All Forum Posts by: Neil Goradia

Looking to mentor someone or multiple people on a first come first serve basis for free.

No strings attached, just trying to pay it forward. I've always enjoyed helping people and want to prevent someone from dishing out thousands to a guru or to be part of a system that will ultimately cost them more than benefit them. I am not wanting to be involved in any deals, but I will be more than happy to walk them through with you and offer any advice I have.

I have 10 years of experience with buy and hold (still own 15 properties but had 50 at one time), flipping, land development, tax liens, surplus sales, etc. I'm also currently learning to wholesale.

I can take on a few people at first and then after a while I may be able to take on more. My 2 young kids will demand their priority however, so not sure how much time I can commit on the phone! I am currently living abroad for another 3-4 months but am available via any of the call apps (whatsapp, fb messenger, skype, etc) or email.

Thanks and happy investing!

Neil

@Flora Granter Just sent you a message.

@Mikki Kline  It doesn't affect selling the property in the future. It just shows up in the trail of the property ownership.

@Jeff A. It may because the insurance needs to be in the name of the entity that owns the property. I'd just make sure to take a policy out in whatever name you switch it to. You may need to switch carriers as not all of them do commercial policies. I did have an instance where we quit claimed our property to an LLC and when we filed a claim for vandalism/theft, they cut us a check without even asking about ownership entity. So I'd say its a small risk.

Since your goal is to replace your job income, lower priced properties is the way to go. To respond to your issues:

1. Find a wholesaler in your area by going to a real estate investment association meeting in your area. Network there. They will send deals to your email. I found one just by doing a quick google search: https://www.meetup.com/OKC-REIA/

2. Drive around the area that you are considering buying in and call the for rent signs already posted outside of those houses. Ask them how much and how many beds/baths. These are accurate comps.

3. Agreed, ROI is higher with lower priced properties, which is why I think you should focus on those. It appears you may have $29k cash per your earlier analysis. This could get you a decent house depending on the area. Another option is buying a house that needs a little fixing and put some time into it to build in sweat equity. A third option is to try and wholesale a few houses first to build up cash to buy a better rental house. Do this by going back to what I said in #1 above.

Good luck!

I think your math is good, and the condo itself doesn't scare me (I have a few condo rentals with HOA fees). But what sticks out to me without really knowing the OKC market, is that I think you can do much better on your rate of return. I would not buy a $120k house (even if your out of pocket cash is only 29k) if you are only clearing 303/month. Is your goal to replace your 9-5 job with rental cashflow...or are you looking to only buy a few of these as long term investments? If your goal is the former than I'd shoot for B properties in B areas and shoot for much higher returns. In Indianapolis you can buy a 3 bed/1 bath in a B area for less than $50k with a tenant inside paying $750+. I know this isn't possible everywhere but I try to stay clear of a giant mortgage if possible.

Most credit card companies offer comma delineated or .csv/.xls exports once you log-in online. Does Zipbooks allow imports in these formats?

Wow...some tenants will try anything to get that deposit back!

That's a great idea - I'll have to try that one!

I don't have a tip necessarily for getting around a rehab issue - but one thing we started to do was replace one of the outlets near a counter top (near an entry foyer or in the kitchen) with a usb charging outlet. This makes things look really fancy for only about $15.

Sounds like he's not motivated. I'd move on. As the saying goes, "if you're not embarrassed by your offer, you offered too much."

You could find a way to make this work, but your goal should always be to find a killer deal - much better than market rate.

If you call a contractor out a few times and don't end up with the property they will start getting impatient and feel you are wasting their time. If you really think you have a good chance and homes aren't being snapped up quickly you can try doing it every now and again.

My advice would be to put in an offer contingent on an inspection. I'd always do an inspection, regardless of how crappy the property is, because spending that $300 allows you to negotiate after the report comes out. Some of the "as-is" sellers don't like that contingency but if you don't know how to estimate the repairs yourself yet, this is the safe way to go. Once you get more experience you can put an estimate together in your head on the first walk through within minutes and you won't need a contractor.

I'd maybe reduce slightly in price (and advertise you have done so) and then wait another week or so. People are just starting to get back into the swing after the holidays. You definitely don't want to settle on the first tenant that walks through your door so make sure you get a good number of applicants before picking the one you trust your home to. Rather it be vacant then have a bad tenant all day long.