All Forum Posts by: Sean Lambert

Stick with your initial offer.  Make sure the numbers work and, like mentioned above, don't fall in love with a deal.  

Use an insurance broker, who has access to various different companies.

Congrats on taking the plunge with a triplex.  You're on a great track and your dedication to learning will pay off.  Thanks for sharing your experience!

Please post before and after pictures. A house for $14k that's livable?!

Understand your neighborhood/city and make sure $500/month rent is the market rent.  I would try to pay for the property and not get a mortgage on it.  I think it would be too difficult for that amount of a loan to get a mortgage on it.  

For repairs, take into account how long it will take you to make them and what the materials will cost.

@Charlie Moore take the trash to the dump. Part of a rehab process is making the outside presentable during the rehab.

They're trying to sell you an over priced property AND will get a monthly management fee.  

If it didn't appraise (twice), you can't purchase it, unless you're paying cash or the seller is financing it.  How do you plan on financing it?

What's wrong with the structure?

Interest rate seems high, especially with an ARM. Can you get fixed interest rate?

Zillow says both units combined rent for $1325, what are the rest of the numbers?

Denial.

@Kristin Kerr Let them know they can switch out lightbulbs and keep the place clean. No repairs though. Good luck.

@Braden Anderson

I also use street names, although the latest duplex is called the flea-plex. Old tenants had dogs and fleas. That took some work to get it cleaned out.