Business
In this episode I talk about what’s been going on with the 6-plex I bought in Missouri. I bought this thing for $125,000 from a man that claimed he had the rental history and that it was making a great income. There was an issue he mentioned which was that the furnace needed to be replaced, but I made him an offer of 125, and he didn’t even negotiate. I never saw the property and had someone else go look at the property for me, but he didn’t even have keys so he was only able to see it from the outside. The previous owner was very shady and kept avoiding showing the property, all of these being red flags. There are 4 things you should do when buying a property: 1) Go see the property. 2) Get keys to all of the units and schedule appointments through the current owner to see them. 3) Make sure you get bank statements. 4) Get tax returns from the seller. The story 1:14Why I thought this was OK 3:22Utility bills 10:03Closing day 11:22Finding Tenants 14:41“Talk to some property managers about the ability to rent, like how long do units stay vacant? What would I expect in terms of a vacancy rate? And what are the rates that I can expect to charge now and in a year from now? Is the market growing if I’m charging 300 this month this year, can I charge three and a quarter next year?” 8:52Reach Out To Keith, Get Help and Resources: https://dincpie.com/