweet spot somewhere there, you just have to get as close as possible.

In Wisconsin a Property Manager may file the case for you, but you must attend the court hearing yourself, or someone employed by you.

Could you do an independent mold test, I believe you can buy the kits at you local hardware store. That way you have 100% proof it's mold and not something else.

Sara Peak I have not done any conversions, but I have taken, not one but 3x4plex's upgraded all units and increased rents between 85-100%, from $500 to $1000 per unit. I must admit I had the finance in place. Just another option you might consider in place of a conversion. Also, you must look at the comps of both 6 and 8 units in your area before you start your conversion. Will you be able to get your money out. For example if you bought for 100K added 45K for conversion and then you find out the last 8 unit building that sold in your area was 120K. I know this is a oversimplification, but keep your eye on it.

Scott Rist you said you did some Re before and wanted to get back into it. Out of curiosity what kind of projects where you doing.