All Forum Posts by: Mitch Turgeon

This is my first and only rental property, so I am learning as I am going here.  I have a family renting from me for the second year now. Rent is due on the first with a 5 day grace period.  Since we renewed their lease in September every month has been assessed a late fee, non of which have been paid.  Rent is paid at random times and one 4 weeks late.  My tenant is telling me that February rent, due on the first, will be sent on the 10th.  I will asses another $100 late fee for this month moving my running total of layers fees to $600.  Do I begin eviction or put up with the BS to collect the extra $100 every month. Side note....they take amazing care of the place and I am sure I will have to take the late fees out of their deposit.

Thank you very much Stephanie Irto

I plan to make a cash offer on a distressed property, however this will eat up all of my cash leaving nothing left for the rehab. I hope to purchase the house for $170k and need $130k to spend on rehab. I have talked with a broker and a credit union and neither offer financing options for this situation. I will rehab this property then move my family in to it to homestead it and sell in a couple years. What are my options to obtain the $130k needed for rehab?

Thanks for all the information. I originally thought I might go direct to the listing agent, but other agents on BP said I would be wasting my time if I was represented. The ARV is fairly accurate based on my own comp analysis on like properties that are not updated. Being this would be completely updated it might get a slightly higher ARV, but I won't bank on it. I am in the construction industry and have rehabbed a house already so I aimed high on my repair costs. I should be able to get the work done for less as I know the labor force and can skip the GC's, bringing that repair cost down.

I am a new investor looking at a foreclosure as a live and flip. The ARV is $400k, the rehab costs should be between $130l-$150k, the property is bank owned and asking price is $260 with a $20k assessment. My thought is to offer $170k cash and finance the rehab. Am I wasting my time offer $90k under asking? Any suggestions on how to proceed?

I am a new investor looking to make a purchase on a foreclosure. I had heard that I might have a good opportunity at getting a better deal if I do not have a buying agent. This property has been sitting for some time and we are heading in to the dog days of winter here in Minnesota. I might submit my offer stating that my original offer will be unrepresented by an agent unless countered. My thought is that this agent would really like to make some commission on this property as it has been sitting for a while and if I am a fair bit below asking the agent my be motivated by getting both sides. Thoughts?

I close on my 9 year live and flip in a couple weeks and am looking for another live and flip for me and my family as well as our first rental. I have been searching the real estate websites and am looking to connect with some wholesalers in the Minneapolis / St Paul market.

Matthew, I am currently looking for 2 properties myself and don't have "investing knowledge" to share but o do work for a building material wholesaler. If you need a connection to buy your exterior building materials at wholesale let me know.

Russel, you are saying that .5% to 1% of the offers can from self represented buyers, that's a low percent. If I have have a purchase agreement, an inspector and a title company already lined up doesn't that reduce any extra work the selling agent would have to consider? If the seller can save up to 2.7% by not paying a buying agent, wouldn't the selling agent support this knowing it is beneficial to seller and work towards a contract?

After some inspiration from the Bigger Pockets Podcast, I convinced my wife we need to sell the home we love and capitalize on all the remodeling we have done over the past 9 years so we can start investing. One of my friends wife just got her real estate license and offered to sell our house at no cost, and so we did. I made it clear we wanted to represent ourselves when purchasing our future properties but have begun discussions with her about our home search. The question behind all of this is...I spend about 30-60 minutes a day looks for properties online, is there a benefit to using our friend as an agent? Do we have an advantage when buying if we represent ourselves?