All Forum Posts by: Varma Adduri

In my area 1.5 months deposit is the norm. Rent is anyway paid in advance

Calvin Clark , the closing with big banks is smooth. I felt that they may have taken a week or two too long for approvals. Otherwise everything else is smooth.

If the deal makes sense, it should be irrelevant what the wholesaler makes. It's also important to note that wholesaler has more costs in marketing etc that he has to cover. Same with turn key providers. They most certainly will have high margins. If the deal makes sense to us as end investor we proceed otherwise we pass.

If you think you are still cash flowing, don't lose the deal. The interest rates are in our favour now due to brexit. Don't lose the deal. Good luck

Repairs are absolutely sellers responsibility. Another common thing is to take pictures after closing and make sure everything is returned in the same condition. Add another clause to provide a receipt of the house getting professionally cleaned. These are very common and I am sure sellers must have done their research before approaching you for a 6 month lease.

How many units per each level? Generally speaking 3 levels don't need an elevator. It's more maintenance, liability and a potential for law suit.

More suitable question is 1local vs 1 out of state. It's not advisable to buy multiple properties when you just start. There will be lessons to be learnt in first purchase and your subsequent purchases will be much better deals. Buy 1 and wait and learn 6 months and then you can go all in. The book says "House hacking" is a better way to get started.

The insurance for unit under rehab or construction is not a lot. I would take it. It's not worth the risk.

Is it seller financing? There is no enough information to suggest you on this. What are the rents in the area? Have you run the numbers thru BP calculators? Is it a cash flowing property or are you solely banking on appreciation? With the initial information you provided it's a NO

Depends on what kind of business. For a customer facing business like food, convenience stores, salon etc it's ABSOLUTELY a must. The amount of business you lose is way more than the 3% processing fee you pay. Many merchants will have a minimum amount like 10$ to take a cc.