All Forum Posts by: Nate Julian

Call me

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Tonight I went to a home to sign the REPC with a guy I’m buying a home from.

I engaged with him a few weeks back and he was relieved to meet me because I can make thing so simple for him by buying w cash.

i followed J Scott’s advice and asked the seller how much he thought the property was worth. It was right where I need the numbers to land to be profitable on this flip. Two weeks later as we sit down at his kitchen table to sign the REPC he drops the bomb. Not really a bomb but surprises me that he has decided to get an appraisal. He never mentioned this before. I will likely still get the deal, but will probably have to pay more and negotiate more to keep it comfortable and profitable.

Should I have done something different before sitting down to avoid this delay and potential loss of the deal if it appraised for a lot more?  I’ve run comps, and still feel good about it, but the comps are going to pull it up.  I’m not interested in ripping someone off, but I do need a deal or I simply won’t buy it.  I’m curious if anyone has had much experience with this, and for future reference, when closing a deal like this, what can I do to avoid this hiccup in the future?

I’d say if they pre pay it just gives you all the time in the world to find a new tenant and maybe even rehab if needed. Technically they still have the lease though so make sure they are okay with it.

Also

If you can find a new tenant in the mean time you can give the rent money back to the previous tenant and they will be stoked!

Good landlords take care of their tenants the way they would like to treated.

A friend once told me when I first started, “if you adhere to the lease at first and set the tone, you can be nice and lenient when you need and want to”.

We’ve tried to emulate this thinking.

Hey proof. But it’s easy for them to make the change, and I don’t believe they will need to put it to a vote of the owners. The board can just add it for the “benefit” of the community, sooooo be helpful and kind so they don’t just screw you and put it in place bc of spite. :)

@Eric Mielke thanks for your input!

Does anybody in cache valley or elsewhere have experience using Reside Rentals to manage their properties?

We have a management company in place, but are continually losing money to a few different things. Exploring other options to see if we can “tighten” things up a bit, and would love to talk with someone that isn’t referred to us by the management company themselves.

Thanks!

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Hey friend,

Hit me up. I can talk to ya in depth a out some of this and have a decent amount of experience. I’m still living in Logan.

PM me if you wanna chat more.

Hey man!

Give me a call!

I live Logan and self manage and use property managers here locally. My wife is also a property manager for a developer and has tons of experience. If you wanna come by the house and hang out and talk shop we’d love to have you.

PM me if you want to set something up

Take me up on the offer! Would love to help anyway we can!

PS if you ask me...you should self manage right away! There’s no better way to learn! 

I would suggest finding a small company, or a college kid that needs a job.

As for vetting call a couple property managers in the area and find out who they are using. Don’t do work someone else has already done :)