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24 October 2024 | 3 replies
Given that the house is paid off but has $27K in back taxes, you could offer to cover those taxes upfront in exchange for favorable terms on the remaining balance—like low (or no) down payment, and small monthly payments.You could also negotiate for a subject-to deal where you take over the property subject to the taxes, while still securing control of the property for your BRRRR strategy.
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23 October 2024 | 8 replies
Emotional purchases are bad investments.
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29 October 2024 | 33 replies
It is tough to go through the whiffs on these contracts, but I am understanding this is part of the process and need to really get my emotions out of it.
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23 October 2024 | 7 replies
Ensure your finances are under control, completely.
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28 October 2024 | 7 replies
The agreements I've seen basically say you are guaranteed nothing, you could lose all your money, you might not be paid on time or ever, you can't rely on any representation made by the GP, you have no control over the operation and other terms and disclaimers to that effect.
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25 October 2024 | 9 replies
If you want more control, you can set up your own systems for rent and communication, but a good property manager for out of state investing is the way to go.
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25 October 2024 | 11 replies
These are long term, illiquid investments that are completely out of your control.
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19 October 2024 | 14 replies
If your tenant is consistently avoiding communication and not paying rent, eviction might be a necessary next step to regain control of your property.
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23 October 2024 | 2 replies
It’s also a great way to leverage your investment for future projects.If you’re planning to continue with more BRRR projects, consider refining your vendor selection process to increase efficiency and cost control, and ensure your financing is set up to maximize your next deals.If you need any advice on financing strategies for future deals or optimizing STR income, I’d be happy to help!
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24 October 2024 | 139 replies
This allows me to control the end result, while keeping the project moving.