All Forum Posts by: Will Porter

 Thanks for clearing that up!

Assuming your numbers are accurate, it sounds awesome. 40% COC return and it meets the 2% rule and it's not a slumlord property! Cool.

Now -- are your expense numbers comprehensive and accurate?

Minor hijack: Is a written guarantee really necessary? It seems redundant.

Wouldn't the Sub2 contract already clearly state that if the new person fails to make payments, then the original seller can re-take the deed?

@Elmer Lee 

I'm confused. If the comps are in the ballpark of $110,000, how on earth are there two mortgages with a balance of $170,000?

If they're really far underwater, I don't see this deal working on a traditional fix & flip-style wholesale.

Maybe you can assign the mortgage payments to a retail buyer? 

@Ryan Merkel thanks for these write ups. What's happening with that wholesale deal?

QuietRock and Green Glue are the standard for sound-proofing in professional music studios. The type of insulation is really important, too (check out OC 703 or Rock Wool insulation, instead of plain old pink insulation).

Thickness of material and airspace are critical for soundproofing. That's why sheets of OC703 are 3" thick of rigid material.

The "best" solution is a room-within-a-room, but that doesn't really make sense for residential applications. You build two walls, with insulation and air between them. That makes an enormous difference.

You can also get rubber floor insulation that goes underneath your tile/hardwoods.

And don't forget the power of furniture. A big couch can do wonders for changing the sound characteristics of a room. Carpet and drapes (thin and not rigid), not so much.

 I don't own one, but my parents did (in Hawaii). When they decided to sell it, it took them 17 MONTHS to find a buyer. And they didn't make any money.

BPers tend to like at least $100/door. You're pulling $160/door using the 50% guideline which is a good sign.

But now you need to figure out the real numbers before pulling the trigger. Get over to the property and really check it out. Confirm the utilities that you're responsible for, the taxes, insurance, etc. (All of these items are in the BP Buy & Hold calculator, by the way). Be sure to Calculate your Returns and make sure they are numbers you're happy with.

And you might also check the trends in land value over time in the neighborhood. Is it an area that's appreciating or is it losing value? Most people here will tell you that Cash is King, but if you're in an area that happens to be in an upswing, that sure is nice, too.

Just don't pretend to be something you're not. Don't say you're from "Acme, Inc." or "Acme, Corp." if you don't really have a corporation. And you aren't "Acme, LLC" if you don't really have an LLC.

You're just "Emily from Acme". If you want to do something, you can file a DBA to put the county/state on notice that you intend to use the name and to make sure it won't conflict with anyone else using the name already.

Talk to a lawyer if you're really unsure. Advice from an attorney tends to be better than advice from the Internet :)

@Greg F. I just want to understand exactly how that works --- do you have a google voice account, and whenever it gets a new voicemail, it automatically imports it to Podio? I'm guessing this is using IFTTT or Zapier to handle the integration?

Or how exactly does it happen?