All Forum Posts by: Will C.

@Aimee Tarte

If your looking at HUD homes you really want to be working with an agent that is familiar with the HUD process. Same thing with foreclosures. As far as finding properties on the MLS, consider yourself lucky that the original agent did much of the legwork for you in bringing you properties. I would say many of the times a realtor will set up guest access to MLS listings for an investor so they can find their own. Mainly bc agents don't as much make money from investment deals like retail. No one knows your criteria better than yourself so you may want to start finding your own deals and use the agent for reassurance.

I don't have any advice but looks like an interesting project and will follow to see what others say. I will say that looking at the pictures the building does not look as big as the sqftage your quoting for each unit. Also looks like some living space near the utility?

@Huso Akaratovic

Was the house sold "as is"? I'm assuming maybe not since you paid for a home warranty which would seem to negate an "as is" sale.

What level of flip was this? Extensive gut/total remodel or quick cosmetic lipstick on a pig deal. If this was any higher level flip, I would not want to sell a house where I was not confident all systems were up to snuff.

I'm not saying your legally liable but I think there are lessons to be learned on both sides here. Both of you should have scoped the sewer. I also agree with some others that you may want to think about your reputation here. Especially if you do higher end flips. Another lesson to learn here, FSBO can come back to bite.

@George Damianeas I use cozy for rent background/credit check and rent collection. I have not had any issues nor have my tenants complained. There are threads on BP already on this very topic and I feel the general consensus is overall good when talking Cozy

@Deforrest Ferguson You may find that many lenders will frown or reject a DP that was from a borrowed source. Most will require the DP to be your $. If you do use a PLOC, it will be best to season the money in you accounts for 2-3 months.

Isn't there a "Rant and Rave" section this string can hide in?

@Account Closed I usually try to get people into my vacant houses? I must be doing something wrong. Kidding, good suggestions above. You can also hire the local corner boys to guard the place.

@Darlington Agu let her out of the lease and return the deposit minus repairs. Sounds like a headache and potential liability like @Nathan Gesner mentioned. What is someone dies, who do you think they will be coming after?

@Taylor Murphy same question as @Corey Young? Also are the closing costs so high because it was commercial? Its not the worst deal, just seems like expensive financing. Also, what did the duplex appraise at purchase and what supports the 165K value after only $9300 in cosmetic upgrades?

@Trystan Fuglseth Hey. First, will you also be living in this house? If so then don't worry about vacancy because you will be able to afford the house on your own correct? The extra income would just be bonus. Will the rooms be furnished?

Typically I would recommend only doing month-month leases for room rentals but if your still worried about vacancy, you could do 6 month or longer leases to lock renters into a longer lease. This is risky because you might get "stuck" with someone if you don't screen properly. Or you could charge premium rent, collect good money while you have renters and if some move out, no sweat as you have been getting premium rent for a few months. Maybe try Airbnb? I would also forecast what your utilities would be, average it by the # of rooms and add that to the monthly rent, advertise "all inclusive". Nothing worse than chasing people down for 1/4 of the utility bills.

Like someone said, you may get renters that are not seasonal and plan to stay awhile. Just start the process and cross all the bridges as you get to them. GL!