All Forum Posts by: Account Closed

@Trevor Ewen,

Yes, I did fly over and check the properties I invested. I also graduated from IL, so I've been to Chicago several times (although not the neighborhoods I invested). 

I want to invest in Dallas bexause I used to live there for a shot period of time. I like almost everthing there, except the weather. 

Now I'm strugling with whether to buy & hold in the bay area at this price point, or buy turn key properties out of the state. And I just knew that there is a 3rd way to invest through syndication on appartment from @Gilbert Dominguez. Now I'm looking for advice and recommendations on Syndication too.

Thanks!

Jie

First i would like to to congratulate you on your purchase. You took action, which many arent capable of doing. At the end of the day we have to remind our selves that we are investors and that risk comes along with the industry. Beyond acquisitions and sales the next most important task that we take on as investors is risk mitigation.

Based off of the limited details describing the property im going to try my best to evaluate the deal: at $80k and properties are going for about $75k - $150k (2014), 30083 is a little rough depending on the area, which is fine as long as you can get a quality tenant and keep vacancies down to shy away from vandalism. in 2012 there were definitely better deals then $80k more like $35k acquisition, 20-30k rehab all in $60-$70k.

Few questions:
1. During your inspection period, did you order an inspection? a $1,500 maintenance item should have popped on the report, unless caused by the tenant.

2. did you do your due diligence on the PM company in advance as well as the property? maybe a few references or the lack of, would have help you predict these results.

3. did your contract spell out exactly how you PM company would be paid? is that 2 months rent up front plus a percentage? with that large of amount of money up front what is there incentive to effectively manage the property all the way through the life of the lease.
4. your PM company should have had some sort of system for handling late tenants. bigger pockets is full of ideas on how to bring them current or incentivese future tenants to keep this from happening.

What ever your answer is/was i agree with the other members waiting would only make things worse or prolong the envitable.

@Matt Slakey

 Congrats, Wow you're definitely doing it. You took ACTION like @Brandon Turner always highlights. And I'm sure you'll be able to raise the rents in no time. The animal fee is a very smart idea. Once you get new tenants in there, look into a non refundable animal deposit ($100-$300) due when they move in. Look into storage fees ($25-$75) as well. That's a great way to raise the rental income. If the W/D was in the basement and not in the units, I'd make them coin operated to offset cost of water.

Mike

Stephanie,

Are your worries based on facts or beliefs? 

Investing in RE is just as it is with any other investment, nothing is certain. If your gut tells you not to do it, maybe your focus is elsewhere, and you don't really want to be an RE Investor.

Best to you!

TM

banks arent in the lending business. check out our 30 year private loans!