All Forum Posts by: Stephen Bruce

Hello to all!

I am a new member to BP and a new real estate investor as well. I have one rental property and am in the works of acquiring my second! I am in search of an agent who knows the BRRR market very well. I am located out of Greenville, SC. I am interested in doing work anywhere along I-85 north from Atlanta to Charlotte. I have read through countless post and never found anyone from this area, so please if you are from here, know the area, whatever, Id love to connect and see if we could grow together.

Thanks in advance!

I am touring a duplex tomorrow that is IMO a great investment opportunity. I have crunched the numbers using the 4 square method on BP YouTube channel. Everything adds up but there's a catch, I calculated my purchase price and rental rates not the asking price and current tenant lease rates. Here are the numbers:

Asking Price $169,000; Market time: 156 days, offers: 15 plus (all below 150K), Current lease: Duplex 1- $580 (till July 2023), Side 2- $630 (till Sept 2023)- the current owner has rarely increased rent because she feels bad asking more from her current tenants of 5 years and 14 years; No HOA

I am going to offer 150k and eventually up the rent to side 1- $830, side 2- $680.

Where I need help is negotiating with the selling agent on getting the price down to $150k. I have spoken with him over the phone several times and he admits this duplex has been a pain to sell because the owner is listing it so high. I agree with him, it is way to high of an asking price. What can I offer in the deal that wont break my bank or ruin the deal? How can I appeal to the seller that people aren't going to pay that much for this duplex?

Thanks in advance for all the advice!

I am touring a duplex tomorrow that is IMO a great investment opportunity. I have crunched the numbers using the 4 square method on BP YouTube channel. Everything adds up but there's a catch, I calculated my purchase price and rental rates not the asking price and current tenant lease rates. Here are the numbers:

Asking Price $169,000; Market time: 156 days, offers: 15 plus (all below 150K), Current lease: Duplex 1- $580 (till July 2023), Side 2- $630 (till Sept 2023)- the current owner has rarely increased rent because she feels bad asking more from her current tenants of 5 years and 14 years; No HOA

I am going to offer 150k and eventually up the rent to side 1- $830, side 2- $680. 

Where I need help is negotiating with the selling agent on getting the price down to $150k. I have spoken with him over the phone several times and he admits this duplex has been a pain to sell because the owner is listing it so high. I agree with him, it is way to high of an asking price. What can I offer in the deal that wont break my bank or ruin the deal? How can I appeal to the seller that people aren't going to pay that much for this duplex? 

Thanks in advance for all the advice! 

Hello to all! Here is the scenario. A young couple (both 25) are relocating to my area and are interested in renting. The monthly rent is $2050/month. Their combined income is 90K. I did an in-person walkthrough, and the couple is very nice, responsible, clean and are extremely interested in renting. With their combined income, they barely meet the 3x criteria (when taking into consideration HOA and utilities) but they said the home they are selling will be giving them a large lump sum of cash. Here are the few areas where I don't know what to say:

1. They offered to pay the entire years rent upfront. Do I take that? Is that a bad idea? They said they'll have enough from the selling of their current home.

2. Their tentative move in date works great with our schedule but it is contingent on the sale of their home. In the lease do I write a clause that backs me up if they have to back out because their home didn't sell? How much do I charge them to get out of their lease? 

Overall, I'm very confident they will make great tenants! I hope to work with them, I just need advice on the above mentioned. Thanks! 

Thank you for all the advice! Ford, you were right about in-person walk throughs! You learn so much in a 20 min conversation. Tracy, thanks for the advice also. As I review all the applications, I'll keep what you said in mind. 

I am a looking for advice on how to screen tenants for a property my wife and I still live at. We are moving to new house and will be renting the current one. Is it a bad idea to have people over to my home while I am still living in it? Do you recommend meeting every applicant personally? I have read it is recommended to tour the applicants home. That seems like a lot of work. Do you recommend this or would you stick to the online screening? 

I'm a first timer so anything helps! Thanks!