All Forum Posts by: Marvin Meng

Thanks! I've done some rehabs before, just nothing of this magnitude. I'm not worried about the walls cracking; they're already toast! I'm not in love with the idea of offering on this property but finding out how much the needed repairs would cost and seeing if an offer could be formulated based on the ARV and the needed repairs would at least be a good exercise for me. My guess is it's at or near the value of the house. Somebody's probably looking at a tear down. Great location though...

I hadn't. Thank you!

Whitney Hutten and Daniel Smyth thank you both for your responses!

Here's the house:

Most of the upstairs is level, as is most of the downstairs. I didn't take pictures of the basement since I had kind of given up on making an offer. After I left it occurred to me that I should at least find out roughly how much leveling a house might cost before I give up on making an offer. 

It was under contract previously and it fell through, I'm guessing because of these issues. I'll try to find out. Maybe they had a structural engineer come through and I won't need to reinvent the wheel. I'll keep you posted.

Hi BP People! 

This is a follow-up to my previous post asking how you collect rent. I think I've got it narrowed down to Cozy and Buildium. Of course I'd still be interested in hearing other alternatives but here are my specific questions:

There were posts that said Cozy was difficult with larger portfolios. Why? 

And Buildium seems pricey but there are a lot of services I wouldn't need (screening, electronic leases). Can specific services be disabled to save money?

Thanks!

Hi all!

This morning I looked at what could be a potential BRRRR property but I'm concerned the rehab might be a little out of my depth. Some of the floors on the ground level were noticeably uneven. It's a two story and I also noticed upstairs floors were also uneven in spots. This seems like a likely foundation problem but even if the foundation were repaired could the house, maybe through proper bracing be made reasonably plumb? The house was built in 1880.

It's a three bedroom, two bath. Seller is asking 60k, would probably go far below that. If properly fixed up would be worth maybe 120-130 and should easily rent for $1100.00. 

Have any of you had to deal with something like that before and what did you do?

THANKS!

Thanks for your answer. I'm looking really closely at Cozey. Why does it get stressful above 20 units? Right now I'm at 12 but trying to grow.

Thank you for that answer! Does your bank allow you to see who deposited the money? Right now I'm at 12 units and working toward more. Many have the same rent so I wouldn't always be able to tell from the amount. 

Thanks for your answer! How long does Cozy typically take? Are there any hidden costs or disadvantages? It looks too good to be true...

I've been checking out Venmo (going to look in to all of them though). I looks like they charge 2.9% per transaction. Do you pass the expense to the tenants (in other words, do they pay a "Venmo fee"?