All Forum Posts by: Todd Powell

@Michael Valenzuela yes and absolutely! Plus, costs are better with one roof, plumbing, and vacancy issues to reduce risks. I own 4 four plexes and would not want 4 houses. I also own more units but just an example

@Deisy P. Do not feel too bad, I am a man and have made plenty of mistakes. My sex does not define my intelligence, nor should yours. Maybe next time get a few other bids and learn what things costs. I am also not a handy man, but hire many other people. Today on Christmas eve I had a tenant text me that they had no hot water. I an lucky I texted my plumber who is $90 per hour and works for time and I do a text to confirm at home depot, so he was kind enough to go install a water heater today. For real ! I have pretty shrewd when I hire people but this has taken me experience over time. I have now flipped more than 40 properties, and I still make mistakes and over spend sometimes when I carefully estimate. So, in the end, yes you got taken advantage of. No job at that price can be done so quickly, but do not give up just because you are a woman. All people can get taken advantage off. You cannot trust all people unfortunately. Life is hard, but wise investments always pay off and it has worked out for me remarkable, but I have made bad deals and lost money before. Its all perspective and choosing to learn from your mistakes. There are equally tough women are the Shark Tank, you need to choose to be one of them. Merry Christmas!

@Jessica Brennan what is the son’s motivation do you know? I have been in similar situations buying run down off market deals. Maybe offer so much cash payment to be given at closing, BUT he has to be vacated prior to closing. Sometimes these deals take patience, and due to COVID eviction restrictions you need to be extra careful. Find his hot button and try to win him over finding a win-win. Best of luck

@Dave Poeppelmeier happy day for you today on the 5th ! I had a 31 year career that in the end was boring to me although I had the golden handcuffs on. I left that and now love my new job. I could have left and retired on my rentals, but being off was not as much fun as I thought. I soon realized it was more about feeling more energized and free, than it was leaving my career. My past posts stated my journey, but I can relate to your feelings so congrats to you !

@Miriam De Haro I am not sure you can resolve, but realtor should have done final walk through day before or same day as close. I am sorry you cant trust people better

@Andrew Champion I have bought many off market distressed properties, and the key is to find them and build rapport. Writing has never worked for me, but a call and ideally face to face is the best. One time we drove one hour on a Sunday and knocked on their door, and within 3 months, we finally convicted this man to sell us his property months later. It was a run down vacant 4 plex that had sat for 13 years deteriorating, but I presented terms to the seller and found out what his hot buttons were. We ended up doing $40K down and owner carry on the $210K balance for 20 years at 4% interest. The key to closing these deals is creating a win-win and solving the sellers problem. So, owner carry, or maybe cash out for your seller, or owner carry until you fix and flip, or do a refi and hang on to it. I have done all scenarios, and friendly negotiations face to face will override ANY letter you can write. Best of luck!

@Frank Agyeman-Duah do not buy until eviction is performed. Period. Make it their issue

@Justin Johnson. I would not like a sneaky or deceptive tenant. He probably knew this going into this and lied to you. On the flip side, he could have moved them all in and said nothing to you, which would have caused you more stress. My thoughts are, really check out this woman and vet HER thoroughly. This will avoid issues down the road if she is flaky and using boyfriend to play the tenant game.

@Jonathan Doescher. I am much happier now ! No regrets how this all played out.

@Ashley Kelker thank you. It was a great W2 for a long time. I got bored and they did not like my RE and fall back plan. Due to COVID and rental uncertainty, I took a position that I love and they support my RE endeavors completely! It seems like a win-win!