All Forum Posts by: Nick Troutman

Read David's book on Long distance Real estate investing. It have made all the difference for me. 

@Jon Q. I like that advice. Thanks and I agree. Since posting this I actually purchased my first 4 units. 

I have found a rundown 26 unit apartment in Columbus GA that is off market. The numbers seem to cash flow really well, and the owner is will to let go of it for what seems like a steel. Though being it's older and in a rougher part of the city he says that I wont find any local lenders that will lend on it. 

What are my best options here? It seems like too good to be true deal asking 300K and current rents bring in $6500. (over a 2% deal on 26 units!) I also talked with my PM and she thinks with some work we could do value add and increase rents. I could get hard money if need be, but I don't want to be stuck with a high interest is I cant find a portfolio lender. Or is finding a partnership maybe my best bet here? I know there is likely some great ideas/ solutions here on BP thought all you great people might help with some knowledgeable insight. Thanks for all your help BP community!

@Sharlene Mulchandani that so much for exposing the verbiage difference. This is very helpful. 

@Jason James thanks for the input. I totally agree, though Ironically I just closed on 2 duplexes. The deal seemed too good to pass and I was able to buy it cash without fully draining our reserves. I plan to refinance in 6 months (hoping that there isn’t issues with that) and then have all our cash back and ready for whatever is coming. I do feel like a lot of really smart/ long time investors are all saying the same thing, which is opportunities are coming. Get cash ready now. 

Does anyone charge monthly or annually for pets? My PM’s contract says a 1x fee for pets and I’m wondering about possibly charging more though I’m not sure if that’s standard or what?

@Stephanie Simmons wow. Ok thanks

@Nathan Gesner Thanks, I'm not trying to steal from anyone, just curious about what people require. 

Would anyone be willing to share their PM agreement, as I'm just starting and the agreement that my PM sent me seems to have some aspects I'm not too sure about. 

I have a property under contract with tenants from a wholesaler. I’m waiting to be able to get into the duplex for inspection. They are trying to either get me to buy now or let the contract period run out before inspection as they think they can sell it easier that way. This is my first deal, but it feels weird. Is this normal with a wholesaler?