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21 July 2024 | 16 replies
I pulled the trigger and joined Nate Barger's BRRRR Invest Academy.
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22 July 2024 | 82 replies
The "public marketing" of these will probably be triggered the minute someone mentions an off-market property for assignment, whether that's online, email, phone call, etc.
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20 July 2024 | 0 replies
I've been told that the law requires insurance companies to give 90 days written notice of non-renewal, but if I never received it by US mail from them, do I have a good case that they are out of compliance with that law and need to allow me to switch agents and renew?
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23 July 2024 | 32 replies
I was on their list for a while, but never pulled the trigger.
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21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.
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20 July 2024 | 0 replies
Then I eventually pulled the trigger and found another home and sold my first property What made you interested in investing in this type of deal?
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19 July 2024 | 5 replies
I previously posted questions on this channel about lending money on the paperstac platform. Decided getting the licenses to be a lender in different states wasn't worth it. However, my question is, what would/could h...
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20 July 2024 | 2 replies
From personal experience it is doable, but you need credit history for that new business.as for the getting the property in your business LLC I think that may trigger a due on sale clause because it is in your name.
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19 July 2024 | 8 replies
@Jaekwan LeeA house hacking inspection checks for structural integrity, roof condition, plumbing, electrical issues, HVAC systems, windows, insulation, base and attic damage, unit conditions, and code compliance.
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21 July 2024 | 11 replies
I've been listening to the bigger pockets podcast for approx 3 years now, and was finally able to pull the trigger and finance my first multifamily property.