 Recent purchase update (by Ken [NY]) Mar 21, 2023 5:28 PM
 Recent purchase update (by John... [MI]) Mar 21, 2023 5:38 PM
Recent purchase update (by Robert,OntarioCanada [ON]) Mar 21, 2023 5:52 PM
Recent purchase update (by Ray-N-Pa [PA]) Mar 21, 2023 6:05 PM
Recent purchase update (by Ken [NY]) Mar 21, 2023 6:13 PM
Recent purchase update (by 6x6 [TN]) Mar 21, 2023 8:14 PM
Recent purchase update (by Hoosier [IN]) Mar 21, 2023 11:54 PM
Recent purchase update (by Homer [TX]) Mar 22, 2023 1:46 AM
Recent purchase update (by GKARL [PA]) Mar 22, 2023 5:48 AM
Recent purchase update (by Ken [NY]) Mar 22, 2023 7:55 AM
Recent purchase update (by Dave [MO]) Mar 22, 2023 8:05 AM
Recent purchase update (by S i d [MO]) Mar 22, 2023 8:31 AM
Recent purchase update (by FloridaNative [FL]) Mar 22, 2023 10:33 AM
Recent purchase update (by John... [MI]) Mar 22, 2023 1:28 PM
Recent purchase update (by Ken [NY]) Mar 22, 2023 3:20 PM
Recent purchase update (by Ken [NY]) Posted on: Mar 21, 2023 5:28 PM
Message:
Recently i bought a 4 unit and a 2 unit side by side.I had a little work done to make the tenants happy and collected march rent and now have a contract to sell the 4 unit for $90000 cash no inspections,no interest in the 2 unit yet but considering i paid $37000 for both of them i am happy --74.77.xx.xx |
Recent purchase update (by John... [MI]) Posted on: Mar 21, 2023 5:38 PM
Message:
Great job!
How bad were they were you can get a 4-unit and a duplex for $37k??
Also, curious what they rent for?
Even selling at $90k seems cheap if they rent for anything at all. I mean, nice markup for you to flip, sure, but for long term, you're not better off keeping it?
--67.209.xxx.xx |
Recent purchase update (by Robert,OntarioCanada [ON]) Posted on: Mar 21, 2023 5:52 PM
Message:
Over time the buildings will require major capital expenditures where at that low price it is possible to do. Here a basic one story house costs around a million dollars plus where that is out reach for most people. The only place in Canada where housing is affordable is in province of Alberta where no taxes on purchases in stores. Alberta is one of provinces that has no rent control then people here wonder why rents here are realy high. --68.69.xxx.xxx |
Recent purchase update (by Ray-N-Pa [PA]) Posted on: Mar 21, 2023 6:05 PM
Message:
Smoking Hot Deal!
Nice job --24.101.xxx.xxx |
Recent purchase update (by Ken [NY]) Posted on: Mar 21, 2023 6:13 PM
Message:
John,they are rough but when i bought them it was more about the owner being burned out,had no idea what she was doing and being truly motivated.3 units were behind in rent but they all paid my manager for march and have allowed access for showings.This is class c units which i dont want to own anymore in this state,i am a flipper at heart,that is what i truly love so i am happy to sell them quickly.Rents $300 studio,$400 for a 2 bedroom Section 8,$400 for a 2 bedroom,$600 for a 3 bedroom and $600 for another 3 bedroom and a vacant 1 bedroom.I think they are all 40-50% low on rent but i have not raised them and wont,i just wanted cooperation to show the units. i bought them last couple days of february and the 4 unit should close middle of april.Several buyers came to see the 4 unit and i had multiple cash offers,they can raise the rents and fight with them if they want to.They are all dirtbags
--74.77.xx.xx |
Recent purchase update (by 6x6 [TN]) Posted on: Mar 21, 2023 8:14 PM
Message:
That is excellent. --98.40.x.xxx |
Recent purchase update (by Hoosier [IN]) Posted on: Mar 21, 2023 11:54 PM
Message:
Well done Ken…the key was finding the motivated seller! --99.92.xxx.xxx |
Recent purchase update (by Homer [TX]) Posted on: Mar 22, 2023 1:46 AM
Message:
I am not big on flipping, rather buy and hold. Are you going to do a 1031, or just pay the huge tax for short term capital gains? That’s my main reason for holding, is to avoid that killer Tax --47.32.xxx.xxx |
Recent purchase update (by GKARL [PA]) Posted on: Mar 22, 2023 5:48 AM
Message:
Way to go Ken! In NYS, flipping is the way to go. Wish I could find those sorts of deals here. --209.122.xx.xxx |
Recent purchase update (by Ken [NY]) Posted on: Mar 22, 2023 7:55 AM
Message:
Hoosier- It is all about finding the motivated seller,most buyers have never met one,it is the most important aspect of buying
Homer,i will pay the tax,i dont think you can do a 1031 if you owned it less than 1 year.
GKARL,you can find them there,owners have financial problems in every town but it takes some effort,i do mailings,bandit signs,i have birddogs i pay when they find me a deal etc. --74.77.xx.xx |
Recent purchase update (by Dave [MO]) Posted on: Mar 22, 2023 8:05 AM
Message:
Recent purchase update (by S i d [MO]) Posted on: Mar 22, 2023 8:31 AM
Message:
Awesome deal! I understand not wanting to own Class C... but wow... $37,000 for over $2,000 per month rent has got to be close to a record on this board. Not sure even Roy with his cheap houses can touch that ratio.
Congrats! I would be sooooo tempted to hang onto those for 366 days to get the long-term capital gains rate. Shouldn't have to put another dollar into them. Hire someone for $200 a month to manage them for you to avoid having to screw with anything and for $2,400 you probably save 2x-3x as much in taxes and/or can 1031 exchange. --184.4.xx.xxx |
Recent purchase update (by FloridaNative [FL]) Posted on: Mar 22, 2023 10:33 AM
Message:
What a fantastic turn around for your recent purchase! You are an inspiration Ken...along with the others on this board. Truly amazing flip - no physical fixup of the two properties from what you said. I find that amazing. Congrats again. --73.205.xxx.xx |
Recent purchase update (by John... [MI]) Posted on: Mar 22, 2023 1:28 PM
Message:
Ken: Thanks for the details -- again, great job!
How did you stumble into them or her to discover it? Please share your wisdom! I've had a few really good deals -- not to that level though -- and I'm always looking to learn. :)
--67.209.xxx.xx |
Recent purchase update (by Ken [NY]) Posted on: Mar 22, 2023 3:20 PM
Message:
Sid,this tenant situation will probably fall apart regardless if i keep them or not,pitbulls,drug dealer etc it just doesnt end.
John,I got the lead because the former owner called the sewer line company that a lot of us use because one of the tenants plugged the sewer line for about the 5th time in 2 months and was complaining to the owners wife who deals with the calls,she told her to call me,when i closed i mailed the lady at the sewer cleaning company a $500 check along with cards,company flyers and pens,anything to keep my name and number in front of her,that should produce another purchase this year i think.talk about who talks to burned out landlords every day,of course it is her.
I got a text from my broker this morning,he said i made an appointment for you to look at a house so i went and bought it,$10000 plus $3000 back taxes,i will pay filing fees and i will pay my attorney to do the paperwork,thing is we estimated 3 full 30 yard dumpsters of stuff so probably 4 since i estimate low generally so maybe $6000. It should go for $40000,my goal is to have it listed in 7 days and we will see what the market thinks quickly --74.77.xx.xx |
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