All Forum Posts by: Scott Patterson

you are going to want someone to manage it for you, you won't be able to get the results by yourself.  a manager will have a minimum of 3-$500/mo so you will want to bump up your budget a bit to get the return.  You will also want to plan on 6 months to get it tweaked for where it needs to be

Hey @Bennie Sims  The meeting starts at 630pm and we start speaking around 645.  Yes it should be a good meeting and it is always very educational.  thanks 

Yeah i heard that the meeting "Real Estate Investing Trenches Unfiltered- Scott Patterson" is an awesome meeting and is actually meeting tomorrow night at the Olde Meck Brewery

We have a guest speaker Igor Gorlatov who will present on Negotiating

and my topic will be "8 Fears Real Estate Investors have and How to B***** Slap Them"

Good times and actual education

Hmm, so the question is, will a 2/2 maybe 3/2 about 1000 feet, duplex/four plex go for about 1400/month there?  possible, your issue will be since it's on parkwood, making sure they feel good about their cars parked on or near parkwood.  If you can do garages or fenced and or secured parking of some sort then you should be fine

Do you have a current opportunity there?  Are you looking to build new houses there and rent them?  or building apartments?

You should agree to pump and fill the tank, which 1300 is the right number.  No need to remove.  I would not test the soil.  You have no obligation and neither does the environmental company have, unless it is obvious that there is the scent and oily appearance, then I think the company has the obligation to report.  (not completely sure).  If you test, most likely the test will be fine, but if for some small chance it comes back bad, then it becomes a material fact and now you are sol to sell the house without remediation, which will cost you 5k to 25k depending.   I think you can apply to recoup the money from a state run fund, but there could be significant time to recover the money.  

Monthly meeting, that meets the first Tuesday of every month. I lead the meeting with 2 topics, a quickie topic of around 10 minutes and a Main topic or around 30-45 minutes, we also have a guest speaker which will present another topic for 30 minutes. There is of course Q and A for each topic. I strive to make this the most educational meeting in the real estate investing field.

Go to meetup.com to join and be updated on future meetings

Location-Olde Mecklenburg Brewery

4150 Yancey Rd, Charlotte, NC 28217

Monthly meeting, that meets the first Tuesday of every month. I lead the meeting with 2 topics, a quickie topic of around 10 minutes and a Main topic or around 30-45 minutes, we also have a guest speaker which will present another topic for 30 minutes. There is of course Q and A for each topic. I strive to make this the most educational meeting in the real estate investing field.

Go to meetup.com to join and be updated on future meetings

Location-Olde Mecklenburg Brewery

4150 Yancey Rd, Charlotte, NC 28217

Terrible deal, you should want to be into properties at a minimum 80% value.  Some other things to consider.  1.  you will be at least 35k in rehab, as they never go on budget and you probably aren't including holding costs etc. 2. loans for under 50k are not easy to get.  3.  Even if you are happy with the end numbers, that is alot of work for no payoff. 4. You have a lot more education to go prior to buying a rental since you are even considering this deal 5.  Look at this as a lesson on walking from a deal and good exercise

if you own the property in your name, then you can defend yourself in small claims, if it is in a company name then you will have to hire an attorney fyi to help determine your risk factors.  I would tend to think that the tenant won't sue and will likely withhold rent, in which case you go for eviction and settle it there.