All Forum Posts by: Omar Merced

@Brent Coombs Brother, we understand that there are some people doing some shady stuff out there but before you just call someone out I would do a little research, you don't know his structure of how he conducts his business. I don't know @Account Closed personally but as real estate professional I think we would at least have the courtesy to inquire about their business model before making assumptions. In either account this is not the forum for this. This is about how to walk through rehabbing a vacant 18 unit multi family in need of major repairs and nursing it back to a beautiful income producing cash cow. Cheers!  

@David Luetkemeyer I agree. and I'll be buying as much as I can.

@Account Closed Thank you for the education. Things still doing well over there? I heard it was getting tougher and tougher to find good deals. I was in San Diego this weekend. Lovely, but man is everything far.

@Brian G.Sorry to dig up an old post but wanted to get your take on PR now. I recently recommended against it. My family lives there and they tell me all the time how cheap the properties are but I tell them it's worth nothing to me unless I can rent it. From what I understand PR has pro tenant laws making it very difficult to evict. My mother is married to a construction foreman and they could handle all the renovations and maintenance.

@Erik Johnson It says you're a structural engineer. Maybe you can help me with this question. The pool that has to be removed from the inside. How does that affect the rest of the building? That was my biggest concern looking at this one. 

Agreed. Reno has taken off and from what a friend told me not totally saturated with real investors. 

@Jim Walters That's somewhat the plan. The thing is more conservative investors need to see some performance before they make the leap. I'm headed there tomorrow so if you are in the area and would like to meet up let me know. I am looking for good contractors/trades. We are having an open bid period on Thursday. And I need everything.

@Account Closed Really didn't know it was going to take off.Just meant it to help out. Now I really need to make sure things work out...

Thank you all. I will be updating as much as I can. I also have a flip going on here in Las Vegas so we are busy. If I missed any of you send me a message or mention me again and I will respond. Please make sure you follow the forum so you can get all the updates.

@Emma Morris Thx

@Thirumalai Satish Thx

Hi Oliver. Heed the wise counsel that has been given here. An hour consult with a competent real estate attorney that deals with real estate investors should run you $250-800. It is well worth it at this point before you make mistakes that will be more costly in the long run.

Wow to think I offered $280k and thought it was too much. I estimated the bid around 200-250k and the comps around $700k max. Good luck.