All Forum Posts by: Randall K Compton

@Darius Ogloza

This thread is hilarious haha.

Get this, first week, first property we ever bought, one of the units flooded on like the second day I think.

On a bigger picture note, as long as you manage property it’s always going to be something.. so if you want to win (you don’t want to become maxed out owning 2 doors) you’re going to have to LEARN to be calm and take the next step. Welcome to school.

I would agree with this. If the DTI is really the problem, while it's hard sell the car. Just think about it this way - it's probably not really your dream car anyways lol! It doesn't mean give up on having nice things, it's a temporary trade. If that car is important to you, keep it and "sell" the car to a family member. I've had bankers suggest that to me. Never did but if insurance and everything is carried the correct people, its a work around.

 Ditto. I'm glad someone else said that. I don't want to assume landlords pay utilities everywhere, but In AK we basically cover everything except electricity. second largest expense, just after debt service.

It's hard to address the values because we don't know much about the accuracy of the values. (if you're actually set up for tenants to pay all utilities, if 10k is a realistic rehab number, How's the property condition and age - is that really enough for its capx and maintenance.. etc. Is the mortgage a little low because your mortgaging 270 at least plus closing on all of that prob going to be little more.. etc. 

It's really easy to shave a little off every number or exclude cost outliers as optimism, and by the time analysis is done its not nearly as good of a deal. If its on the MLS ask a realtor if there are any associated docs with the properties.. disclosures, utilities, etc.. that can give you a realistic baseline.

Makes sense. Using the physical letter with an offer to compete with someone else for a serious price. Maybe this is my time to help out another investor and lowball the whole thing lol.  

I talked to a guy this morning that got one of our postcards, but wanted me to go look at the property and mail him an offer amount, not a call back or meetup. The way the request was framed seems strange. What's the motive for having an offer mailed? Privacy?

wow that is a wild gig I had to think about that for a second to wrap my head around it. I'm guessing the purpose here is that while you retain debt on a depreciating asset you have more cash when the deal is out? 

but not a Brr a friend of mine and myself have flipped second gen dodge diesels since high school as a hobby. There is a huge margin between well cared for and broken ones.. like a few thousand for beaters and 15k for a couple grand in work to clean one up. Last one I paid 9k for, drove it around for a year and sold as-is for 14. certainly not a lot of cash but fun to have cars that pay for themselves instead of the other way around.

@David Chapoell

The nice thing about that is if the boiler fails on one, just yank it off your vacant one and back in business!!! Haha.. jk of course.

Is the rent still comparable with the tennant paying all the utilities, whatever they are. maybe I missed it. looks ok if there aren't any repairs that need to be done any time soon. sure would suck to have something over 1k that needs to be repaired within the first year.. 50 bucks a month seems low but I know that situational to what you plan to do with the net, set aside, and where you're at. 

by making offers you mean like a formal offer on a place like through the agent?

also for some clarification, are you saying get an offer in so that the property is 'pending' and then trying to negotiate with the seller a (real) price that works? (like as opposed to the listing being GONE before you've been able to run numbers and come up with a legit offer?)