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13 September 2018 | 16 replies
So the question(s): for those that self manage your own property, how did you learn the basic handyman skills for fixing/repairing basic things without the need to call a contractor/handyman?
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13 September 2018 | 5 replies
He basically said "no."
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12 September 2018 | 1 reply
Basically, back in 2008-2013, investors had a lot more leverage when it came to hiring contractors than they do now, and any investor who tried to do this would likely find that they were alienating potential contractors and this strategy would backfire.Long story short, in a hot market, this won't work well.
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17 September 2018 | 8 replies
Over the years i have been extremely passive with the business and never took the time to really learn how to property invest in real estate, i just assumed i was doing things correctly, i didn't know how to do the numbers, just went with the flow.Since im down to 5 rentals and i made a very small amount of money selling off the negative cash flow rentals that just never recovered from the market crash in those 2 areas, since i bought to high in the peak of the market prior to the crash. i decided to apply for a mortgage to purchase another rental in my local area using some of the new knowledge i have learned recently, but after applying for multiple mortgages most of the places i applied basically said no, that cash flow to money lent to me is in a risky zone, basically i own properties that were not bought with rental numbers in mind, so turning them into rentals they barely cashflow except for my very last property i purchased that i did basically a flip on, that left lots of room between the mortgage payment and rental rates in the area.
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29 September 2018 | 4 replies
Credit union is the best source of financing if you can secure it.She's asking you for a business plan basicly: monthly projection of your payments received from rent and your payments on bills like taxes, insurances, property manager etc.Let's say, you want to buy a house for $70K, update it for $30K and you think your rent will be $2K/month.Then you make a payment plan for each month what is going to be paid: January+July - taxes $1020 each; March - insurance $870, every month water/sewer $50 (if you don't plan on Tenants to pay)When you make it an Excel table, there will be each month left cash flow, which you then add with mortgage payments.That's one of the main projected financials: your cash flow.Income projected as an income&loss statement: $24,000 income from rent $2040 - taxes $870 - insurance $600 - water/sewer $2400 - PM $4,000 - interest on mortgage- depreciation - maintenance- other expensesWhen you talk to the bank, they should see positive numbers, not just that you know you'll pay.
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14 February 2019 | 15 replies
Specifically I am interested in investing in a $200k or less duplex that is no more than a 30-40 minute drive from Deer Park, TX, preferably in the Clear Lake/Webster area.
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10 October 2018 | 7 replies
You should do an annual inspection to check that the house is being kept up and a drive would not hurt to check the exterior.
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18 November 2019 | 17 replies
For the purchase agreement, you just need the basic terms laid out.
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12 September 2018 | 3 replies
You going to basically rebuild this place.
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14 September 2018 | 8 replies
@Jim K. is most likely correct, basic vinyl coated aluminum wrap around the old window trim/brickmould.