It would be awesome to see you tag along with the inspector. Show us the conversation between you two. The process you like where you can just put some notes in your phone.
This is one of the best real estate videos ever. The small bedroom issue is so true. I have some 3-bedroom apartments with very small rooms and it is incredibly difficult to rent. Make sure your apartments have big rooms! Otherwise assume you have to knock 10% off the rent.
I am under contract right now with the exact same scenario. Loved watching this, you gave me some great new ideas, and left me with an awesome feeling seeing someone else have the same mindset and vision.
Dang, I like these videos. Just SUPER PRACTICAL. Not a whole bunch of fluff and vague nonsense. The market here in the DMV is CRAZY. I can’t get into it but taking my 5k somewhere else might work. Anyhow, great uploads!
Good idea, but it doesn't always work. I just found some legit plumbing and electrical issues after an inspection. Probably 10K worth of work. Asked for a measly $1,000 off to close the deal. Was totally a no go. Still closing, since it was a good price. But it was worth a shot. I'd try it again in the future. Also, only $200 for a professional inspection?? I pay $350 and that's dirt cheap. Going rate is about $550.
I had a guy pull that over bid price game on us and then nick pick and ask for lower price...I bailed on him and found a buyer who paid asking price cash and closed in 30.
I'm an inspector (certified with Internachi) and I love your suggestion for the budget walk-through... Your right, the write-up is the most tedious part. Remember, if your inspector (like me) offers it, there is the Internachi buyback offer too.
Thanks for the solid advice as I move toward a purchase agreement on my first 4plex! Very excited and nervous about what's to come. Love all the videos :D
Can you make a video of pros and cons of buying auction and foreclosure properties, and loans with those properties? And how to find a good inspector? Thank you. Love all you videos. 👍
Best way to start the morning of by watching Chandler’s videos! Now I’m going to go sell 7 pest control accounts and get ready to purchase a rental property this Fall. Rock on. Chandler! You are the legend! 🔥🤟
I just closed on a property identical to this for $335,000. Same scenario. Rent for 2 units at $700, other two units $790. However, easily able to bump rent up to $825 per unit.
You are more ballsy then me haha. But that's why you have a bunch of properties and I'm still being patient trying to pull the trigger on my first one. $355k on rents you will have to raise seems risky but you are the man and I will trust your judgement on it. Is there concern for you knowing you most likely will have to fill 4 units? I think this is why I will stick to SFH's and Duplexes as the purchase prices are smaller and less doors to fill. Thanks again for another great video my man!
bhs thankyou! I understand your concern. This property would be scary as a first purchase but when I already have 60+ doors those things are not nearly as intimidating and even if it takes me a minute to get it up I’m not worried about it because it’s a worthwhile purchase and I’ve got all of the other units to make up for it that are already running smoothly
@@ChandlerDavidSmith This is true. Thanks for making another great video. I like that you aren't exaggerating this stuff and not talking about hidden steals but are giving us real world numbers on every day properties. Great job!
I like the real world nature of your videos. Versus these "Amazing deals" I seem to not be finding. Gathering all these downpayments seems to be difficult. How do you do your first 2 to 5 until cashflow makes the next down payment for you?
Great content! Subscribed. Your numbers seem so tight to me but I am in a cash flowing market. I think it would be interesting to see you "whiteboard" the numbers on this deal. Are you looking to more or less break even in the near term and hope for the best down the line? At $850/unit your effective gross income is $3,230 and debt servicing with a conventional 30 yr 80%LTV underwritten loan at 4.5% for the principle of $520k is $2,635/month. That would mean your cash flow and expenses are only $595/month and you are putting $130k DP plus closing costs. In other videos you state that you use property management which is often 5%-10% of rent. Other significant expenses like taxes, insurance, repairs, etc.... I guess my question is how does this make sense to you? I only ask because I would love to find out what I am missing. Do you factor in principle paydown and tax benefits? Is you looking for more of an appreciation play? Again, great content and thanks for posting!
I misunderstood your numbers from the video. So, what I came up with is way off. I would love to see you "whiteboard" the deal out or other deals in the future.
Syracuse1123 check out my other videos where I do the numbers more in detail. Numbers were slim on this one with how rents were when I bought it but obviously we are upping them. Within a couple months this will bring in over a 10% cash on cash return. Your numbers might be off because my interest-rate was lower than what you said and taxes and expenses are very low because of the number of properties that I have. Even with that though this deal still end up being good for anyone. 10% cash on cash return isn’t incredible but it’s what I’m happy with and this market has a strong appreciation every year
You have been an inspiration for me. I'm in the process of buying my first 4 plex! It's off market and I need to have someone make a contract for me? Any suggestions?
On a 370k deal you would walk over $10k? That doesn't make a lot of sense to me. I could understand 10k on a 100k house.... With that said - nice video and good points on how to do an inspection as a buyer.
Curious, you said it should have instant hot water, do most of the duplex, triplex, and so on and so forth have hot water loops in them to have the hot water come out faster for them?
Hey chandler. Can you show your cash on cash return on this one? You are getting 3200 in rent on a 355k property. Are the property taxes really low out there. That does not even hit the 1% rule when looking at properties. I am sure it is a good investment just curious on the numbers. That would be great. Thanks.
You are not wrong, definitely doesn’t need one percent rule but I do believe I will get it above a 10% cash on cash return within the first year. I think we can get rent to 825+ on each of these units. I didn’t talk about it in the video but I’m also planning on vacation renting them in the summer and hopefully even increasing that because we can rent them out to college students on a semester basis. With all that being said, I believe in this area and this is the most aggressive property I’ve ever pulled the trigger on when it comes to pushing the numbers ha ha
@@ChandlerDavidSmith Chandler thanks for the video. Can you talk a little bit about the financing? What interest rate how did you qualify what kind of down payment or are you using soft money from investors?
Dean Eng I just use my own money with a 25% down loan. To learn more about how I got the loan and worked everything out go check out my video on how to get a home loan. It will answer all your questions in detail
Would you rather your property have 3 bedroom with small bedrooms or a two bedroom with large bedrooms when you are buying or trying to increase rents?
So you ended up getting the 4plex for 360K with all 4 units (hopefully) coming in at 800$ or more each after you're able to raise them? Just working out the numbers, 3200$ gross rental income on a 360K property sounds pretty good.
Love your videos great content but those numbers aren’t great At first glance according to bigger Pockets website and formulas. Do you want to meet at least the one percent rule and even more so multi family. Of course you have to run the detailed numbers to no actual cash flow but are you just going for break even on this? Thanks
@@CessnaPilot99 The 1% rule is more of a guideline, which I know Brandon Turner has said. Depending on the market you're investing in, 0.8% might be more realistic, while some places offer 1.2%+.
If the seller had a strong realtor like me i would tell you to take a hike! Never try to fit the deal in to your like it has to work on paper with ouy any orce before you ever even walk it. As clean as that place was those room's sized area going to cap you quick
Question for you The house is missing some screens. I have I just bought only had three screens in the whole place and two of those are damaged Do you try and make new screens with the kits? Or do you get a window company to come measure and make them?
If you look between the panes of glass, there's a label that tells you everything about the window. Snap a picture of the label, because it's a bunch of codes and such. Take the picture to Lowes or Home Depot and they should be able to order screens and just about any part of the window.
Hey Chandler! I have a 4plex under contract & it is virtually Impossible for me to find comps because there are no other 4plexes in the area & there are also no 3,300 sq ft homes in the area! Can you help me figure something out as far as ARV is concerned?
This is an important question because if he backs out he would lose his earnest money correct? I understand that he plans on backing out with the inspection contingency if he can't get the deal he wants, but if the inspector came back with no big issues, wouldn't that contingency not apply if he's just walking around nit picking things he doesn't like?
Could you go over your expenses for a property like that. I saw one over in Ammon for 410k, 8 bed 4 bath. With 25% down on 30 years its 1450 P and I but what are your taxes and insurance looking like?
To me it seems hard to cashflow at those rents and a 360k property if you hold back cash for capex, maint and all the other expenses in the bigger pockets 4 square method. How do you make money at 700 a unit?
Will Trade not sure what you’re talking about specifically. I always make my properties contingent on inspection so that I can back out unless I’m Happy with the inspection. Is that what you mean?
You can get away with 5% down on a conventional loan if you are going the owner occupied route. Live in one of the units for a year and then it can be a full time rental.
@@John-ck2hp John I believe you can with FHA and that requires as little as 3.5% down. Keep in mind with FHA PMI does not go away so you would need to refinance at some point to drop PMI. Conventional would be the preferred route if you can qualify. Any reason you would need to move into LLC?
Chandler I like you I’m a subscriber, but do you ever consider gentrification? What about family’s who just trying to make a decent living instead of always worrying about your bottom line?
Seems very dishonest to offer above asking price to lock up contract while planning to nit pick every little thing in order to get price reductions. Especially when the building is in such good condition. Personally, I would tell you to pay whats in the contract or get lost, maybe even flat out find a way to get out and pick another buyer. But hey.. I still have principals.
Top Secret Bear when you write up an agreement you have the right to make your offer dependent on an inspection. I had never been inside this property. I came in with a very aggressive offer. Why on earth would I hold to my original offer when I haven’t seen the property and the agreement allows me to ask for them to lower the price because of what I saw in the property? Finally, they have the right to tell me they don’t want to sell it to me and put it back on market for someone else to buy. That’s part of the agreement as well. They chose not to because the things I found warranted them lowering the price. You do have principles, but one based on incorrect information they are bad principles
Top Secret Bear, to you know how real estate and contracts in particular work? Even properties sold "as is" you can put an inspection contingency on. And use what the inspection finds to ask for lower price or walk. Any offer you make on any real estate should have inspection contingency on it, even if you do inspection yourself.
I Dont Know preach! But why would this guy take the time to research that that is a fair way to do things when he can just attack someone’s integrity 🤷🏻♂️🤦🏻♂️
I have to say that buyers who ‘nitpick’ to lower a price is annoying as hell. Especially when they do it after inspection. If it’s not a major repair that’s value for the new buyer. Just my opinion
Quixotico you obviously have no idea what you’re talking about. There was nothing dishonest about pointing out the things that I had a problem with. It’s very apparent that there are things that needed fixed and that the size of the property did not warrant the rent I originally thought it would. Absolutely nothing dishonest or worthy of getting sued over haha
@@ChandlerDavidSmith hey Chandler, did you see some of these things prior to making your offer? my thought process has always been that if you should have reasonably seen these items on your initial walk through then it should be baked into the initial price you offered. Then if the report brings new things to light then you can continue to negotiate on those. Wondering if you think that's generally the expectation? (great channel by the way!)
Jake Wing I totally agree with you. I’ve had multiple deals where I have not asked for anything because I’ve seen the properties before putting in an offer. On this property I hadn’t been to the property because it was a competitive situation and I needed an offer in to lock it up before I’d actually seen it. It’s not about screwing the seller. It’s about making sure you get the property locked up but only buying if the members make sense.
What else do you want to know about inspecting an investment property?
Do you usually have your inspector and contractor do the inspection at the same time?
Gabe Zibaitis just depends on if it’s something I think I need my contractor for. A lot of properties I buy I don’t need a contractor to come look at
It would be awesome to see you tag along with the inspector. Show us the conversation between you two. The process you like where you can just put some notes in your phone.
360 still sounds like a high price how much are your taxes over there and what will your cash flow be on the property if the rent stay at 700 a-month
Jaybe will do!
I manage rentals and can vouch for this guy, he knows how to inspect!
Parker's Properties thanks! Means a ton!
This is one of the best real estate videos ever. The small bedroom issue is so true. I have some 3-bedroom apartments with very small rooms and it is incredibly difficult to rent. Make sure your apartments have big rooms! Otherwise assume you have to knock 10% off the rent.
Love it! Thanks for watching!
You are getting even better at teaching! Great tip about making the inspector's job easier for them
GengoSenmon thank you so much!
Honestly if youre a landscaper, you know by buying a property you can do things tht will increase value anywhere from 2-5% which can be a lot
I am under contract right now with the exact same scenario. Loved watching this, you gave me some great new ideas, and left me with an awesome feeling seeing someone else have the same mindset and vision.
Jaybe that’s awesome! Thanks for watching and commenting and congrats!
Dang, I like these videos. Just SUPER PRACTICAL. Not a whole bunch of fluff and vague nonsense. The market here in the DMV is CRAZY. I can’t get into it but taking my 5k somewhere else might work. Anyhow, great uploads!
Nice walkthrough. I accidentally used this last time when my agent went back and got a $10k credit to replace a deck.
The Wong Mindset love it! Well done!
Good idea, but it doesn't always work. I just found some legit plumbing and electrical issues after an inspection. Probably 10K worth of work.
Asked for a measly $1,000 off to close the deal. Was totally a no go. Still closing, since it was a good price. But it was worth a shot. I'd try it again in the future.
Also, only $200 for a professional inspection?? I pay $350 and that's dirt cheap. Going rate is about $550.
I had a guy pull that over bid price game on us and then nick pick and ask for lower price...I bailed on him and found a buyer who paid asking price cash and closed in 30.
jstu45 that’s your right as the seller. Glad it worked out for you! And for me! 😜
Good stuff here.
I'm an inspector (certified with Internachi) and I love your suggestion for the budget walk-through... Your right, the write-up is the most tedious part. Remember, if your inspector (like me) offers it, there is the Internachi buyback offer too.
Thanks for the solid advice as I move toward a purchase agreement on my first 4plex! Very excited and nervous about what's to come. Love all the videos :D
Can you make a video of pros and cons of buying auction and foreclosure properties, and loans with those properties? And how to find a good inspector? Thank you. Love all you videos. 👍
Great questions! I’ll see what I can do.
Great walkthrough thank you for sharing 😊
N P thank you, glad you enjoyed it
I can only imagine the tenants face inside when you started talking about raising rent LOL
you should get a wall inlet checker to make sure all your plugs work
Best way to start the morning of by watching Chandler’s videos! Now I’m going to go sell 7 pest control accounts and get ready to purchase a rental property this Fall. Rock on. Chandler! You are the legend! 🔥🤟
Let’s goooo!
Yes! "Chandler in the Morning!!!!"
It's my birthday and what a great present. Hopefully will make a move on a 4 plex soon! Great video too
Mr.Verdugo Sir thanks! Happy birthday! Go get it!
This was one of the best videos I have ever watched
Will Trade thank you! That really means a lot!
Thanks Chandler, that was pretty good.
i like the honesty on this guy.
Thank you!
This is really clear & precise content brother.
Thank you !
Keep crushing it
william johnson thank you! Glad you enjoyed it!
9:05 A good thing to note is whether those are electric or gas lined
Great video! The information was really valuable. Please continue making quality content like this.
Shinwon Moon will do! Thanks!
@@ChandlerDavidSmith So, $360k purchase for $2640/mo projected rents? What will your mortgage be?
This video was muy bien haha. In seriousness, this was very helpful because it's a good starting point for me on how to analyze homes.
Alvaro Plaza haha I’m so glad you enjoyed it! 😜
I just closed on a property identical to this for $335,000. Same scenario. Rent for 2 units at $700, other two units $790.
However, easily able to bump rent up to $825 per unit.
Awesome property Chandler! You must have had a heck of an agent to get you into that thing ;) 100 doors by 2020?
Garrett Myers let’s go! Thanks for being such an incredible agent!
Awesome look
Great info! I can't believe you don't have more views on these videos. Subscribed 👍🏼
You are more ballsy then me haha. But that's why you have a bunch of properties and I'm still being patient trying to pull the trigger on my first one. $355k on rents you will have to raise seems risky but you are the man and I will trust your judgement on it. Is there concern for you knowing you most likely will have to fill 4 units? I think this is why I will stick to SFH's and Duplexes as the purchase prices are smaller and less doors to fill. Thanks again for another great video my man!
bhs thankyou! I understand your concern. This property would be scary as a first purchase but when I already have 60+ doors those things are not nearly as intimidating and even if it takes me a minute to get it up I’m not worried about it because it’s a worthwhile purchase and I’ve got all of the other units to make up for it that are already running smoothly
@@ChandlerDavidSmith This is true. Thanks for making another great video. I like that you aren't exaggerating this stuff and not talking about hidden steals but are giving us real world numbers on every day properties. Great job!
60+units :0 wow
so maybe this shouldn't be a starter home for a first time buyer?
have oven right next to frig...will not allow your frig to stay cold..what do you think?
\
This is extremely helpful thank you for making this video 🙏🏾
Thanks for watching and commenting! Glad you liked it!
Great video. What is ur potential net profit each month on this deal? I’m assuming around $800/month?
I like the real world nature of your videos. Versus these "Amazing deals" I seem to not be finding. Gathering all these downpayments seems to be difficult. How do you do your first 2 to 5 until cashflow makes the next down payment for you?
Great teaching and great graphics. Thank you.
Great video
Do you pay for lawn care at your properties? If so do you pass the cost on to the tenants?
When you talked about buying this property and trying to get the price down I think a lot of people want to know HOW MUCH WAS THE PROPERTY
Do you have a checklist of things to check? Or a picture from the web that you know of that you can share?
Great content! Subscribed.
Your numbers seem so tight to me but I am in a cash flowing market. I think it would be interesting to see you "whiteboard" the numbers on this deal. Are you looking to more or less break even in the near term and hope for the best down the line? At $850/unit your effective gross income is $3,230 and debt servicing with a conventional 30 yr 80%LTV underwritten loan at 4.5% for the principle of $520k is $2,635/month. That would mean your cash flow and expenses are only $595/month and you are putting $130k DP plus closing costs. In other videos you state that you use property management which is often 5%-10% of rent. Other significant expenses like taxes, insurance, repairs, etc.... I guess my question is how does this make sense to you? I only ask because I would love to find out what I am missing. Do you factor in principle paydown and tax benefits? Is you looking for more of an appreciation play? Again, great content and thanks for posting!
I misunderstood your numbers from the video. So, what I came up with is way off. I would love to see you "whiteboard" the deal out or other deals in the future.
Syracuse1123 check out my other videos where I do the numbers more in detail. Numbers were slim on this one with how rents were when I bought it but obviously we are upping them. Within a couple months this will bring in over a 10% cash on cash return. Your numbers might be off because my interest-rate was lower than what you said and taxes and expenses are very low because of the number of properties that I have. Even with that though this deal still end up being good for anyone. 10% cash on cash return isn’t incredible but it’s what I’m happy with and this market has a strong appreciation every year
Syracuse1123 hopefully that helps. Check out some of my videos where I go through the numbers and if you still have questions let me know
Chandler thank you for the video. Question a 4 plex 2 bedrooms vs 3 bedrooms would be a no for you? Thank you
your videos are so valuable. Thank you for the great content!
You have been an inspiration for me. I'm in the process of buying my first 4 plex! It's off market and I need to have someone make a contract for me? Any suggestions?
On a 370k deal you would walk over $10k? That doesn't make a lot of sense to me. I could understand 10k on a 100k house....
With that said - nice video and good points on how to do an inspection as a buyer.
This is an amazing video thank you
Curious, you said it should have instant hot water, do most of the duplex, triplex, and so on and so forth have hot water loops in them to have the hot water come out faster for them?
Hey chandler. Can you show your cash on cash return on this one? You are getting 3200 in rent on a 355k property. Are the property taxes really low out there. That does not even hit the 1% rule when looking at properties. I am sure it is a good investment just curious on the numbers. That would be great. Thanks.
You are not wrong, definitely doesn’t need one percent rule but I do believe I will get it above a 10% cash on cash return within the first year. I think we can get rent to 825+ on each of these units. I didn’t talk about it in the video but I’m also planning on vacation renting them in the summer and hopefully even increasing that because we can rent them out to college students on a semester basis. With all that being said, I believe in this area and this is the most aggressive property I’ve ever pulled the trigger on when it comes to pushing the numbers ha ha
@@ChandlerDavidSmith Chandler thanks for the video. Can you talk a little bit about the financing? What interest rate how did you qualify what kind of down payment or are you using soft money from investors?
Dean Eng I just use my own money with a 25% down loan. To learn more about how I got the loan and worked everything out go check out my video on how to get a home loan. It will answer all your questions in detail
Would you rather your property have 3 bedroom with small bedrooms or a two bedroom with large bedrooms when you are buying or trying to increase rents?
Any thoughts on subdividing a current property and building new constitution for rental units?
Carolee Hubbard if the numbers work then go for it!
loving the videos man keep them coming!
Is each unit the same exact measurements? I ask because those rooms were VERY small and I did not even see a kitchen table any place.
That rent jump will ruin people's lives, geez.i 100% couldn't do that to people.
Do you ever have any issues with tenants complaining about noises with up and down units?
Can you teach us what to put in writing on contracts? Pls!!!! 🙏🏼🙏🏼🙏🏼
Hire an attorney experienced in real estate
How do you collect your rents? Do you use a property management company?
Phuk Q Q yes, I have a property Managment company
So you ended up getting the 4plex for 360K with all 4 units (hopefully) coming in at 800$ or more each after you're able to raise them? Just working out the numbers, 3200$ gross rental income on a 360K property sounds pretty good.
J-bone hopefully 825-850 🤞🏻 and now 360k 🤑 but yes! Thank you!
Love your videos great content but those numbers aren’t great At first glance according to bigger Pockets website and formulas. Do you want to meet at least the one percent rule and even more so multi family. Of course you have to run the detailed numbers to no actual cash flow but are you just going for break even on this? Thanks
@@CessnaPilot99 The 1% rule is more of a guideline, which I know Brandon Turner has said. Depending on the market you're investing in, 0.8% might be more realistic, while some places offer 1.2%+.
If the seller had a strong realtor like me i would tell you to take a hike! Never try to fit the deal in to your like it has to work on paper with ouy any orce before you ever even walk it. As clean as that place was those room's sized area going to cap you quick
7:11 Agree! I'd rather pay for a professional inspector and be sure I don't overlook something.
Sy Guzman definitely! Thanks for watching! You are one of my most faithful watcher and commenter! 👊🏻
@@ChandlerDavidSmith Awwww.. Thank you, Mr. Smith ⭐
Sy Guzman thank you!
360K for current rent of around $2800 is very risky?
ANGELJOY COMPANY about 40-50% of 2800 goes to expenses
Question for you
The house is missing some screens. I have I just bought only had three screens in the whole place and two of those are damaged
Do you try and make new screens with the kits? Or do you get a window company to come measure and make them?
Honestly I haven’t ordered a lot of new ones. 😬
If you look between the panes of glass, there's a label that tells you everything about the window. Snap a picture of the label, because it's a bunch of codes and such. Take the picture to Lowes or Home Depot and they should be able to order screens and just about any part of the window.
what sort of COC return are you expecting? Your gross margin is only about 10.66% with $800 rents.
So purchase price is $360,000 and rents are going to be ~ $1,600 . Is that going to cash flow?
How did you finance this 4plex after having accumulated 70+ units ?
Good stuff, but take it easy on the tenants.
Hey Chandler! I have a 4plex under contract & it is virtually Impossible for me to find comps because there are no other 4plexes in the area & there are also no 3,300 sq ft homes in the area! Can you help me figure something out as far as ARV is concerned?
Chandler do you have an email that I could send you a couple questions?
Chandler, what shoes are you wearing in this video? I want to get a pair lol
Broken seals on windows $400 fix.... talk em down on price... lol
Seems messed up tbh.. rush to get a high bid in to get under contract with intentions to not pay offer price.
What's the average lifespan for those water heaters?
Theres no fourplex in the USA anymore 😔
If you house has gas lines... get them pressure tested!
$650-$700? What city/town is this? Thx
I loved the video did the property have a HOA fee?
Rashon Crunk no hoa
What did you put down in earnest?
This is an important question because if he backs out he would lose his earnest money correct? I understand that he plans on backing out with the inspection contingency if he can't get the deal he wants, but if the inspector came back with no big issues, wouldn't that contingency not apply if he's just walking around nit picking things he doesn't like?
where is this ?
Could you go over your expenses for a property like that. I saw one over in Ammon for 410k, 8 bed 4 bath. With 25% down on 30 years its 1450 P and I but what are your taxes and insurance looking like?
Matthew Dolfinger I’ll have to do another video for you! I saw those in Ammon as well. To much for me 🤦🏻♂️
To me it seems hard to cashflow at those rents and a 360k property if you hold back cash for capex, maint and all the other expenses in the bigger pockets 4 square method. How do you make money at 700 a unit?
When I bought my fourplex I did not know that a family of raccoons was living in the ceiling
Is that called an inspection contingency?
Will Trade not sure what you’re talking about specifically. I always make my properties contingent on inspection so that I can back out unless I’m Happy with the inspection. Is that what you mean?
Yes thank you very much
how do I become friends with this guy?
How are you financing your properties want to buy my first investment still not sure how
You can get away with 5% down on a conventional loan if you are going the owner occupied route. Live in one of the units for a year and then it can be a full time rental.
Michael Karger can u do aFHA same way ? How can I move it to a llc with out getting into a pay now or due now situation
@@John-ck2hp John I believe you can with FHA and that requires as little as 3.5% down. Keep in mind with FHA PMI does not go away so you would need to refinance at some point to drop PMI. Conventional would be the preferred route if you can qualify. Any reason you would need to move into LLC?
you would replace the entire window why not just replace the glass its $100 installed to just replace the glass
You're not a true real eastate investing RUclipsr til you drive a Tesla
Preach 🙌🏼🤣🤣
I’d rather be a car guy and real estate investor. Bentley and G-wagon are my daily’s.
The no bien😂😂😂
Why raise the rent I pretty sure they moved in because they can afford the rent!
Chandler I like you I’m a subscriber, but do you ever consider gentrification? What about family’s who just trying to make a decent living instead of always worrying about your bottom line?
First!
Dan Chevreux well done! 😘
wait what? you were actually planning to walk away from this deal over 10k????
Seems very dishonest to offer above asking price to lock up contract while planning to nit pick every little thing in order to get price reductions. Especially when the building is in such good condition. Personally, I would tell you to pay whats in the contract or get lost, maybe even flat out find a way to get out and pick another buyer. But hey.. I still have principals.
Top Secret Bear when you write up an agreement you have the right to make your offer dependent on an inspection. I had never been inside this property. I came in with a very aggressive offer. Why on earth would I hold to my original offer when I haven’t seen the property and the agreement allows me to ask for them to lower the price because of what I saw in the property? Finally, they have the right to tell me they don’t want to sell it to me and put it back on market for someone else to buy. That’s part of the agreement as well. They chose not to because the things I found warranted them lowering the price. You do have principles, but one based on incorrect information they are bad principles
Top Secret Bear, to you know how real estate and contracts in particular work?
Even properties sold "as is" you can put an inspection contingency on. And use what the inspection finds to ask for lower price or walk.
Any offer you make on any real estate should have inspection contingency on it, even if you do inspection yourself.
I Dont Know preach! But why would this guy take the time to research that that is a fair way to do things when he can just attack someone’s integrity 🤷🏻♂️🤦🏻♂️
Seems smart to me! Obviously you won’t really know what the property is worth until after you walk through so I like being able to cover my basis.
Payton Clark Smith definitely!
If you asked for money off b/c of failed seals on windows, now you would be laughed at and your offer thrown in the trash
Is it a rule to have a Tesla if you’re an RE investor? Lol
No bien? Oh fuck!
$200 for an inspection “walk through?” You get what you pay for.
So you buy it and kick the tenants out? Rude
And wtf is a cadet?
I have to say that buyers who ‘nitpick’ to lower a price is annoying as hell. Especially when they do it after inspection. If it’s not a major repair that’s value for the new buyer. Just my opinion
Seller can use this video as evidence and sue the buyer for his dishonest tactics to lower the purchase price after locking the contract .
Quixotico you obviously have no idea what you’re talking about. There was nothing dishonest about pointing out the things that I had a problem with. It’s very apparent that there are things that needed fixed and that the size of the property did not warrant the rent I originally thought it would. Absolutely nothing dishonest or worthy of getting sued over haha
Except it's common to get offer accepted and then after doing inspection and/or appraisal the buyer ask for price reduction.
I Dont Know true. But why look into that when you are so confident that suing the person buying your property is the best option 😂😂
@@ChandlerDavidSmith hey Chandler, did you see some of these things prior to making your offer? my thought process has always been that if you should have reasonably seen these items on your initial walk through then it should be baked into the initial price you offered. Then if the report brings new things to light then you can continue to negotiate on those. Wondering if you think that's generally the expectation? (great channel by the way!)
Jake Wing I totally agree with you. I’ve had multiple deals where I have not asked for anything because I’ve seen the properties before putting in an offer. On this property I hadn’t been to the property because it was a competitive situation and I needed an offer in to lock it up before I’d actually seen it. It’s not about screwing the seller. It’s about making sure you get the property locked up but only buying if the members make sense.
Idk but this guy is weird and hard to watch. Not the smartest screw in the wall.
Nice walkthrough. I accidentally used this last time when my agent went back and got a $10k credit to replace a deck.
The Wong Mindset nice!! Killing it!