All Forum Posts by: Roman Gwin

my 2 cents from a macro perspective is the deal looks good...if I had that locally I'd pull the trigger, however, I can't stress enough what a few others have said about having someone on the ground to watch these properties.  I have a few in a small town 3 hours from LA that I would never have bought if it wasn't for "Cousin Jimmy"...Cousin Jimmy manages, repairs, renovates for me and without him no way would I touch those properties.  By the way, having just one property manager on my list wouldn't do it for me...I'm only looking at areas where there are multiple resources just in case something goes wrong with that manager...my parents learned the hard way, their property manager embezzled nearly $10,000 by collecting rent and then leaving town....good times.   With such a small town you're going to have to be a manager for your property manager, don't ever take anything for granted

Have you considered asking tenants if they would like to purchase the property? By reducing price the 6% you would have to pay a broker they may be able to afford the house...I did this once and I even took another $3,000 off the price for the upgrades I would have had to make prior to listing. Might be a win win

yup, 16 units in CA and then you need an on-site property manager...every state different it seems

I know in CA at 16 units i need an on-site manager...anyone know the number in Arizona? Thanks!!

I live in LA and was reluctant to make a purchase in Kansas City but over a year later I couldn't be happier.  I bought a sfr 3+2 for $63,000 and it rents for $850.   I bought it as a buy and hold and for cash flow...if it appreciates, great...if not, that's ok.  I have a few properties in LA that I'm counting on for appreciation, as they cash flow for crap...The property mgmt. company I use is in KC is CJ Properties http://cjproperties.org/ they treat me very well even though they only make $51 a month from me!! lol (I'm hoping to buy more in KC so they'll make more money later as well).  I found the property by exchanging info with Bigger Pockets member Mike D'Arrigo www.investwithpinnacle.com -   I may have paid a little more than if I had found, rehabed and found a new tenant but all of that work was taken care of for me through Mike.  At the end of the day I believe we both benefited from the transaction

Thanks Neil...I was looking through the disclosure portion of my listing and there were no questions about "neighbors" or "noise" ... everything related to the structure of the house, etc.  Agent I'm working with is researching as well, she's never disclosed a "noise" issue before but wants to make sure nothing comes back to bite me later

I'm thinking about selling a townhome....it's in nice shape and in a good area...all things being equal it should sell quickly and at going market price...however, the next door unit is occupied by college students who have a party about once a month and one of them is a music major who plays the drums 3-4 times a week for about an hour at a time, usually in the late afternoon.  Outside of those 2 noise issues my current tenant doesn't have any issues with the students.  I don't have to disclose this "noise nuisance" to potential buyers do I?  Thanks!