All Forum Posts by: Adam M.

@Colin Davis Provide some details:

• NOI
• Asking price
• Square footage, beds, baths/unit
• Neighborhood class, rental class
• Lease terms
• Condition of property, upcoming repairs

@Rich Hupper They'll be taxed at the ordinary income tax rate. The KGB looks at rehabbing and selling like a business and not an investment like a rental property...unless I've been doing something wrong! haha

OR you've been talking to a RE guru pitching you on how to flip with your IRA or something...

@Account Closed I've never signed a buyers contract with a realtor and never will. 

Never solely count on a realtor to find your investment properties. There are great realtors out there, but nobody is going to be as invested in a deal like you are. It's up to you to search and dig up a deal on market or off market. I prefer off market deals, but starting out it can be a little challenging. 

@Nicole Walley I wouldn't touch this deal unless ALL of the units are legal. Investigate with the city to figure out exactly how many units are approved and allowed in that property, then rerun your numbers accordingly. 

@Chris Mason That old adage...RE is ALWAYS local. I'm seeing that locally prices are settling down and listings are sitting slightly longer. Supply is definitely catching up. Our market was pretty much flat from 08-13, so even in a recession, markets vary greatly. 

@Ben Le Fort Numbers don't work, unless you're solely banking in appreciation (speculation). 

What is the short term rental potential?

@Charles Price Unless I'm missing something...free & clear and break-even should never be in the same sentence. Sounds like some bad ROI or there is a lot of deferred maintenance you're factoring into the equation.

@Carly M. Do you have a written quote for the original $1000? Ask for the origin invoice and do some digging after you receive it. Call the landscape company and ask some questions and see if the PM company has ties to the company or if something just doesn't add up. 

Trust your gut, and if something smells fishy, it probably is. More than likely, you'll need to fire them and move on. Good luck. 

@Ken Nyczaj Nice work! Those are really good numbers in this market. How many letters do you send out/month and what is your response rate and conversion rate? 

@Wayne Bolen. It happens. RE is always local, but the rehab deals in my area a nearly impossible to find unless I'd lower my margin...I generally use the 70% rule.