All Forum Posts by: Jared K.

Hello and welcome to BP.

Wholesaling and bird dogging are great ways to get started with a low capital budget. 

 License opinions are just that, opinions, and it goes both ways. You can do real estate with or without them.

All the best.

OK, I have done furniture and appliances (W&D) in units plus use to own a used store so here is my experience and advice.

Buy a used washer dryer set in good shape for $100 and offer to sell them to your tenants for $300 on payments or rent them to the tenants at a cheaper cost per month. Make SURE you get the serial #'s/model #'s from both b/c they can be stolen from you upon vacancy. If the tenant pays them off and takes them when they leave just buy another set and do the same. Make sure they sign an agreement for them and include the tenant is responsible for repairs. Make sure to include the W&D must be operational when they vacate.

I have left a couch in a unit that was left by a previous tenant. I sold it on payments 3 times to other tenants because I didn't want to move it..lol. The bad part about furniture is the possibility of it getting stained and ruined so buy cheap and be careful of your selection on color and material.

Hope this helps.

Jared

I believe it depends on your income because if you can have the best of both worlds then go for it but rental property advantages outweigh 401K all day long. Read the Rich Dad Poor Dad series and I am sure you will agree. Tax write offs, cashflow, and appreciation for 20 years while someone else pays it? Not an argument in my book! I have owned rentals for 11yrs and never put a dime in 401K. I trust my system, management, and decisions v/s the stock market any day.

Good story!

I mostly double close on all the properties I sell or just buy them myself and resell them so there are not as many issues, like assignments...never worked for me. If a buyer asks me if I own the property I say "Yes, the title work to complete my purchase is being done now at the title company and I am reselling the property if your looking for a good deal. They can just transfer it over to you when they are done with my title work". 

What I have found mostly is that nobody wants to let you make $1 and they try to back door you steal your deal) or think your a crook because your not the owner of record (which can take a while anyway) no matter where they are from in the country or where the property is. It's worse living in a small town like mine too but I always try to be honest because my reputation is on the line no matter where the property is and I can sleep at night. The problem is a lot of people who buy properties have no idea what they are doing or what a wholesaler even is and how much work SOME OF US put into preparing the information for our buyers. Been a few times I have made less than minimum wage but I moved the deals and gained a customer! I recently gave an old man 6 references: My banker talked to his banker, the agent I was buying through which also property managed the house last spoke to him, brokers I have bought through locally (deal was out of town), my local title company I have used, another buyer of mine, and I had notary sections for both parties on my contract and he still thought I wasn't legit. The main reason was some idiot mobile notary wouldn't sign the document b/c she all of the sudden became a lawyer and said it smelled suspicious...what a crock!! I just moved on.. 

If I own the right to buy it and/or sell it then I feel this is the best way to tell a potential buyer, even though I would close a lot more deals by lying straight out, which most do I feel.

Again here is what I feel most comfortable saying, 

"Yes, the title work to complete my purchase is being done now at the title company and I am reselling the property if your looking for a good deal. They can just transfer it over to you when they are done with my title work".

Best of luck on your deals.

If you have not checked the deed it might have been recorded as deeded access. I deal with land a lot and find that sometimes the right of way (access road, driveway, easement) is sometimes shared between properties and recorded on both deeds. The deed should be easily accessible at your local courthouse or pva office.

Hope this helps.

@Kenneth Davis He has something up his sleeve!! Nobody acts that way and does those things without having an agenda!  He met you in the hallway so you wouldnt see inside his apartment for some reason probably. No electric, no water, and not using as a mailing address?? He is using that apartment as a cover up, a drug dealing apartment, slave house or something illegal is my guess. I would move him out fast!!!!!

When I started out 11yrs ago I took 4 leases and circled sections I liked on all of them, took it to a highly recommended real estate attorney for evictions, and had all the stuff I wanted put into one lease plus added some stuff. I told the attorney I wanted all of the laws mentioned to be cross referenced with the current laws to make sure it was all up to par b/c some of them were old leases that friends had used for several years and I wanted everything to be within the law on my lease and to add anything he thought I needed. They only charged me $40 and it was money well spent. I agree with @Aly W.    that the attorney you choose will be the one defending it so you should have them draw you one up.

3X rent doesnt always work depending on what area of the country you live in, your market, and market rents. Where I live I have to rent to 2X rent tenants or I would have a high vacancy rate. It also depends on the marketability of your property. If you feel its a safe multitenant situation then 2x rent would work for me in this situation b/c thats just more people to help pay the rent.

I have found that the best way to do the lease, or at least for me in my area, is to have all 3 tenants on one lease, not 3 separate leases. Reason being is if one skips out it is up to the other tenants to come up with the rent and them go after the one that skipped out in court instead of you being in control of the situation and being able to go after the one that skipped out. I have had this problem in the past so I just write a new lease if one tenant leaves and a new person is added. 

I would consider looking in areas/states that have high cap rates, low vacancy rates, and offer rental mgt to handle the property. Sometimes you can get a nice house for $10K that doesn't need repairs or you can partner with another investor and split the rental income through the mgt company. win/win.