All Forum Posts by: Account Closed

Congratulations!!!!

Welcome to BP! @Michael Weber 

There is indeed a lot to learn.

I've just started out so keeping everything on a big master spreadsheet so I can start getting some stats going. So far I'm budgeting under 10% since where I invest (South Africa) costs seem to be very low. I think only time will tell.

@Scott Menkes 

The way to make the @ feature work, type the @ symbol and the first four letters of the person's name, you will then see that person's name show up under the box where you are typing your reply, click on their name. Then it works.

@Jean Bolger 

Well said. I'll be more careful using the "E" word in future. :)

@Annette Hibbler 

Thanks, very informative. Foreclosures should be the exception, they should not be as common as they are. Responsible lending practices go a long way to get people into homes that they can stay in long term. I know there is a lot of politics about why this foreclosure mess happened in the first place, but you gave 10 great reasons why it should have been avoided at all costs.

@Brandon Thomas 

The first thing I learnt on BP is to always do the numbers and then make an offer that works with those numbers. If you need to purchase the property for X in order to achieve cap rate Y, then offer X. Its likely you'll get a few "no's" but do the research and do the math and stick with it.

So to answer your questions (1) Not sure, hopefully someone that knows the California market can chip in here. (2) Yes.

@Evans Wright 

One way would be to do due diligence on each of the tenants (look at leases, rent receipts, look for any issues with the tenant) and on maintenance (maybe there is a particular unit that needed a lot of maintenance). You might find clear "winners" that way.

Also, you can make the current owner out to be the bad guy and put it in your offer that you want a particular unit vacant on closing. That way he gets to do the evicting and not you.

Just some ideas.

@Abraham Hernandez 

All the best. You have a plan, now you just have to execute it.

One way to get in touch with Texas RE investors is to set up key word alerts say for "Texas" + "Wholesaling" and start to get to know people who do wholesaling in Texas and start to interact with them on the forums. You can "Follow" or "Connect" with people from Texas as well. There are many ways to find like-minded people and find people that you can learn from. People on this site are incredibly helpful in my experience.

@Dee Georgian 

That's not a nice situation to be in. I know you like your tenant but even raising the rent by $50 will mean you are per year $600 less in the red than you are now. I don't know what the rent on the place is per month, but $50 increase does not sound unreasonable. I'd say, if you've done your homework on what is market related rent for the area, go ahead an increase the rent.

I agree with @Ron Feinsod   look at the possibility of renegotiating your mortgage and also the tax write-off possibilities.

Hang in there!