All Forum Posts by: Kelly Sennholz

I would have started the eviction last month. Say little. Do not try to "be right". Complete the eviction and get them out asap. People who have just been arrested are not the most friendly. Avoid talking or communicating with them. Just get them out, politely but professionally. ANYTHING he says is bluster to con you into another free month of rent. Do not talk to them, just evict them. 

Good luck. I reiterate the comment to utilize the podcasts and other information here. You can learn from OTHER people's mistakes so you don't have to reproduce them yourself!!  Take notes, save the great tips. Use the contracting and deal making info. 

Additionally, I agree that working with a known investor on one project will help a lot if you can find someone you would enjoy working with. If not, take the plunge!!

Best!

Great points, all!! Just thinking if testing out the out of state think, might be safer. But your points are well made. 

Just a thought, but what about dipping one's toe in more gently by buying smaller complexes, rather than putting all your eggs in one basket?

If you want to hire a general contractor, get the names and numbers of the last 3 deals they did. That way, you can speak with them and get great, pertinent information. Ask a lot of questions, then be quiet and listen. People will love to talk about their flip, let them. The last contractor I hired had some shortcomings. I was told by reference to make sure all is done before check is cut. Of course, but that did end up playing  a part as he underbid, ran out of money before job complete and bailed on some detail work. Cost me $2000 more, still a great deal but clearly the man is not a man of his word. We could have worked it out, but he just bailed. I could give a lot of examples, but the fact is, even with a GC, you will have to keep your nose in the job as much as possible. Shoddy subcontractors, substituting poor quality materials, etc etc are commonplace. Very hard to find people of their word. If you find one, treat them like gold.