All Forum Posts by: Dennis S. Gelbart

May I suggest the following.... You need to research the demographics of markets within two hours by car of where you live.  Make a circle around that area of two hours and see what towns , cities etc. fit in to the circle

Key indicators are jobs, and is the area stable and direction of rents in last few years.

use american factfinder from the us census  review the economic, and demographic data

good luck 

@Sean McCluskey

My friend is a mortgage banker. Bottom line, they already made adjustments do it now. It’s not worth the aggravation

You have a few risks here. What if the tenant DOES NOT vacate and stays longer? What if the tenant decides to RIP OUT THE TOILET. Yes these are possible. You need to put in the closing some how the place must be vacant and reasonable working condidtion. They could stay forever and it can take you months to evict them depending on where it is located and rip the place apart since they know they will not receive their deposit.

GOOD LUCK

Dennis 

Bottom line
A lot of time and energy, but faster way to create wealth than working at a job and working overtime. Initial investment of time is HUGE. Only after a few years will the results start to trickle in and GROW.
Dennis

Bigger Pockets analyzer looks nice but is missing many categories of inc. and exp such as inc- laundry, exp - late fees , any suggestions of analyzer that are free? 

Do not hold off. Basically a friend of mine is a mortgage broker she told me as soon as there is consideration of a change ( a few months ago) they already adjust the rates.

Rates are damn good so go get em...

Dennis 

I have no affiliation with the organization. I attended one of their seminars and paid $197 for three days. The mentors- teachers ARE real. They do invest in real estate. They have some great points and suggestions and some excellent approaches to obtaining financing and how to structure deals. 

NOTE , their goal in my opinion, and it is only my opinion.... is yes to help "students" but to get those students to sign up for the MASTERY program, as well as to invest in their own deals. That is fare game.

I met a gentleman who DID sign up for the Mastery program and paid a significant amount of money. A week later he told me he was called a number of times to help him and mentor him as well as set up other calls and discussions. 

Therefore, on the one hand at the seminar I attended they spent at least 35% pushing their MASTERY product and spent another 20% disclaiming that you will make any money from their suggestions. THIS IS PERFECTLY legit since any advise is not necessarily going to work. The other 45% was good solid content. 

This is just my opinion. I think they are honest people but charge heftily for their services.

At this level you want to keep it simple and easy. Try quickbooks for business. There are a zillion others for Rental properties. I know a company that manages over 100 units on Quickbooks. Not a great idea but it works. Start simple and get it done!

Dennis Gelbart 

Hello ALL,

Thank you in advance for your replies. Does anyone have a copy of a good letter of intent to purchase property in the state of Indiana?. We are about to make an offer and I want to see if anyone has a better text. Also be sure to include in YOUR letters of intent, the 30-45 day due diligence does not start until ALL documents requested are in the buyers hands.  

Thanks

Dennis Gelbart

Hi, JASON,

I am looking in Valpo. Do not know much about portage but, look at Apartments .com or rentometer.com and see what comparable rents are. ALso look at the area as far as its growth on bestplaces.com.  Are there a great many vacancies in the area? Look on craigs list for rentals in area. Call one and see how fast they respond. If its fast that means they have high vacancies. if slow it may mean there is a shortage of apartments.

Good luck

Best 

Dennis