All Forum Posts by: Masha Rizzi

The due diligence period can vary. It depends on what you and the seller agree on. 

If you are able to make your due dilience period shorter, that could be a great point of negotiation to reduce the price from the seller. But don't make it so short that you can't complete everything you need. 

If you're newer, I'd definitely recommend asking your agent for advice on the average length of due diligence with these properties in your market. 

You're taking the first steps to an exciting new journey! Definitely keep listening to the podcast and check out their Rookie podcast too (especially if you're interested in STRs and AirBnBs!) 

 Woah that's awesome!! I think this may be the way to go! Thanks for sharing 

 Unfortunately the leases I inherited say little past when rent is due... They're the worst leases I've ever seen! 

@Angela Zanti I'm not sure about the HELOC if the mortgage is in your dad's name. It's worth shopping around. Maybe you could also somehow get yourself added to the mortgage in addition to him? Definitely worth a call to the mortgage provider.

Also - you don't have to BRRRR only your primary residence! I am currently in the BRRRR process for an investment property.

@Kim Meredith Hampton @Nathan Gesner Do yall have any recommendations on where to find a good notice to send out? Or things that the notice should include if I draft one (like deadline date, etc) 

@Jacob M Dal Lago thank you! I'll keep that in mind if they leave stuff behind (which I am fully expecting at this point!)

It really would depend on the numbers. Material costs are still pretty high right now and new builds can get pricey. Do you know if the neighborhood allows duplexes? 

I recently purchased a tri-plex that is fully leased (YAY!)

That being said, the property needs a lot of work and unfortunately I will be non-renewing at least 2 of the tenants to completely renovate their units. The property also has a lot of junk accumulated from several of the tenants in the front/back yards, garage, and even sides of the lot. 
All of the tenant leases end at the end of June. 

So my question is, should I send out a notice to remove everything that has accumulated now or just wait until I send out a non-renewal notice next month (and see what all they take with them/deal with what they leave behind at that point)? 

I can only speak from personal experience, but I definitely *WAS NOT* ready to take on a BRRR for my first two properties. I focused on finding deals that had properties that could immediately start cash flowing once I closed on them without needing any repairs.

That being said, everyone is different! I think the most important thing is to be true with yourself when considering your strengths and weakness. For example, I'm perfectly capable of fixing a lot on my own and learning how to repair things I don't know. However I don't have the drive or want to do that. Knowing this, I know I would have to have a good contractor to hire for major projects (since I won't be putting in the time there myself). Knowing I would have to find a good contractor made me realize that with so much to learn in real estate I personally would prefer to have houses ready to go until I learned everything about basic property management and tenants *Before* jumping into learning about renos, contractors, and BRRRR.