All Forum Posts by: Sam W.

Gus G.

Are you focusing south around Brecksville or up into Cleveland? I ask because I know a tremendous GC from Medina County but don't know if he wants to head way up north everyday.

Sam

Jerry Skeens

Buying a foreclosed multi-family can be a very good way to buy a property for a price that will generate acceptable cash-flow. In my experience, any back-and-forth with the bank/fannie mae is more off-set by the discount I was able to achieve in the price of the property.

That said, I'd recommend that you do a good study of your rental market there in Harrogate. With a population of ~4,500, is there enough demand for rental units to justify getting into that business there? Is there enough demand for student housing to make it worthwhile?

Jerry Skeens

Do you intend to stay in the area once you receive your MBA? If so, what is the rental market like there?

As Roy N. said, you might want to consider an owner-occupied property (perhaps a Fannie Mae) that you would live-in until your graduate. Then rent out if / when you move on. Mutil-family might be a very good fit as well.

Shawn Mohovich

Two ways to think about it. The first is the way you're looking at it. The sale is imminent, so just make things as easy as possible and leave the unit vacant. Understandable.

The second is a more conservative approach. What if the sale doesn't go through and you have to go through several months of vacancy while you remarket and find another buyer?

It might be better to get a renter using your standards (because ultimately you'll have to live with the tenant if the deal falls through). You could offer to allow the buyer to review the applications and offer non-binding input.

Jerry Skeens

Lots a vagaries in your question....which leads to more questions from me:

- Why are you buying property...flip, rental, wholesale? What exactly is your objective and your goals (and should be more defined than just buying a property)?

- You said you are finally "ready to start". How do you define ready?....partners lined up; financing "at the ready"; etc?

- How much cash do you have in your war-chest as you turn your obsession into action?

Honestly not trying to be a jerk....but trying to gage exactly where you stand and what you're trying to do.

Sam

I agree with Karen Margrave and Joel Owens

For my rental properties I have (almost) completely gone to Allure in the living/dining/ common areas and a reasonable qualtity residential carpet in the bedrooms. I've considered commercial carpet as David G is as well, but decided against it. It just seemed too industrial.

That said, I do have a couple of higher-end SFHs (not super high end, but nice) in which I have carpet in other areas of the house besides the bedrooms. In my market, propective tenants would expect carpet in these homes.

I agree with Jamaal Hunt , Eric Hettena and Albert Hasson - There in many, many better uses for the $50K, and much of what the Ugly House folks will tell you is available for free here on BP.....and a lot of the analytical spreadsheets are available to download free as well!

On the other hand, you won't have the right to use their 'catchy' phrase....but if you asked (or started a thread), I'm sure lots of people will help you come up with your own catchy phrase.

Andrea M. - There must be something in the air. Similarly, I just started an eviction (my first ever) with a long-standing, excellent tenant. Two + years of no issues then suddenly he disappears off the face of the earth. Finally track him down to a neighboring town.

Doesn't return calls and when he does promises to pay in a week, then the following week. You get the idea. Because of his excellent record as a tenant I was willing to be patient. That was last month. Now he has not communicated in several weeks. Sadly, had to begin eviction last week.

Of course, regardless of the internal metric you use in deciding whether to proceed with eviction or not, in most jurisdictions, if you accept partial payment once you have begun the process your case will be dismissed (if the eviction was for non-payment of rent).

In other words, once you begin the process, you should only accept payments that are all or nothing.

Patrick L.

I'd call her employer to see if the delay in her paycheck is truly the case.

I'm more inclined to work with tenants than most. If there is a way to let her stay (while verifing the circumstances regarding the delay in rent), I would let her stay and work out a payment plan.

I understand it is "a business", but sometimes we all need a helping hand.