All Forum Posts by: Nathan Faselt

@Gino Barbaro

Good stuff i absolutely love this thanks for sharing

so your saying you bought $69K a door? 8.8 M and it appraised for 16 M

How long after was the appraisal?

Also i don’t understand the 450k seller financing statement? Are saying that he is holding 450k in debt for you while you pay him off for that? Or that was the down to him?

@Jonah Stavsky

First of all practice negotiations with the plumber and see what can be reduced off of bill.

I would say you should pay especially if you had taken the time to give them the drain stuff rather than checking it out your self first or manager. Could have been resolved there but kinda your mistake there.

But this is good lesson to always to and trouble shoot with residents over the phone/text and get a understanding of the situation before starting. Building a process or checklist so to speak. Can over time over time save you big.

I see @Ben Bagnall had a good response to this question but I also see the confusion to the phase "bottom line".  

A few things to add from the context of A wholesaler adding value to a invester. 

Cost estaminets or past historical deals. 

Local crime rate 

school ratings 

Walkable/ bike able scores 

rental / HOA cost.

"local deals" for example a local bushiness that has a deal that will start in a few weeks were you could get 10% rebate back or something  like that. 

We show up to court and time to file all the paper work for free or included in fee cost but we bill the clients for the filing cost if the resident doesn't pay them first.    I also like the thought from others on the screening confidence but we allow our owners to have a choice of what level of screening they would like.  Thanks you for this question this has lead me to think about how we may be able to offer value to the clients we serve posable 1 or 2 free if the have a few dozen units. 

It may depend on your state but be careful If you offer something to one unit or resident you need to offer that to everyone else with fair housing, but in Iowa we have had a similar situation. To complation the situation both parties wanted to stay but the cosigner was the mother of one of the parties and the Boyfriend had a no contact order against the cosigner mother. Which made for a major completed issue of communication and everything else . But the way we handled it was first offering three options:

1: A lease buyout two months paid in advance.

2: lease replacement they are held liable for the lease until a qualified application is found, basically a “ sublease”.

3: all parties have to sign off on an amendment that one person will remain living there and the person remaining would need to qualify for the apartment on their own.

Option 3: was what was chosen because as stated before that both wanted to stay. Which led to many many frustrating emails and explaining that one of them was going to have to give up on the home otherwise we would proceed down the FED path if rent isn't paid which would not be good for all of their records. The party that was first determined to stay did not qualify on their own. So he was required to get a co-signer but then this person wasn't able to get a co-signer. So it went back to the other party.

a very frustrating situation because of course a 1 star review was created during this time. I feel your pain, good luck.

Agreed If you can figure out how to invest in this let me know.  

I appreciate your point on learning new topics,  I look at it like have a conversation with the for most expert in the world on really any given topic.  Not everything is says correct but a high percentage is and it helped to escalate the learning curve on anything. 

Anyone in the biggerPockets community finding great ways to help them make more money or grow their real estate business using ChatGBT.  

ME :   How can you make money using chat GBT in real estate?

CHAT GBT response :  Here are a few ways that you can make money using chatbots in the real estate industry:

1. Lead generation: By answering potential buyers' questions and capturing their contact information, you can generate leads and create a sales funnel that converts leads into clients.
2. Commission from Sales: By using chatbot to help clients find and purchase properties, you can earn commission from the sale as a real estate agent.
3. Advertising: Some chatbot platforms allow you to monetize your chatbot by displaying ads to users. This can be an effective way to earn additional revenue.
4. Premium services: You can offer premium services, such as customized property search or appointment scheduling, for a fee to users who want more advanced features.
5. Affiliate marketing: You can integrate your chatbot with other services like mortgage broker, home inspector, and property management services, to offer a wider range of service to your clients and generate commission from those services.
6. Building a property management platform: you can use chatbot to manage the process of renting, buying and selling properties, and offer property management services to other investors for a fee.
7. Building a real-estate investment platform: you can use chatbot to provide information on properties and real estate market trends, and charge a fee for access to this information.

It's important to note that to make money using chatbot, you need to have a solid strategy, a well-designed chatbot, and a way to measure the results and optimize the performance over time.

When searching for a contractor, there are a few key factors that I would consider in order to make an informed decision.

1. Experience: It is important to choose a contractor with a proven track record of successfully completing similar projects. Look for a contractor with experience in the specific type of work you need done. This could include experience with specific materials or building codes in your area.

2. Licensing and Insurance: It is important to work with a contractor who is licensed and insured. This will protect you from any liability in case of an accident or damage to your property during the construction process.

3.References and Reviews: It is a good idea to ask the contractor for references and to check online reviews. Talking to previous clients can give you a sense of the contractor's work quality and customer service.

4.Budget and schedule: Establishing a clear budget and timeline is important. The contractor should be able to provide a detailed estimate and schedule for the project. Be sure to get it in writing and ask about contingency plans.

5.Communication and responsiveness: Look for a contractor who is responsive and easy to communicate with. You will be working with them for several weeks or months, it is important that you are comfortable communicating with them and that they are responsive to your needs.

We do both in house at Pace Property management. So I don't have great recommendation we could talk about trying to help you out depending on your needs. Finding a company that dose both not a manger is harder most times it's a separate companies for handy man and lawn care let alone a single guy. In this labor short times most people willing to work can pick up as many hours as they want, at a really good wage and not have to deal with running a business, everyones looking to hire. But non-the less I would assume some individual would be out there wanting some extra cash doing a few diverse tasks, I just don't have that person for you as of now.  Just my 2 cents