All Forum Posts by: Taylor Kamal

Originally posted by @Mike S.:

Tracking down tenants for damages, owed rent, or other collections is pretty hard by itself. Without the SSN, it's almost impossible.

The other thing about screening tenants, some of them will do things like this and make your job easier in weeding them out.  You don't want to loan someone $100,000 or more of your property to someone with trust issues.

 I love this way of thinking, Mike. The landloards are putting up their 100k+ asset to someone else they don't know. We have to look at ourselves as "banks" entrusting others with our property. From that perspective, yes.. i would easily deny anyone a rental without the SSN.

Congrats on such a great success! 

Thanks for taking the time to break down the costs & the follow up post with the lessons learned. 
Very informative!

Thank you so much for all your insights, folks! So many great points! 

I'll definitely have to create a big enough cushion & come in with an offer below the bank's asking price, as @David Dachtera mentioned.

And I completely agree, @Account Closed - I'd never touch any mold related project myself or to regular handymen. This would definitely have to done by Specialists.

So I walked through an AS-IS REO today. It's a 3 Bedroom 2 bath Brick Ranch with a basement. Upstairs needed a standard kitchen/bath update, new paint, etc. It seemed pretty standard to me.

... but then I walked into the basement. I think the attached pictures do a way better job describing it than I can in words. 

Just a quick run down, I'm looking to flip this. If I move foward I'd end up paying 55k (cash deal) & I'm confident in my ARV coming in between 130-140k. I'm an agent & I used to own a restaurant walking distance from this property, so I feel like I have the buy/sell figures down pat.

HOWever, the rehab costs are concerning me. Upstairs needs a kitchen/bath update, new paint, etc. That seems pretty standard to me. But, I've never seen this much flood damage to a property & I'm just being jittery.

Looking at the pics, can someone give me direction on what to expect when doing flood & mold repair/remediation? I have quite a bit of wiggle room between Purchase price & ARV. How much have you folks paid for repairs/remediations in the past? Are there Other hidden costs/issues (electrical?) I should be concerned about during the flip? Are buyers going to cause me headaches even after the property has been rehabbed?

Thanks you in advance for all your help!

When I read the title "rough start" I thought you had actually lost some money in a deal. Not finding deals is part of the process - definitely keep at it! You've got some great towns around CCHills, and NW Indiana is just a hop away .. So don't feel discouraged. The right deals will surely present themselves. Let me know if I could ever be of any help Cheers!

+1 for Google Voice .. I've used it for multiple businesses. Also trying out this app called Sideline (personally on iOS) - been using it for a week and it's been great so far.

Love the Bronzeville area. Lots of rehabbers are moving units there. Very evident from doing a rental search on Craigslist, all you'll find are rehabbed rentals.

Yes, its fairly common practice in home offers & contracts, so leases should hold up in court just fine. 

You also have the tenants email address correspondence that ties them to whatever they signed. That's actually even more proof than signing on paper.

Very helpful post, thank you for taking the time to lay out the numbers

I just finished reading "Profit by Investing in Real Estate Tax Liens: Earn Safe, Secured, and Fixed Returns Every Time"

I was clueless about Tax Leins before. Learned a lot from this book.