All Forum Posts by: Tariq B.

@Taylor K. I buy sub 30k properties and rent them out. One I closed on last month was actually only 9k. The returns are very nice and I have already beat my income from the military. I had the opportunity to get out as my contact was up last may but choose to extend for a bit, because right now I am able to juggle both so why not keep double dipping and put the extra income towards future deals. 

The pros:

Great return

You are able to get places cash so not dealing with a loan officer

The deals move as quick as you can come up with the money

You own places free and clear

The Cons:

There is usually a lot of time that needs to go into making them rent ready

You will have more issues than a newer home as the sub 30's tend to be older homes

Getting rent on time or at all. I would never do what I am doing with out the guaranteed rent of Section 8.

heck no that is way overpriced. I would just replace parts if it's in good shape rust wise. Make sure you clean it out when you fix the parts. I second that you will need a breaker bar. Thoes old elements are a tough one. 

@Jacob Pereira Hit the nail on the head. It is extremely aggravating. I have only been able to pass on the first inspection once and I had to talk my way out of the failure. Funnily enough that was my first inspection with them. 

@Alex Wong I'm not sure I am best to answer that question. I do the prep myself as I fix the places myself some things I can fix on the spot that the inspector finds wrong. This is going to sound like silly advice but take it for what it is. Don't stress to much on the initial inspection, worry about the re inspection. There are far to many things that they can call out depending how they feel. It's much easier to let them inspect, they mark what they want fixed and then you know what needs to be addressed. Instead of losing sleep over what little thing needs to be addressed. They can only check what they marked on the initial inspection. 

@Patti Robertson I wish it was 20 days quickest I have had to hand over keys is a month longest is two.

@Chris Mason @Bill Gulley@Charlie Fitzgerald thank you for the advice and thank you all for the support. I would hate to break a contract but as mentioned this was 100% unforeseen and I must do what is best for myself and family. I will have to sleep on this one. 

Hey Everyone!

Quick question for y'all who may be able to ease my curiosity.

I was originally supposed to close on a property back on Nov 18th. The wholesaler reached out to me and said the seller was taking longer then expected to move out and wanted to push the date back to Dec. I said sure.

Since then I have been given military orders to move out of state. My plan was to rehab this place and rent it out. I will need to move in 3 months. No way with everything going on can I manage to get everything sorted out for the move AND do a rehab at the same time. 

So do you think Military orders would get someone out of an assignment contract?

Hey all,

As life has it things come up and the next adjustment to my life looks like it will be a move to the Fort Walton Beach area. Does anyone out there on the forum have any experience with this area. As far as flips and buy and holds go. What's the real estate market like out there. I am used to the Baltimore market and I am sure these two markets will be completely different. Thank you all for your input.

@Eric H. Like 2 weeks once you put the RFTA. You will know if you passed or failed when the inspection happens.  Let's lunch sometime man and catch up. 

It's always interesting to look back at old posts. A lot has changed since I started this discussion. @Chris K. Ya, seems to be a common situation with section 8 I don't think I have had one yet that has not violated the lease in one form or another. As long as they are not causing me huge amounts of money, I usually just turn a blind eye.

@Kash Chau sheesh way to take me back to the past! Man a lot has happened since then lol. But to answer your question There is electric heat and then there is baseboard heat. Both run on electric but one is much more expensive, so I hear. I have never messed with baseboard heat personally but hear it can be expensive. I have a few properties with electric heat pump, it was only an issue one time because the termo was jacked up along with the smart meter being broken, case in point it ended in extremely high bills. I do not have a high turnover due to heat being electric or gas. 

@Nicholas Armstrong Ya man I am down, shoot me a PM and let's see if we can set something up.