Rental and Cashflow Property - Management, Strategies and More

Ok so I got a HUD house under contract and now I can't sell it on the retail market. I got it a little high but it was completely redone on the inside. I want to cancel the contract and get my escrow back anyone had any problems on this. My real estate agent says I must have a inspection done to cancel it.

Any other ideas out there?

Hello DG Members,

My realtor friends, who I live with, are moving to Las Vegas and I have the opportunity to eventually purchase the home. The home is a FSBO in Vancouver, BC. The ROI on residential real estate investments in BC is around 5%, so keep that in mind when evaluating this deal. I welcome critical analysis WITH suggestions on how to sweeten the opportunity. Thank you!
MY PLAN:
The cash to purchase this property now is unavailable to me, and with the price of the home I would not qualify in terms of income, an investor is ideal! What I bring are management skills and a burning desire to own this home! I will need time however, 2016, to get to where I can refinance the town home which will be a buy and hold exit strategy.
MY COMMITMENT:

ok, I've been interviewing handymen to do my out of state rehabs, and here are the questions that I've been asking when I interview them; anyone has anything to add?

1. Do you live in town where house I want to rehab is located
2. How many rehabs have you done in the past; how long in business
3. What are you currently working on
4. How long does it take you on average to rehab a house
5. Will you provide a written estimate
6. How do you estimate your costs
7. How soon can you start
8. How will you communicate with me during rehab
9. Are you licensed; if yes, for what
10. Can you provide references/photos of work done
11. Do you require a deposit, if yes, how much.
12. Do you mark up your supplies/materials

Hey guys and gals - I'm totally lost. I've read Dean's books and I'm pretty clear on what I'm looking for (results) but I'm completely lost where to start.

My tenants are currently depositing the rent directly in a checking account that I set up for that purpose; however, sometimes I have a tenant who will 'forget' to pay the rent on time, and I have to either email them a reminder or phone them, and then they 'forget' to add the late fee when they pay late; so...

...I'm thinking about signing up with an Online Rent Collector, and I came across Rentmonitor (link below)

https://www.rentmonitor.com/how-online-rent-collection-works

they send automatic reminders to tenants 3 days before rent is due, reminders if rent is overdue, collect any late fees, and send me notifications when tenants checks have cleared and they deposit directly in my account. They charge $2.00 per transaction, with a minimum $10.00 per month.

Las Vegas, NV has been one of the hottest rental markets in the U.S. and it’s still on the rise.
This is a microcosm of the U.S. market in general.

Elaine Misonzhnik wrote an article for National Real Estate Investor, where she pointed out solid
statistics to give hope for retail rental units.

Reason for optimism

"The good news, according to Ryan McCullough, real estate economist with CoStar, is that retail properties are now showing rent growth for the first time since 2008. In the first quarter, average quoted rates for all retail properties stood at $15.07 per sq. ft., an improvement over $15.08 per sq. ft. a year ago and $15.00 per sq. ft. in the fourth quarter of 2012.

Successful real estate investors know that one of the most important basic foundations for profits is a thorough understanding of their market. There aren’t enough strategies and techniques in existence to invest successfully if you’re clueless about your market and current/future trends.

Good day my fellow dgers I would like to know more about how the whole management company works like how do you determine how much they get pain and then do they take care of evictions etc, I just want a run down of the pros and cons of using a management company thanks in advance..

I have purchased properties that I was going to rent out to tenants and use as a passive income source or as a “cash flow” property and there are definitely different things that you will want to consider as you are getting a property ready for an investor compared to getting a property for you to move into. Renters are inherently not going to treat the property that they are renting from you like they would treat a property if it was their own. With this in mind you want to go for “functionality” and not “fancy and pricey”.

It would be wonderful if we installed a new tenant in a rental property with the knowledge that they will still be there in 10 years or more. Of course, we all know that’s almost never going to be the case. Whether it’s a six-month, one year or longer occupancy, they’re going to be leaving at some point not too far into the future. The landlord who wants a smooth move-out without disputes, and that’s most of us, will begin preparing their tenants for move-out the day they get the keys.

Are they clear on the terms of the lease?