All Forum Posts by: Bob Hank

I can not find any comps going back 6 months for anything around them.
So far the numbers work out for owner occupants after rehab or for high end rentals after rehab.
It's residential. A grocery about 4 blocks away and a decent strip all about half mile away.
I don't see any retail possibilities.

I was approached the bank I use about buying 42 house between 2 blocks (all the house on the 2 blocks). All the houses are currently owned by bank; at one time it was all owned by one person. Most of the house are currently rented and there a mix of 2/1.5 3/2 and 3/1.5.

So far I have been able to go through about half of them and Monday I will be going through the rest. I have been running the numbers on fixing and selling or fixing them up renting them. All the properties have a 90 day move out for selling.

How would you handle this?
I don't think I could get a decent rent with out doing work to them.
Selling them off with out putting work into them would not give a decent return.
If I did go for this I would need to sell about half of them or I would tie up to much cash. I try to stay away form loans.
At first the rentals would not max out on rent because of the houses around them.
The first few I would sell would not do very well because of the lack of higher end comps.
Putting to many on the market at once would flood the market.
From talking to the bank it looks like they will stagger selling them over 3 months, but they want to get ride of all of them in the next 9 months.

I would like to see a better scanner / printer / copier that's made to live in someones car.
I would need...
Decent quality printing of pics and good printing documents.
Great quality scans.
Be able to scan to USB and a combo card reading drive.
Run off 12 volts.
Work in temps form 0* to 110*.

This would come in very handy for construction, commercial delivery, law enforcement, and tons of other places. I have had a few different over time, but no to much holds up.

The best adds are for leftovers. I did a search for a few different cities, but could not find one. Most f the time they are posted Friday and Saturday night. I'll keep an eye out for one and if I see one I’ll post it.

I don't manage my rentals. I have 2 landlords on staff that handle them. I did not find out what had happened till Monday night.

@Rob K
I don't much care for government workers and ONE good renter dose not mater much to me if it makes it to where I’m not able to run my business.

I have had other issues with inspectors and they have been fired for conflict of interest or other issues. I don't mind taking this to that point, but I currently have 3 other properties that he will be inspecting over the next 60 days. If I buy any other properties in that corner of the city I will end up with him.

With building inspectors you don't go to the mayor, you follow the chain of command till you hit the state level. I live in VA so the only true mayor is in Richmond, the rest of them are just ribbon cutters that take the rap for what happens when they can not do anything about it.

About 5 years ago I rented a house to a city inspectors (lets call him Joe) daughter. I did not know it was his daughter at the time. Over the last 5 years she has been a great renter and have had few issues.

Last week she was out of town and got delayed in another state with her job. I did not receive the rent on time and did not get a phone call saying why she did not pay rent. I posted a 5 day notice more or less saying pay or legal actions. She got back into town the next day, payed her rent with the late fee, and everything was fine.

The on Monday I called for a building inspection and Joe showed up. I ended up failing the inspection and no code numbers were given, just the issues. I researched the issues and could not find where anything was not up to code. This morning I stopped by the building department and talked to the head inspector. He looked through the paperwork, called the Joe, and then went to the house to see the issues for him self. After the head inspector looked around and check everything he passed it. I did not bring up that I feel that there is a conflict of interest or anything.

I feel that I have now stepped on the inspectors toes and at what point would you bring up the conflict of interest to the building department?