All Forum Posts by: Tim Murphy

Lakesha,

As someone above mentioned, renting to college students with parents as co-signers may be a great way to go!  A friend sent their kid to college in Chicago and paid $500 a month for a shared room!  The landlord had a multi-page rental agreement that parents signed that included $50/day for any late payment and a hefty up front deposit.  It turned out the 6-students living in the 3-bedroom were all great kids who took care of the place.  Though the community college in Sac may not get that high a rent, renting by the room (or 2-beds per room) may get you top dollar.  Couple that with setting high expectations, meaningful consequences, high entry point and careful screening, you could really make a go of it!  Congrats on jumping in and landing a duplex!!

Great off market property in North Carolina.  Click the link below to see details, pics & comps!

https://app.rehabvaluator.com/hkfmOg0b3826-H

Thank you.   I went on that several times and somehow missed the "add listing" button.  Thank you Michael!!

Um...er...feel a little silly.  I listen to tons of BP podcasts but I'm relatively new to the forums.  I have a house under contract in Sacramento that I intend to wholesale.  I called several investors on my list, but I'd like to expand my buyers market.  What is the best forum to post a property for sale?...I greatly appreciate any and all suggestions.

Justing R and Andrea D, you articulated much better than I could have.

I only add that many inequities in home ownership were not market driven but executive boardroom driven; redlining was commonplace for generations.  Check out "Family Properties" about housing practices in Chicago to get a glimpse of more. 

We can help create solutions without giving up freedom and liberty, and I'd bet in this community we have much more common ground than division.  I'm sure we can find solutions.

Have a great day everyone.

Thank you all...this is very sound advice.  Much appreciated, and my better senses completely agree with you.

Nathan, great advice that is right in front of me, and I didn't think of that.

Thank you!!

Hoping Bigger Pockets can advise me.  I'm new to wholesaling in the Sacramento area.  For four months I've put out mailers, and I text and cold call several times a week.  Though I've talked to many people, today I received my first seemingly real lead.

The catch is the property has a tenant that will not allow the property to be viewed. The tenant has not paid rent in over 6-months and will need eviction. How drastically do these conditions change the equation of Good deal = 30% below ARV minus repair costs. Rough details of the property are:

The owner is a distressed seller who lives out of state. He rented the property to one of his kids for over 10-years, but now his kid is no longer in the house. But the kid's ex-friend (not spouse) has been in the house for six months, has not paid rent and will not leave. The owner's asking price is on the bubble of what seems to be a good wholesaler deal; that is his asking price would meet the requirement of being 30% lower than ARV of some comps I saw on Zillow, allows for $54K in repairs and a nice margin for my wholesaling fee. This feels too good to be true, and maybe it is: he does not believe the tenant would allow anyone in the home, and there is the matter of tenant eviction in this time of COVID.

How do I factor these conditions into my numbers?  Any advice is GREATLY appreciated.