All Forum Posts by: Nicholas U.

 None intended lol.  Making realistic goals are important in life.  You should push yourself but people get into bankruptcy because they don't plan for a bad month.  That is why I advise how I do.  Yes I am cautious but that doesn't mean you can't be aggressive.

For income: your best bet is to keep trading those properties via 1031 exchange into bigger properties and using your profit to try and buy new properties.  If you are making close to $2,000.00 in actual income a month that is great.  I would lower your goal somewhat to $5,000.00 over the next 3-5 years.  I use to be a financial advisor before my current job and I always advised people not to stretch yourself too thin.  It sounds like you are doing a great job of where you are at.  

I own one upper C property and one B property.  These are the general properties I focus on because they are quick to rent, generally can find good tenants, and gives flexibility.  A properties usually are completely rehabbed with a layout and location that is appealing to everyone.  To me there is more risk in those properties if you somehow manage to get a bad tenant.  

To me to look at a "D" property the location needs to be good and I will want to rehab it.  That being said there are ways to make money on almost any property but figure out what is your target market and property.  Some people are fine with purchasing different levels of properties but for me being smaller owner I am focusing my attention on certain requirements to help with my business plan.  

So I live in Indiana and I do look for investment properties in Indianapolis on occasion but I do like to warn people about simply picking an area.  Indianapolis is a very tricky place to invest and it comes with a good amount of risks which is why home values are so low in some areas.

Once you decide the area ask for recommendations on a good property manager and get their opinion.  I can get you in touch with mine if you would like.  They are very good and talking about risks and such and are very good at keeping your investment safer.

It isn't personal it is business

You gave the person a chance and they didn't keep up their end.  Start eviction now.  Since there is no lease you should check the local laws to see about other options too.  Finally, you could try to bribe the person out.  I know some people here do not like that but it might save you money in the long run.  

Just like most investing, trying to time the market is somewhat foolish.  While I do believe that certain properties and people are in bad positions, I don't see that the rental market as a whole is about to crash.  

Get marital counselling 

Thanks everyone for the tips!  Purchasing with a contingency offer was my original plan but as people have mentioned it is tough when a lot of sellers are accepting cash offers or with very limited contingencies.  

In this case it is a mother and 19 year old son living there and they share the rent.  Currently, I am waiting to see if they will resign because the mother would like to stay but the son might want to move out.  Because of this I don't know if they would be able to meet the asking price but it doesn't hurt to ask!  
 

I have a single family rental that makes excellent cash flow but I have probably $100,000.00 in equity in it and am looking to move on from it.  It is currently rented but I am wondering how to best handle these situations when you want to sell and move on.  Because I am making very good cash flow on it I am not in a specific rush and want to wait for the right opportunity.  

Never go by Tax Assessed Value.  When evaluating what it will cost you in taxes assuming the purchase price and figure out how much it will be per year based off of the current tax assessed value.