All Forum Posts by: Katie Neason

@Andy M. I love the way you captured the story.  That will be a treasure.  I am even more impressed by profits.  That is definitely something to strive for.  The house turned out beautiful! Congratulations.

@Paul Choate  hey Paul, just checking in to see how your due diligence is coming along for this deal. 

@Paul Choate Congratulations on the contract. Seems like a great size park to cut your teeth on. What is the market rent for the lots?  What are you budgeting to get the park up to par where you can get market rents? What is the current tenant quality?  Any idea if they are paying? Any leases? Are they tenants you are going to want to keep around? I get your meaning behind "this is a cash flow play and you do not expect much appreciation", but if you get the park leased up and stabilized you should be able to create a significant amount of forced appreciation.  Sounds like the big unknown is getting in touch with the county to see what (if any) the upfront cost and ongoing cost are going to be with water and sewer.  I hope you will keep us posted on how due diligence progresses and the experience and cost as you rehab the park.  

@Jon Klaus Thanks for the recommendations.

@Jon Klaus How do I go about finding a good marketing company?  How does it work? Thanks for the suggestion and advice. 

My experience with warranty is that it is void if you rent it and it is not transferable if you sell it. 

I go about finding owners similar to the way Tina does.  I look them up on CAD. If it is an individual I will google search them and try to find them on a form of social media and/or a phone number.  If I find a number I call it. If it is through social media I message them. If all those fail, then I send a letter. 

Good Luck!

I would only use on a very low end where the only option you are considering is to recover or leave as is.  We I walk other comps in the area, the refinished tile sticks out like a sore thumb and often is already peeling around the edges.  I would not do it on a rental because it doesn't hold up well.  We tried it in one of our rentals.  It starting pealing off clogged up the tub and ended up replacing the tub anyway. It may have be a bad install job, but I will not take the chance again. We will either replace with different tile or if we are not wanting to spend that much we will use an insert.

I have bid on 4 or 5 properties. One in person and the rest online. None of them actually sold. We were the highest bidder at the live auction, but the bank declined it. I am pretty discouraged with the site and company in general. One of the homes we bid on via the internet showed up on MLS after 2 failed "auctions". We ended up being back up offer once it came on MLS. We offered $20,000 less than the second failed auction bid of $62,000. I am very skeptical of the "auction" site.

Would love to hear other peoples' experiences, particularly if someone has had a successful outcome. 

Thanks for the warm welcomes. 

@Jon Klaus I have definitely considered marketing for my own deals, but know without the system in place to do the necessary volume to get results I will be ineffective and I am not passionate about putting those systems in place. :) I am more of a "stalker" when it comes to finding deals. When I see a house that is looking sad, I will research owners, try to find them through social media to contact them, and if all else fails mail a letter.  I have had some success in reaching people but have done this with less than 50 and based on the numbers I see, that is basically like not doing it at all!   What I really want to do is get big enough to hire an acquisition person!!!!

@Devan M. Thanks for the suggestion on how to find local BPers. 

@Paul Timmins thanks for pointing out I need to go to my local REI groups. It is something I know I need to do but have never done. It was just the kick in the pants I needed. I have now rsvp'd for the August mtg.

Looking forward to hanging out on the forums with y'all.