All Forum Posts by: Mike Cartmell

Great thread J Scott. I love the crew. Thanks so much for documenting your hurdles and successes. I've learned so much from you and all here on BP and am very grateful.

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Nick Saucier - Where did you purchase it? I'm glad to see its working. Is that the only lead you have received from the magnet so far?

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Nick Saucier

Great job Nick! What exactly does your car magnet say? I think I will start incorporating that into my marketing efforts.

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Travis Daggett - What service do you use? I am interested in using a virtual assistant as well.

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Civil Engineering degree
6 years project management for local Dept. of Transportation.
Interesting how many engineering backgrounds many people have. I was expecting most to have business or marketing degrees.

Own 3 SFH, (2 rentals and 1 primary residence). Still haven't flipped a home but hoping too in 2013. Buy and hold is my strategy but will need to perform flips to build capital. I do not plan on leaving my 9-5 as the benefits are too good. But will eventually once I acquire enough units.

Great thread!

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Originally posted by Jackie Lange:

One of my absolute best sources for whole sale deals has been code violations. These properties can be purchased for 10- 20 cents on the dollar usually.

Jackie,
Where can I input the code violations in my list criteria? I am using Melissadata.com.

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Thanks Joel. That is good advice and keeps me motivated. I guess I am letting my emotions get involved because that is exactly how I feel. I just want to buy someting. I need to slow down and let the numbers make the decision.

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Originally posted by Mark Updegraff:

How long are the typical leases in that area? 1 year? 2 years? If they're typically 1, I would use 25% for vacancy & repair (4050)

These tenants have been in this place for approx. 3 years and would like to stay but I would generally say the typical lease is 1 year. I will change my assumption to 25% as you suggest.

What does your PM do for the 12%? Does he do advertising? What about a sign up fee? That is usually 1 month from what I'm told.
Is this place good to go as in "turn key" - a lot of time, when tenants move out, you'll need to dump some time and money into the place just to get it back to rentable (for the same amount). Make sure you really evaluate what a NEW tenant would need to see to pay you that rent. New vanity? New stove? New flooring? Fresh paint? The costs add up quick. I spend a least 5K on every property after acquisition. Just to get it up to our standards.

It does need some up front maintenance, primarily the roof which I would do initially but any interior maintenance would be performed as their lease expires. Good advice though.

Hard to find those numbers in my my market. Most quads are in the 200's that rent for 600 a unit.

Thanks for the response Mark.

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I thought about offering $100k but while I was posting the topic I just found out it is under contract. This is a short sale so I may place a backup offer but I have a feeling 100k won't cut it. I have already discussed the loan with my lender. Shouldn't be a problem.

Thanks for the quick reply Jeffrey.

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Originally posted by Bryan Hancock:

50% rule deals generally chase people to tertiary markets in search of cash flow. I have several blog articles about this for this month that describe why I think this is foolish.

Bryan,
Can you direct me to which post this is in your blog? I would like to give it a read.
Thanks,
Mike

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All Forum Posts by: Mike Cartmell

Mike Cartmell has started 19 posts and replied 82 times.

Post: Diary of a New Construction Project

Post: My very first house under contract!

Post: My very first house under contract!

Post: Has anyone used a Virtual Assistant

Post: Just wondering everybody's education/background?

Post: Is the yellow letter worth it??

Post: Duplex Analysis

Post: Duplex Analysis

Post: Duplex Analysis

Post: Does the 2% or 50% rule apply to new construction?