All Forum Posts by: Mark Tomes

I have gone through one inspection when I first brought my Waterford rental to market, I had to register and have it inspected.  It was a bit of a pain in the *** but that was more due to having a tenant in that could care less about being there when they agreed to be, allowing the management company take point and having a repair company that missed a few things a few times (I thought being a hands off landlord was possible, it didn't work for me).  I think you are right that there should be some initiation process, not random, but oddly enough we don't get a say in the town we own property, unless we happen to live there and a bad tenant could initiate out of spite.  Being a laissez-faire capitalist I say let the market decide.  If tenants don't want to live in a ******, unsafe home let them walk.  If they just want to hand over responsibility for their safety they should have to hire, on their dime, an inspection from a third party company.  If that company finds problems then the landlord and tenant can either work it out before a lease is signed or agree to disagree and walk away.  But I digress, I can dream right?    

I was party to a contract by listening to "Story Time With Jeff". I appreciate the story, and teller immensely. Thank you for enriching us with real estate and whiskey wisdom.  as promised, there are pictures of fire! 

I just finished my first BRRRR and here are my numbers. Paid 60,500 out of my HELOC, put about 12k (cash) including some part time labor, a lot of the work myself (about 20hrs/week after work and on weekends) and holding costs. Refinanced with delayed financing in May and recouped about 60k (70% appraised value) at about 4.5% 30yrs. I hired a property management co, it is rented out at $1150/month and after all my expenses I will bank about 580/month. Of course I know that isn't my net, if i factor 5% vacancy, 5% repairs and 10% cap ex I would net about 338/month. I found this on the MLS in December, I can't find anything else right now in my market to save my life!

@David Vitarelli, Rent out that second unit in Your duplex and find a live in flip! Or, since that is your primary, pull out some equity via HELOC and use that to fund your flips. You could have done different things with that money but you did what you did! You have put yourself in a great position over someone who mortgages 210k on a single family that only generates liability. You have 100% equity, You have cash flow, You have a tangible asset to borrow against, You have 1 less loan putting you further from the 4 (or 10) loan limit, and it sounds like You are hungry! Find a local REI group, read books, listen to podcasts, and do something every day to get yourself closer to your goals. Oh, also, set goals!

Also, this ^ has to be one of my favorite quotes ever! Thank you again @Tom Mole!  

@David Faulkner, good points.  In a pretty good area, lakes, parks, shopping and expressways within a few minutes.  It is a permitted multifamily, but looks like it needs to be touched a lot.  I will know more after I get in.  Thank you for the heads up, having to have it inspected could definitely open more cans of worms.  

@Jeff B., ok now we are widdling away at the things that worry me about this place.  Well, tonight at 5:30 Eastern time i go look.  I'll be sure to update!  

@Jason V., I am handy and I can usually figure things out.  It gets me in trouble, but nothing I haven't been able to get out of.  I am a blank slate on this one, I will let the property speak for itself and let mathematics guide me.  I love the wacky property stories!  

Thank you much @Steve Vaughan, I will definitely have a lawyer along for the ride!  

@Jeff B., sounds like different strokes for different folks!  I figure if there were no money in something they would no longer exist.  Thank you for the zoning advice, exactly what I am looking for.  I think my biggest concern is or was ADA and how that applies to 5+.  If it were easy everybody would do it and I'm thankful for all the great conversation and advice!  Thank You ALL!