All Forum Posts by: Steve Williams

I have been researching tools and am leaning heavily towards becoming a BP Pro member.  One of the key membership perks is RenRedi.  The product looks amazing, however, the google reviews are terrible.  Before I pay for it, I'm curious what BP community thinks of it?

I'm looking at at fixer upper tri plex near a college in my hometown.   I'm looking for advice on how to determine what rental income would be for college students.  Is it best to charge per student, or per unit?  And what resources are available to know what that price should be?  I also understand that during the summer break, I may not have tenants. 

Thank you for the reply, I was beginning to think nobody would, lol.  I did not NOT make an offer and have moved on from this property after I had a contractor look at it and determine it was an absolute disaster, with much, much more than cosmetic issues.  The location wouldn't allow for it to sell for more than what it would need in rehab.

I still have not found my first deal yet, still reading and searching.  I'm more interested in long and short term rentals, not so much flipping.

Hello,

It's great to be here.  Been reading books, BP articles, listening to BP podcasts.  First, what a great and valuable resource I've found BP to be, and I plan to remain right here throughout my journey.  As Brandon Turner says in his book, "Rental Property Investing", my switch is flipped and I'm ready to take action!  I wasn't sure what category to place this question, so maybe somebody can direct me?  Here's my question....

I was originally looking at this property as a long term rental, and possibly a BRRR as I have the working capital to do so. However, the more I have researched, the more I think the best option is a flip, mostly because of the location and extremely low price I "think" I can purchase for. The biggest obstacle is it needs a new sewer line run before the property can change hands (cost estimate $15,000). The cost doesn't bother me as I have incorporated that into my rehab calculations and it still works. The house has been sitting almost a year, and I think that's why.

It's a bank owned house and the previous owner is deceased.  I spoke with the tax collector today and he said the owner had a reverse mortgage and all taxes are currently up to date.

So finally, here's my question....when making an offer to a bank owned house (with the reverse mortgage in mind), would they be more inclined to accept a lowball offer?  And I mean a very low ball offer.  I'm thinking they would be happy just to get this place off their books?  But my inexperience poses the question.

Thanks in advance for any feedback!

Steve