All Forum Posts by: Seth S.

Thanks, @Bill B.! I will wait for my broker to talk to the sellers' and if that doesn't get resolves by tomorrow, I will reach out to title company. 

Hey guys! 

Looking for some advice on a weird situation I am in. 

We made an offer on a SF home and had until the 24th of Jan for due diligence. Hired an inspector; got results; took out big findings and sent them to the agents with a request for 10k credits. The sellers countered with 2k to which we refused. We then asked our buyer agent to cancel the contract and she sent us the copies that we eSigned on Jan 24. 

The issue is the sellers do not want to sign the cancellation from their end, which is holding up the release of the earnest money from the title company. Their agent is telling mine that they don't want to sign, but my agent is telling me they have 0 say here since we signed the cancellation papers before the expiry of the due diligence period. Also, their agent put the house back up For Sale status (it was Contingent - No Show). 

Any thoughts / advice / words of wisdom?

(This is in Nevada; if it makes any difference)

Welcome, John!

I am a remote investor myself as I live in Silicon Valley; after looking into different out of state markets, I decided to invest in STL. I got into the same niche as you (2-3 multifam) and so far, I closed 3 deals (10 doors) in 10 months. Decent cash flow :)

Ping me if you ever feel overwhelmed with what's going on and need some fellow "just removed aspiring" BP'ers advice!

@Nic S. St Louis; had a few business trips two years back and found it an interesting market. Had good luck so far :) Do you do OOS? Bay Area bar of entry is too high for me (as for most people I guess)

Also, apparently SimpliSafe can work without the WiFi on cellular only. But no notifications to you; directly triggers alarm to their monitoring, they call you, and then decide to send police or not. Still not a bad choice.

@Michael King I almost feel like that's a "empty place - come in" sign :D 

Thank you all for the great tops! I guess I forgot to mention I am a remote investor. The property is in Missouri, I am in California. Hard to do the drive by; would have just moved there if I could hah. 

Heyya BP!

I just got a 4 fam for a great price. Took a while to close but happened!

Issue is that all 4 apartments are empty (as property was rehabbed). Hired a PM company that will manage it but they will take about 2 weeks to get it market ready.

My worry: break-ins or squatters. During the 2 weeks I wait for PM to bring property up to market, what do I do to make sure the place is safe? Any suggestions help!

Thank you guys in advance! 

Welcome, Daniel! Good to see someone from the bay area! :) 

Hey BP!

I am in the process of getting a 4 plex and the survey came out with the follow finding. 
My agent said that it is a common occurrence and such infringements have been "grandfathered in". Only issue would be if I needed to rebuild at some point. Any advice??

Hello BP!

I live in the US but had (had) a duplex in Montreal that I just sold. I want to move the proceeds to the US so I can invest in a property here. Has anyone gone through a similar process? Any suggestions/advice on how to handle this?

In my inexperienced opinion, it would be as simple as converting the cash from CAD to USD and transferring it over. Next year, when I do my taxes, attach all docs from the sale (listing the amounts I paid/received) and send it over to an accountant to figure it out. 

Appreciate any help :) 

Hey BP!

I don't want to go speculating of a recession happening (if, when, how etc), but the question of what kind of rentals are better for hard times came to my mind while I was looking at different types of deals around the mid-west.

Deal 1: duplex in a decent hood (B-/C+) that averages rents around 650$ / month / door (cost of 110k)

Deal 2:  4plex in a good hood (B+) that averages 1100$ / month / door (cost of 380k)

Lets say you are faced with this scenario and could go for only 1 out of the two. Which one would you pick? 

My reasoning (flawed as it may be) is this: 

Deal 1: lower rent = higher tenant pool but lower quality. 650$ apartment would be easier to rent than a 1100$ one.

Deal 2: higher rent = higher quality tenants but lower pool overall. Harder to rent 1100$ apartment, especially in recession when owning becomes more affordable. Higher paying jobs are harder replaced (for the tenants) than lower paying jobs (could work at McDs and still manage a lower rent)

Thank you in advance, 

S.