All Forum Posts by: Thomas Lee Nuckles

@Justin Tippens

If you go for owner financing make sure you illustrate why it will benefit the owner. Make sure they understand no more dealing with the renter. No more repairs. No more hassle. Really harp on that. Also, find out why they are selling. They might just want to move and don’t have a good property manager so in their mind they can’t maintain the property, so they just might owner finance knowing all they do is collect a check. One more thing with owner financing is refinancing in about a year or two. It shouldn’t be too hard but call some backs and ask. By two years you’ll be considered a stable landlord and you have your rental rates steady. With your job and rental income saved, you’ll be able to do a decent down payment then refinance the house in a loan. Make it sound appealing, you’re selling your trustworthiness to the owners.

@Mark Fries

Yea. You’re right. But it’s the rest so it’s hard not to. If all goes well today then I’m buying. The numbers add up even at 800/month and the are will bring over 1000/month.i have a home inspection today. If it comes back in decent shape then I’ll be the owner of a cash flowing duplex.

@Alissa Engel

She does have investment properties. But I will be contacting another pm today. I was not at all happy with the first. The only indication that she cared for the property was that she showed up. After that it was all down hill.

@Tracy Uscinski

I meet with PM. She’s terrible. So if the home inspection goes well then I will be buying. Two things that made her terrible was after she walked the inside of the house I asked her how much it would rent for. She said “a two bed room would rent”, so I stopped her and said it was a 3 bed room. She argued with me so I just asked her to go count. She did, it is in fact a three. She never even asked to see the back yard which is import because it’s downtown. Not too many backyards to be had.

The second occurrence that made me think she’s no good is when I asked her opinion of how much I could get with the place fixed up. I explained what the plan was. She then said she just couldn’t give me an estimate without seeing completely rehabbed....

So in her eyes I have to buy the place, Fox it up, and then she’s tell what i can possible get for rent...on the the next!

@Brian Van Pelt

You got me there

@Brian Van Pelt

I completely understand. But the problem is that rentometer is only based on 2 houses, both is less desirable parts of town, and one was 990 the other was 750. The lofts are all very small and going for around 850-1100. The duplex I’m looking at is all walking distance of downtown. Way better location than the two houses rentometer used and way bigger than the lofts. Although the lofts are very nice. The duplex is 3bd/1.5 bath. But basement also included. That’s each side. Should I call more pms? Or trust her?

I have found a duplex for 135k. Great location. Big. Back yard, and honestly just a great layout. A PM is telling me I will get somewhere between 800-850 a side. My realtor is saying 1k-1.2k a side. Rentometer is kinda useless do to there only being 2 houses for rent in the last 12 months in this area but that’s averaging around 870. The location of my duplex is way more convenient /safer/actually walking distance of downtown Lynchburg, Va. the only comparables I can find are single bed room lofts which go for 850. And two bed room lifts that go for 1100. They are in a great location to downtown but they are small and next to a busy rail road tract. The duplex is 1200sf a side plus an 800sf basement. Very spacious. And it has a backyard. It will have all new appliances also. My judgement is 1-1.2k a month a side but I’m weary of ignoring the pm. I don’t know too much about her besides that she does work near the part of town I’m buying the duplex. Should I listen to her? Or trust my judgement?

What would all of the BPs members out there suggest I do about getting a comp for a duplex when there arn't really in the area? There are multi family homes in the area but not really any split duplexs. so whats the best way to find a comp? any help would be great, it seems like a killer deal but maybe it's worth a nickle? 

I've been listening to audio books lately during my work hours and i've been learning a lot but the one problem i've been having is not being able to write down tip and points. I know on a basis what to ask the lender but if you have a system of questions that you ask and wouldn't mind sharing than that would be great! I do plan on doing the BRRRR strategy so my questions will be more geared towards that. Thank you.

@Russell Brazil

That’s a great point. Thank you.