All Forum Posts by: Rich Vogel

Hey Chris,

I would recommend networking with  some investors and see who they used.  It is an instant reference on the contractor and usually works out. 

At 17 I borrowed half the money from my mother and used my savings from birthdays and holidays, and went in half with my uncle on a property.

Hey julie, you can look at it as all major parts of the house need to functional for the most part. So cabinets would need to be in. By the picture it doent look like it would qualify for a conventiona.  You could pm better pictures and i could give you a better guess i would look into hard money or private money.

Hey Julie,

Are there any reports that are with the listing. For instance inspection reports, or if it is a foreclosure any info from the bank.  I had a bank stop me cause a box was checked that the heat didn't work.  I also had a bank stop me cause there was no kitchen during an inspection. 

Thanks

Rich

Hey David,

You need to look at the rent as a business and take all emotions out of it. I struggled with this is the beginning but ever since I took the emotion out of investing I have been able to grow my business significantly.   When the tenant signed the lease they new all the information that they had to obey by.  I would call a lawyer immediately.

Hey Carter,

I agree with Chris.  I think you have to balance how much rent you are losing by the units being empty compared to what you are saving on those minor projects.  I have one general contractor do all the work and I even have a family member manage the job ( I pay them a small fee to make sure the project gets done fast and on time) they don't have to do anything except make sure the contractor is on schedule.  This is cause I am not around often between work,family, and finding other properties to buy.  I just had a tenant move out of a 1100 square foot 3bd 1 bath and we had the entire place painted, new carpets throughout, 5 new windows put in, 2 new doors, the porch painted, minor electric work, flat roof patched and the house cleaned and it took 9 days from the day the tenant moved out to when I could start showing it. 

Hey Ryan,

If I ever see a property that has weird tax numbers the first thing I do is go down to the tax office and ask them what the property taxes are and there formula how they get to those numbers. I actually was able to buy a house cause the listing said the taxes for 2500 more then they really were. So I would first go check out the property confirm that utilities are split and also that everything they say is true. I trust no one and verify everything when it comes to my money. Then get a insurance quote. Verify your taxes with the tax office. Don't avoid Capex either that can bite you in the butt. Shoot me a pm if you have any other questions

Thanks

Rich 

I own six six myself and five with a partner we/me self manage all of them but i think by 15 i will be moving to pm.

Thanks for all the help!!!!!!!!!

I am in the process of getting a prequalification letter to purchase a rental property. My mortgage broker is saying she has to wait for underwriting to get back to her cause she thinks that the HELCO will count as a mortgage. If she counts the HELCO  and the new loan my partner will be at 5. Her company only allows 4 mortgages so she thinks it will be a problem. Has anyone run into this problem.  Any help is greatly appreciated.

Thanks

Rich