All Forum Posts by: Brandon M.

@Amber H. - You have to just explain to the family member that you really need to see the outside. If you can't see the inside, you are going to have to assume the worst on a lot of the unknown variables of the inside. Someone of those have been mentioned above, plumbing, electrical, anything. 

Can you go (with the approval of the family member) and at least peek in any of the windows and walk the exterior of the property? 

I am local, if I can help in any way let me know. 

@Brandon Fo - shoot me a PM, let's chat in more detail. I have helped quite a few buyers from BP who don't live in the area, I could give you some pointers. 

Did anyone else notice the “well the bad news is you owe me an extra 1% commission” comment from Wayne Brooks ? So what you are publicizing to the rest of the BP community is that you are only worth a full 3% and will even charge your client more in order to get that? As if the 2% commission on a $525k deal wasn’t good enough for you? Wow, what “lucky” clients you have. And when they told their 10 closest friends about paying the extra 1% for the luxury of working with the one and only Wayne Brooks I am sure all 10 of them were lined up outside your door at 7am begging you to work with them too right?!?! Sorry, it is agents like this that give us honest agents a bad rap. BP community, especially the unlicensed ones, were you aware we have such greedy agents such as this that will either charge you more if they aren’t getting 3%, or they will just flat out ignore a potential property for you if their commission isn’t enough? EBENEZER SCROOGE!

Jacob Beemer what does your current equity/debt situation look like on this property? Guessing you don’t own it outright with no bank or hard money loan on it. But do you owe $80k and the house is worth $100k? Do you have any other properties, including your own primary residence, that have equity? If you have any equity anywhere you should easily be able to find a short term loan for $5-10k. Go to a networking meeting, offer them 12% interest or $1000 interest minimum, something appealing to an investor. They can put a lien on your property and primary residence for additional collateral if they feel necessary. I know $1000 interest on a short term $5-10k loan sounds unscrupulous but in the grand scheme of things, is it worth $1000 for you to be able to get the project done? (Hopefully your answer to that is yes, otherwise you bought too high, spent too much, or were overly optimistic on your ARV). Money doesn’t make money unless it is moving, don’t forget that. Better to get the property done ASAP so you can get all your cash/profit out and do it again.

Inform the title company you will be out of state, they will overnight the docs to you to have signed in front of a notary and give you a way to overnight them back to them. We do it all the time with buyers and sellers, we refer to them as mail away closings. Never been an issue.

Maura McGraw I can send you a good name, send me a PM and I will give you his info

Will Crayger the best way to find GCs and other tradesmen that are reliable is to get referrals from other investors or people who would vouch for them. All of us seasoned investors have gone through workers that weren’t worth a darn in order to find ones we can count on. Now one thing you might have a hard time with: investors who are busy might not be as willing to share their good contacts. If I have a need for a GC I don’t want to share him with anyone else, I don’t want my jobs to get delayed because I shared my good GC contact with someone else. I learned that one the hard way, shared my handymen with 3-4 others and my guys tried to take on all of those other jobs while working on one of my big projects. Ended up costing me an extra 3-4 weeks before my project was finished. If you haven’t already go attend networking meetings and meet other investors. Some will have good contacts they are willing to refer out.

Patti Rosepiler I have an insurance guy if you need someone else, never hurts to shop a couple

Patrick really is putting the scare in it. In my opinion your best bet is to find an experienced investor with the capacity to handle the deal. Ask them for a small piece of the pie, whether it be a finder’s fee or a small percentage. At this stage in the game knowledge acquisition/learning experience is more important to you than making a ton of money on the deal. Tell them you would like to be involved in the day to day of it, even if it is just as a project manager checking on the process, a runner of materials when the workers need something, or just a “fly on the wall” listening as they meet with GCs, handymen, etc. Listen, learn, and glean anything and everything you can. I cannot tell you how much I have learned over the past few years being at job sites listening to conversations, and picking the brains of people more knowledgeable and more successful than me. The path to success in real estate isn’t easy, otherwise everyone would be doing it. Putting what Patrick said a little more gently there is not any “low hanging fruit” anymore, no easy money. Hopefully this helps a little, best of luck to you!

@Dustin Lord - Hey I am sending you a PM about this