All Forum Posts by: Ricardo Meza

Thanks @Shannon K.!  I drove through the neighborhood last December.  So I can see what you're talking about.  As a newbie investor, a property like this would not match my risk tolerance.  I too read the ad as more flowers than weeds.  This is what prompted by question(s).  You know, I'm new at this, how do I breakdown a lead I find on CL? - is more of where I'm coming from.  Thanks again for the input.  

Thanks @Dustin Heiner!  I have some follow up questions to your comments for you and the forum...

Say I was considering this, and I'm thinking about an investment out of state like this...  What would I need to know about the property management included with the ad?  Would a property manager normally handle the turnover and screening?   

I presume the property manager would handle any bids for maintenance or have a list of contractors available they like to use for repairs?  Would their contacts be something I need to vet before considering this investment, or would I need to find my own contractors in advance?  Is there a rule-of-thumb for factoring what the yearly repair costs my by?      

The ad says the property comes with property management.  Is this normally a negotiable item?  

I'm digging through the forums trying to find the answers to my own questions, however, I appreciate the input!

Qualification: I don't have a ton of experience, but I have done tile work in a bathroom, and cut through my own work to access plumbing.  

That said...

I would imagine the holder isn't going to come off without damaging the surrounding tiles.  So, I'd cut the grout around the 4 tiles, break off with a chisel to the backer-board, and replace with new.  Hopefully you can find a close match.  

Good luck!  Looks like fun.   

So I'm browsing CL for my locale, trying to get a feel for what's in the RE section.  I see a bunch of homes I can't afford (now), some places I wouldn't mind living in, and a bunch of listings that seem out of place.  

One example caught my eye, a listing in New York.  It caught my eye because I've driven through this neighborhood, and for me, it's not someplace I would ever think of investing.  Perhaps I'm wrong for thinking this way.  

The ad sounds too good to be true, and it got me wondering what those more experienced would do, or not do, had you seen this ad?  What would due diligence look like for this listing?  

I ask as a noob trying to figure this stuff out.  Thanks for playing along.  All comments encouraged and appreciated!

Here's a snippet of the listing...

Niagara Falls, New York / 20% a year return on your money!!!

Strategically located in downtown Niagara Falls just a walking distance from the Niagara Water Fall, Seneca Casino and Canada. Also, located across the street from Niagara Memorial hospital and Heart Center.

You are only few minutes away from one of the seven wanders of the world, the Niagara Water Falls!!! This beautiful property is ALREADY REMODELED AND FULLY RENTED. Rented for $675/Month with tenant paying all utilities and takes care of the lawn. Collect $8,100 a year. Placing quality Tenants in my properties is my highest priority.

Your return on investment will be 20% a year! Best investment Property on the market. THEY LOVE THE HOUSE AND WOULD LIKE TO STAY FOR MANY YEARS. WE HAVE SOME 20+ YEARS TENANTS.

3br/1.5ba. This house was completely remodeled this year. Everything is brand new, all drywall, plumbing, water heater, furnace, all new electric, new pergo floors and carpet, paint, new replacement windows and much more.

THE PROPERTY IS IN EXCELLENT CONDITION! YOU GET YOUR MONEY ON THE 1ST OF EACH MONTH.

Downtown Niagara Falls. Across the street from the Niagara Memorial Hospital. $400 Million Seneca Casino, Niagara Water Falls, Canada and many new developments and attractions just short walk from the house. There is a few big development plans proposed for this neighborhood (condo and townhomes project proposed just 1 house away from this property). Similar homes on the Canadian side already sell for over $250,000.

PROPERTY TAX $720 A YEAR.
RENT: $8,100 A YEAR.
SELLING PRICE $37,500
RETURN ON INVESTMENT 20% A YEAR.

INVESTMENT PROPERTY WITH 20% A YEAR RETURN ON INVESTMENT! ONLY OR $37,500! ALREADY FULLY RENTED, REMODELED AND COMES WITH PROPERTY MANAGEMENT. YOUR RENT WILL BE DEPOSITED INTO YOUR BANK ACCOUNT ON 15TH OF EACH MONTH.
PLEASE FEEL FREE TO CONTACT ME WITH ANY QUESTIONS YOU MAY HAVE.

I have no idea if copy/paste from CL is allowed on the forums.  I'm sure I'll be reprimanded ASAP if it is, and my apologies in advance.   

Thanks @Andrew Wong for the link!  This meetup is exactly what I need.  

I appreciate the encouragement @Ryan Landis.  It's prompted me to look at my condo as, perhaps, my first passive income property.  I just have to figure out how to evaluate it as such.  Thank you!

Thank you all for the warm welcomes!  

I can't get enough of the BP podcasts @Dottie Bee, thank you, and I look forward to adding yours, @Robert Musallam, to my learning queue.  

Cheers!

Good morning BP!

I'm glad I found this place, your knowledge, and more importantly, you! 

I stumbled upon this forum from a growing, desperate place, and from where I reside in San Jose, CA.  I'm in my prime, yet, quickly realizing that I'm nowhere near where I want to be in accumulating wealth.  They don't tell you how to plan for a bigger future in Engineering school, who knew?  Well, I must have missed that class, but I'm here now, and I thank you all in advance for all the help and guidance you offer.

Don't get me wrong, SJ is nice place to live, minus the expense, graffiti, and homeless problem.  My wife and I have built a modest economic future, hopefully one that will include a bambino/a or two in the near future, and we have all we need to keep ourselves...content.  That isn't the dream, however.  What I want is a wealth capable of giving back to more than my immediately family - I want to have a bigger part in helping those in need.  That's why I'm here, to figure out how to fill this void through real estate investing. 

Here's the catch...  Besides our current residence, a condo, I have no real estate investing background.  Thus, I'm investing my free time to being a real estate investing sponge, and looking for any opportunity to cull fear and galvanize persistence.  I know it will be hard, but I'm committed to adding one investment property this year, and grow exponentially from there.     

So, there you go.  Thank you for reading!  I look forward to interacting with all you successful people.