All Forum Posts by: Marie S.

I know this sounds strange but I liked the fact that a couple of the units were empty. The place needs a few updates that could bring in almost $150 more per month in rent. Multiply that times four (yes Ill pay myself rent to beef up my savings).

I'm in a college town near a military post and two major plants. There is no reason to accept less than max rent.

Even with current rents, using the 50% rule, I would bank $400 a month.

I get that a lot of purchase agreements have these clauses in them. Mine does not and already looks like a scratch pad. What is the best way to approach this without revising this agreement yet again without inadvertently taking a jab at the seller's ego.

Is it appropriate to request that the seller of a multi family stop running rental ads when you are a couple weeks away from closing?

Let's say that the leases in place stretch 2 and a half pages with large font and double spaced with headers. Also, the current screening process is less than seller.

I was a very tough negotiator throughout this process. So much so, my own agent seemed a bit nervous at times. Until now I have kept the flag on my end of the real estate tug of war. I just want to be sure that I'm not overstepping my boundaries by making the request.

At the end of the day my agreement has prorated rents and deposits coming to me. Not to mention I plan to occupy the place for a while. I just do not want to be left with a problem.

Is it safe to assume that getting a Salesperson's License can be considered an ordinary and necessary expense given the property management aspect is covered in the curriculum?

Thanks!! I will definitely look into that.

Trent Begay kind of understood what I was trying to come to terms with. I want to build my emergency fund but I want to reap the benefits of having additional money coming in.

What I'm gathering is that I shouldn't pay myself until I've built my fund; which I'm perfectly okay with.

So, I'm a couple weeks away from closing on my first 4-unit and was wondering... "How am I going to pay myself?"

How do you initiate and record payment to yourself? Do you put yourself on payroll? Do you calculate your "property management" time as an expense at the end of the year?

Congrats Troy. I'm headed to the Rock Island area and am trying to close on a property in Davenport. Maybe you can give me a few tips on the closing process. I was told that IA has a few strange rules.

OMG I did it!!! Thanks for you help @J Scott and @ Bill Gulley. I just received the counter. I had to search the forum for "Cap rate analysis" and I'm not completely sure I made my argument correctly. Either way, they dropped the price within range. Soooo excited!!

Thanks. I feel a little better about this...

I'm in the middle of a deal. I can't get on the same page with the sellers. They seem to think the property is worth a lot more than I perceive. The tax assessed value $22,000 less than the listing price. There are not real comps in the area as all of the multi family units are 2bd rm where as this property has 1 bedroom units. I understand that they may want money for the work that they put into the place, but the work they put in didn't increase the value from when they purchased it. (They purchased it $39,000 less than listing)

I can't afford to lose the place as I need somewhere to live, but I don't want to get duped into paying more than I should. How do I approach this deal?
Is the County Tax assessed value irrelevant in this? How do I determine my next move with no real comps?