All Forum Posts by: Michael Kiley

Sure. It's done all the time. The last one I did was in Old Brooklyn, a neighborhood of Cleveland. Got it for 35k. Spent 25k on the rehab. It appraised for 100k. Refinanced and got all my money back out and have $584 monthly cash flow.

Awesome, did you find it through marketing? wholsesale? MLS?

It was listed on the MLS. I find most of my houses on the MLS...typically bank owned.

4 Votes

Originally posted by @Andrew Frishman:

Im inspired by stories of Brrring ….outside of David Green and Brandon Turner...have any BPr's BRRRd a property?

Please share...

8 Votes

Originally posted by @Jim K.:

@Michelle Bulich

This is FAR from the first time something like this has been posted here.

I WOULD BUY THAT PLACE IN A HEARTBEAT.

Then I would get as much "documentation" and "witness accounts" on it being haunted as possible. Then I would cash in. For a piddling sum, I know a Greek Orthodox priest will come to your house in a robe and bless it with holy water and prayers, get that on video. Don't know what the Catholics do, but figure it out with them and if you can get some backwoods charismatic preacher in there handling snakes...oh, the potential.

Get the weirdest-looking psychic readers you can find in there, again, get in on video. These people will do this this kind of thing for just the exposure. Call the ghost shows, see if you can schedule a visit for an episode, that's pure pay dirt.

Make up the wildest backstory you can and mock up some documentation. Focus your efforts on demonic possession, orgiastic Satanic cult rituals, black magic, murder-suicide storylines. Fill the house with haunted mirrors, creepy dolls, vintage music boxes, china figurines, photograph them in place, and you can rotate new furnishings in an out every few weeks as you sell the old ones on eBay.

But the bulk of your revenue is going to come from Airbnb, where you will loudly and proudly advertise your haunted house experience.

PEOPLE WILL COME.

I saw @Jim K. commented on this and knew it would be good!

1 Vote

Originally posted by @Anthony Wick:

@Maurice Evans

You can’t save everybody.

Pun intended? (He's a pastor)

0 Votes

Originally posted by @Dennis M.:

Would I buy a triplex from a slumlord? ...hmmm let me think about that , heck yes ! In fact I have multiple times ! Except I never paid more than 40 grand for one .the hard part of doing it is learning where to put money into it and what to let go . It’s surprisingly easy to turn into a slumlord yourself especially after you spend four exhausting weekends getting the exterior looking great .. then you stop by and see trash in the landscaping,somebody spray painted the siding and the next week a splattered cherry slushie clear up the side of the building to the roof .. don’t ask me how I know all this lol Eventually you might say “ screw it let them live like animals and I’ll just collect their rent”

Well said!

0 Votes

@Chris Taylor I use Craigslist all the time. I find great deals on all kinds of stuff and can get rid of just about anything too. Once you get more familiar with the scams, they all look the same and they're easy to spot. They mostly involve a buyer or seller whom you will never meet and they will be forwarding you a certified check in the mail.

Regarding your real estate search, I have never bought a house from Craigslist, but wouldn't eliminate that source either. I have bought from the sheriff's auction held on Monday's at 10am but mostly my deals have been bank owned right off the MLS. It doesn't sound like you intend to buy a dozen houses per year so, like me, you can afford to be patient. Getting that first one right is the most important thing because if you don't, there might not be a 2nd.

Zillow, Trulia, Hotpads and Realtor.com are good sources for information but their listings are not up to the minute. If a great deal comes on the market, by the time you see it in one of these places, it will be under contract.

My first deal came to me from an estate attorney before I had my real estate license. The deal was so good it was a no brainer and the best part is that nobody else even knew about it. You might consider contacting local estate attorneys and explain your buying criteria and that you can close quickly.

A good real estate agent can be an invaluable source of deals but finding one who will work hard for you on a 50k sale might be difficult. If you can do most of the leg work, this may work best for you.

3 Votes

@Terri Donovan

You may want to solicit to Airbnb hosts in the areas you would like to buy. Knowing last years proforma can help you arrive at your offer price. You might also be able to purchase the house furnished, saving you the hassle and extra expense of furnishing it yourself. Best of luck!

3 Votes

Originally posted by @Account Closed:

Hi Everyone. I wanted to see what your experience has been with spending a little more on rehab and has that helped to reduce your tenant turnover? Maybe improving kitchen cabinets, countertops and replacing vanities. From what I’ve seen turnover can cost you as much as those improvements would of been, that could of maybe kept the tenant happier and less likely wanting to move out.

Hi Aleksandra. In my market, going above what is typical in rehab will ABSOLUTELY reduce tenant turnover and will get you a better quality tenant, not to mention less problems along the way. I've always thought that this is something that doesn't get talked about enough. I can tell you that this has been my business model for the past 30 years and for the most part, I get excellent quality tenants who never want to move.

1 Vote

@Chrisitne Mata see above ^^^^^^

0 Votes

All Forum Posts by: Michael Kiley

Michael Kiley has started 13 posts and replied 173 times.

Post: New Book... Learn to BRRRR Your Way to Financial Freedom!

Post: New Book... Learn to BRRRR Your Way to Financial Freedom!

Post: New Book... Learn to BRRRR Your Way to Financial Freedom!

Post: Would you purchase a house that haunted?

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Is Craigslist a Legit Option?

Post: Why can't I find a STR rental in SE florida that makes $ sense?

Post: Do nicer finishes decrease turn over rate?

Post: The $30k rental club.......