All Forum Posts by: Todd Powell

@Kevin May yeah it was too late as it was a done deal all the way around.  Can a tenant give you a 30 day no matter what time of the month? 

I just got Nov rent along with a handwritten note that my solid tenants want to vacate. I get ahold of them and they have already found a new place and I was never given the chance to resolve. My current tenants say my new tenants below them are too noisy and they don't like the parking situation.

Toughest part is getting 30 days notice on the 4th and now trying to fill just prior to the holidays this time of year when its colder and raining. I cant resolve something that I don't know about, and the timing is hard to deal with. Does anyone else have this issue out there?

@Jason Graves The 5 plex is in Lebanon, Or and I would call it a B- type property. All older folks and a 1970s single story building. We paid $375K with seller giving us $4000 towards closing. We did a 4.25% commercial loan for first 3 years, and then adjusts after that with 10 year loan period before refi. I have the tenants now paying their garbage bill and we raised rents. The nice part about this building is that each unit is separately metered for water and sewer so this cost in directly our tenants. So, after mortgage, ins, taxes, and expenses (fully occupied), we are netting $2000 a month. Is that a good deal?

@Michael Junior in my opinion you made a great deal, if the numbers work. I love my campus close properties. I think you have a touch of buyers remorse which is normal. If you were not a realtor you would have NOT won this bid! So congrats !

@Stephanie Soltero No and No.... just grinding and putting in the work, word of mouth, driving by ugly properties, CL, Zillow, expired listings, pre foreclosures... etc  I take lots time but spend zero money

@Justin Swann I would love to know the answer as I use mysmartmove.com all the time.  I also wonder if others like this service or is there someone better out there? I have the tenant pay the $40 background check but sometimes it takes days for SmartMove to know their identity and don't know why?

@Brent B. Your best investment is to pay down the highest interest rate debt first. You have to start there. You have to crawl before you can walk, and walk before you run. RE investing is more of a jog. Not trying to be mean, but buckle up and work on this. You can do this and then invest when the market turns down, which it will eventually!!

@Justin Westmoreland Some general input here. Back in 2002-2009 I would look for anything that made sense. I live in the Pacific NW--Willamette Valley in Oregon specifically.  In those days, I could buy a fixer for $80-100K and most expensive buy was $150K. The cheaper houses I could sell for $130,000 to $150,000 fixed, and some more expensive houses fully repaired went for $229,000 to $315,000. Most houses were the lower levels and profit ranged from the lowest of $16K to $64k, and that was after holding costs, escrow fees, and every expense associated with the deal.

The typical deal was around $30K, but like @Jay Hinrichs said, its harder today than EVER before! I am seeing the lowest amount of product and 10 times the "investors" trying to outbid everyone else to try and make something. I see realtors now doing the "best and final" price taking extra week to pick their best deal. Banks are in the drivers seat a little more than they were back when I was going harder. I did a word of mouth deal couple months ago and easier flip ever with only $3000 in quick rehab, and turned $23,000, and also did wholesale flip for $7000 on something I had under contract and decided it was too major for me to tackle with my full time W2 job.

All in all, I see people willing to flip for $10,000-15000 and the safety with that margin makes me nervous considering how bad these properties are upon first glance. In the past, if I set my sights on a deal I typically made the deal happen. Today, the last 10 deals I have looked at, nothing is working out! Really tough market right now for flip margins.

@Skylar Dejesus I like your mom's boyfriend!!! Way to go, and now you have a relationship for sure

@Dave Foster Thank you for breaking down the complexities of this for me. This is truly one bridge I have never crossed before and this will myself and @Jason Powell

In appreciation and Respectfully,

Todd Powell