All Forum Posts by: Wes S.

...when you get excited and pick up all the loose change on the floor during a new purchase or vacancy.

(I have to admit I do...its pure profit!)

The property values on caves in Pakistan just went down 50%.

Always proud to be an American. God Bless our Troops.

- Feeling sorry for a tenant and giving them extra time to pay rent. I'm naturally more friendly with my tenants which helps longevity but when people start to take advantage of you, you gotta see it and take the steps to evict or cut ties while minimizing your losses. Get a process/system & know the laws. Big one for me.
- In a hurry and not taking the proper approach/time to evaluate situation or individual
- Underestimating cost of rehab
- Trying to make everything perfect, eventually it wears you and your wallet out

Nice deal Mogi...I think depending on your goals & situation, you look at rehabing only whats necessary to get it to rental shape, and rent that baby out. Minimize the rehab expenses and try to do things yourself to save $. Or baby step your way to rehab with the excess cashflow over the course of a year if the condition is workable for a tenant. Your return will be better and this is a long term ROI no brainer.

OR

Rehab it to Sell it and then invest those gains into other bigger properties or a multifamily rental.

Wholesaling it is not a good route in my eyes if you have the opportunities on the table like you mentioned. You're in a great position all because you bought with the margin of safety off the get go.

Smart A** Will, haha. Answer: The market here in small town IA is pretty well insulated from the major volatility, so I'm confident that the equity will remain or likely increase steadily. What I was saying is I don't need these flip profits to invest in future deals...

This is a side gig I'm doing outside of my other businesses and I want to have the steady stream of ($10k/Mo) income for the long term...but still have the appreciation factor working for me and 2) margin of safety to cash out and make some dough if needed for other better opportunities when they arise.

Why not hold on to a good cashflowing property with equity that will continue to appreciate? Where else can I get a good return like this? I feel like its a no loose situation...

Good question JS...I'm in a small town (5k pop) and my main objective is to set up long term passive income. I'll still have the equity snowballing for me no matter what and a greater long term ROI by renting.

It is appealing to cash out but I don't really need the money, the rental market is good and time is on my side. I'm thinking let the seed grow...

Wells Fargo REO
8 DOM - Wouldn't accept offers the first 7
List $34,900
Offer #1: $34,900
Asked for Highest & Best
Offer #2: $35,505 Accepted

Rehab $2000-$2500
ARV: $85,000+
Rented: $625/Mo

Hey Guys, I'm looking into a nice 4/2 SF house here in town, just talked to owner who is in forclosure with Wells Fargo, Sherriff Sale is at the end of the month, also talked to Attorney and found out its a FHA Backed loan with WF and 2nd lein of $1,240 through CapitalOne.

My question is am I going down a dead end road as an investor buying under personal name? There will be no Realtor involved either...acting as my own agent and I push the process. Any advice or guidance?

We had a fire on a 4-Plex this winter, nothing major thank God, nobody hurt, tenant was home, smelled smoke and saw light fixture glowing so called 911, FD got it out and it was electrical issue. Didn't burn through roof, replaced some living rafters, carpet, sheetrock and unit wiring. Now, we had replacement cost on the entire building, premium of $175/Mo. 1st Claim ever, owned property for 4 yrs.

Now, insurance adjuster is being an A$$, as expected and here is where we run into our problem: The building was grandfathered in as far as wiring, we ended up rewiring the entire unit, other 3 units still have older wiring. City Inspector said we have to bring up exterior disconnects and interior burned unit up to code. Insurance company doesn't want to pay for any wiring outside of the damaged goods and is stonewalling on ext disconnects and further costs. We've paid our premiums based on Replacement Cost and feel now the story is changing = BULLSH*T. This is boiling down to roughly $5,000 - $8,000 that the insurance company says they are not covering which we think they should but may have to eat.

Has anyone had this experience? Suggestions?

*Things I learned: If you own an older property, I would suggest adding an 'Up to Code' Rider and 'Loss of Rents' rider to cover your ASSets.

Bienes, laminate is a go to flooring for me. WHY?
- Its cheap: bought some recently at LL for .60/sf, typically your in the .80-1.10/sf and install myself which is very easy.
- Durable: I've dropped hammer off of ladder, we've had standing water on some after a plumbing leak, pets, whatever, this stuff holds up + as an added bonus, the tenant takes their stains and stink with them when the leave with a throw rug.
- Looks good: Propects love the look, I go for a lighter color like a maple or honey oak, if it does scratch its not as noticable. It doesn't have to be real fancy unless you're looking at long term flip but regardless, majority of it looks classy. I utilize Lumber Liquidators site a lot b/c they have real reviews and pics that show what it will look like.

All in all, Laminate is a godsend and I consider it to be one of the best choices when it comes to flooring...

PS: 6mm-8mm-12mm, the actual vaneer is the same whatever choice you make, the composite backing is what thickens.