All Forum Posts by: William Murrell

+1 to rentometer.  It's pretty good.  You can also try Rentrange, but you need to fork out a few bucks to get the big report.

Hey there and welcome to the site!  Make sure you take advantage of all the free resources, especially the podcasts.  Good luck out there!

Yes, you are taking the money you invested back out.  For instance, you buy a house at 100k, you invest 30k to fix up, and it's worth 180k when you're done.  So you're into the house for 130k (100k purchase +30k rehab). Then you refinance and take out 150k and end up with a house and 20k extra in your pocket.  Then the money you get from the bank when you refi is used to buy another.  Keep washing, rinsing, and repeating!

Hey, no problem!  Take your time and run your numbers over and over.  You won't lose money on any deal you don't do and there's always another one!  Good luck out there.

I don't see the value other than access to the MLS which is not that hard to find without. You have continuing ed and yearly expenses and a whole host of disclosures that I personally don't think outweigh the benefits. But that's just my $0.02.

Well, there's not really enough to say, but I can take a swing at it.  You said they're going to sell for 135k.  So then you subtract the "high" mortgage from the sales cost and that's what they'll have to come to the table with.   So for instance, they owe 200k and agree to sell for 135k.  Then they either need to help broker a short sale with the bank for 135k or they need to come to the table with 65k (200k-135k=65k).  That's not terribly likely they do that.

As for the other question, you walk when you can't get the numbers you've outlined for yourself.  Before you start trying to get properties under contract you need to have an idea of what you want to make on each deal.  If this deal can't be shaped to meet your numbers, then you walk.  Simple as that.

I didn't have it on any of my rentals until this year when I switched management companies.  Once I switched to them, they used it and I got tenants a lot faster.  If you're trying to market it, I'd reach out to the property management companies in the areas and people who have multiple properties.  Can't hurt, right?

What are you trying to do?  Flipping? Buy and hold?  We can't help you with directions until we know which way you're headed.

"Only when the tide goes out do you discover who's been swimming naked." - Warren Buffet.  Rates are coming up for sure, but who is prepared?

There are a lot of options.  You can try listsource or similar to find people that meet your criteria.  You can reach out to brokers who might have contacts who are looking to exit the market.  You just need to get creative and start digging deeper.