That wasn't the end of the story or my PM saga, but I was able to sleep knowing that I had rescued the project from certain bankruptcy.Now, 5 years later, the property is amazing and I'm still satisfied with my proactive approach.

But, we still hire outside to make sure we don't miss anything.If we had not hired an inspector when we first started, we would have not caught countless items, and would have overpaid on every deal.If you're going to hire a property manager, and expect them to give you an objective analysis, good luck.

If you’d like advice on how to approach private lenders or need help structuring proposals, feel free to reach out!

You can outline the reasons for the adjustment, such as market rates or property improvements, and emphasize your willingness to work with them during the transition.Regarding the tenant you plan to ask to vacate, approaching this conversation tactfully is crucial.

Therefore, I would recommend sticking with a marketing channel that allows you to reach more people and convert more efficiently.I believed that direct mail could be a good marketing channel for rural areas, where people would appreciate a letter approach more, as they are not bombarded with SMS and calls.Feel free to reach out with any questions!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Sounds like you’re diving in headfirst with all the learning you’re doing—great approach!

there are numerous recent threads on BP by folks who bought something because it looked nice, or an agent recommended it, and they didn't see it themselves and approach it with any skepticism. 

This way, you would be paying for the roof as part of the property purchase, allowing you to claim the tax depreciation once you take ownership.Delayed Closing with Roof ContingencyAnother approach is to add a contingency to the closing that allows you to replace the roof before closing but delays the actual closing until after the roof is installed and insurance is in place.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!