All Forum Posts by: Alex Khodnev

Hello eveyone!
My name is Alex, I'm a MF investor and syndicator from Israel. I'm visiting in Carolinas for two weeks now, searching for new investment opportunities and connections.

I'm looking to network with local brokers, PM companies, investors and other players in the industry. 
Shoot me PM and lets see what we can do together 

 Both on and offsite @Charles Seaman

Hello BP family!!
Good to be back here after slightly long period off :)
I'm looking touch base with a Property Management Companies based in Charlotte NC. 
We are looking for those managing apartments complexes of 30 units and more.
Any recommendation will be appreciated!
Thanks!

Hey folks!
Lets say I have price agreed with HUD and we are about to sign docs. City I'm working at, requires an external inspection prior to closing, buyer to assume all violations at the time of title transfer. At the point of price agreement, I had no idea about any violation by the city. No addendum or disclosure at MLS listing, nothing similar at HUD website. Now, I got violations report from the city and the deal worth less after that.

My question is, can I now negotiate the price because of unexpected expences?

WOW @Ritch Bonisa! Thanks for such a valuable input!! 

@Greg Dickerson thanks for your response.

Actually what I mean is replacing necessary items and just paint or refinish others. In terms of budget that could cost 20-30K while full rehabbing in my area costs around 80K.

The question is HOW to build the exact Scope Of Work for each property. What need to be replaced and what only refinished? What should add me the most value? How to lead the rehab budget to maximize selling price?

Hey everyone.

I'm flip investor, managing all the process remotely from abroad.

In area where I'm investing, flipping houses usually means doing a full rehab. I'm talking about places with pricing above average, with old houses(up to 100 years old).  These houses would be very distressed and require everything replaced with new - roof, mechanicals, plumbing, electrical, flooring, windows and e.t.c. If all the numbers work at the point of due diligence, I step forward and close the deal. From this point the rehab would be kinda easy(that doesn't say not challenging, but the opposite!!). That mean all new stuff will be included to scope of work. 

I would like to understand the partial rehab puzzle. I know there are areas with partially rehabbed houses that sells pretty well. The advantadges of rehab like this are fully understood - less capital invested, less time frame to work, less unexpectables, less room for mistakes. The key is building the right scope of work and try to optimize rehabbing budget as much as possible. Sometimes its even more facelift than a rehab. 

Disclamer, my expirience is limited because of the long distance from a properties.

So who is working on strategy like this here? What is your thumb rule to build scope of work that hits the target? 

Any advice or shared expirience will be much appreciated.

Someone can help?

Hey everyone!
My question is for those who works at title compaties or have strong understanding of title transfer process.

Here is the story:

I have a property under contract. That came from wholesaler and it's REO owned right now. Which say, he have a property under contract under his name and he assigned it to me.

Now, for my understanding, banks are pretty strict with a contracts. Once it signed, thats almost impossible to get something changed. My question to this guy was, how can he actually assign this property to me, without closing on that first? Here is his answer:

"As I mentioned in our previous conversation, since this is a bank owned REO property, the seller is very strict in changing the original terms of the original contract (like changing the name of the buyer). So as a response to that, our assignment is a little different than the traditional assignment with a normal seller.

Instead, to comply with the sellers regulations and also protect our end buyer, we have 2 different ways to do the assignment.

1. First we try to make a request to the seller to add the investor as a 'co-buyer' on our original contract with the seller. The investor will have 99% interest and we have 1%. Before closing, we draft a quitclaim deed removing our interest. This will be sent to escrow and recorded with the original deed and our 1% will be removed at the same time the other docs are recorded.

2. If the seller does not allow us to add a co-buyer to our contract, we will draft a grant deed (like the one attached) that will be will be notarized and sent to escrow to be recorded at the same time as all of the other documents. This will remove any of our interest in the property and the title will be immediately transferred to the end buyer. The original notarized deed will be sent to escrow before the buyer sends their closing funds and escrow will record both deeds one right after the other. "

So, I never heared about that type of closing.
What do you think about? Will appreciate any your input.

Thanks much!!

Thanks for your input guys!

As a lot of opportunities I have right now are on main streets, I have to fugure out what should be the price drop in comparison to propertes located on side street.

Of course we talking about fully updated properties in owner move in condition.

What are your thoughts?