All Forum Posts by: Adrien C.

@Jay Hinrichs Having the issues I have being local with contractors, I couldn't invest in a place I can't put eyes on. I have 2 good GCs but because of our volume of flipping, we have had to find others. Some are ok but some are total flops- even with the promising resume they show. I can't imagine the difficulties these out of state buyers have with quality control and money control and that. I buy the material and deliver to the property. I've seen some expensive rehabs (total cost) but junk material because the GC purchased cheap stuff to increase their profits. An out of state investor really needs a good team to get a good product- seems like we're reading the same threads over and over again about an out of state investment gone bad. 

@Jay Hinrichs The challenge with giving an ARV is it's really different for a flipper or Brrr person. I just sold a house that I know the flipper can sell for $175K. That's assuming they complete the basement with at least adding a half bath. I've realized that my assumption that the flipper will do the necessary value add to get that ARV is just an assumption as I've been surprised at how many flippers aren't finishing the basements (DUMB, DUMB, DUMB). Or they under price the house when they're done because their agent isn't sharp. But hey, their agent can post on FB how awesome they are that they got multiple offers day 1 on market. Now, I know as a Brrr property with the same quality rehab, it's not likely it appraises out at the same value. So I caution Brrrr buyers that they are probably looking at a $150K ARK in this case. It's because when the appraisers have a target price from a sale, their job is easier to find comps to justify the price. In a refi- they usually go middle ground to be safe. It does happen that the max ARV is attained in a rental refi but it's rare. I'd estimate it's usually 10-15% below the max ARV assuming they do a similar rehab.

@Patrick Hancock I can help. 

@Elbert D. So what's your position with Scott? It's clear you've worked with him so explain your position to everyone here wondering? I don't see you as competition since we do different things. I simply tagged you for your input since it's known you've partnered with him. If you're clean- let everyone know. 

I don't have a partner named Jason and I have no clue what you're talking regarding some deal in Whiting. No one has ever confronted me about a deal they were screwed on but please give me more info. I've sold over 300 houses and don't remember which one you're referring to. Just because it needs a lot of work doesn't mean it's not a deal. I leave plenty of meat on the bone for the investor to do well- that's why it's a deal. We have over 200 five star ratings so I'm open to growing if someone felt they were screwed. Has every house i sold to an investor gone perfectly- no. I'm rehabbing one now that is a never ending problem. Have I ever intentionally withheld info that would affect one's decision- no. That's the difference between screwing someone and unfortunate events. 

Here's how I make my profit. I buy a house (yes, I actually close on the property before I wholesale it). I blast it out to 2500 cash buyers and agents. I give everyone 2-3 days to go take a look at it. Usually 6-10 investors submit offers based on the starting price I send it out at. The highest offer gets it. I don't think how we make profit is anything special. Maybe I'm missing something. 

@John Hickey this "deal" closed with some buyer already back in April so the damage is done if any already. The buyer has a Maryland address and I'm not familiar with who it is but the listing agent mentioned these two were not part of the transaction (but the LA is not the most honest person either so who knows). 

@Scott Steffek  has left several out of state and out of country investors hanging mid project. He’s in my area and I see his messes all the time. Just helped two dudes from Israel get bailed out of a project that should’ve been 4 week flip go over a year. Fortunately the market appreciated so much they didn’t lose their pants but it was a stressful year for them. They made the mistake of including the funds for the entire project at closing so were screwed from day one. He partners with some Elbert dude from Illinois. Report him to the attorney general.

@Account Closed When they pitched you the deal, what did they say the ARV on the property was?

Had to edit and remove his email address. They work together. Not sure who does what. Who steals the money and how they split it up. But they work together and this is at least the second person they have stolen rehab money from. Hopefully the next person they prospect does some due diligence and researches them here on BP. 

Show me where I’ve bragged about what i sell. I have a very specific process to sell the houses i own and people put in the offers that work for them. Weird that i sell to the same people over and over again- they must be doing horrible on those deals to keep coming back for more. I didn’t slander you- you jumped in. You’re right i don’t know what your business is. But i do know you were part of the transaction with Scott and the 2 dudes from Israel- I have the emails to prove it if you need a refresher.  I’m not promoting jack here. Truth is Scott has screwed multiple people and that’s a clear fact. 

 I’m glad you jumped in on this conversation because I couldn’t figure out how to tag you in my comment. It’s also funny that I never mentioned your last name in my comment yet for someone who supposedly never talked with me, you knew that you were the Ebert I was talking about. And yes we talked. You and Scott facilitated the purchase of the crown point house for the 2 dudes from Israel. It was presented that you and Scott were partners. I don’t know your involvement with the rehab that was only 20% completed nor do i know your involvement with walking with their money but you never responded to my call when I reached out to see what your plans were to finish it up. Thankfully i found them a real contractor who was able to finish the project and help them sell it and make a few bucks.