All Forum Posts by: Brandon Battle

Be fully prepared to be the best help possible to a potential client.Build a list of contacts with every possible person you might need help from including locksmiths,plumbers,electricians,general contractors,junk hauling and clean out crews,landscaping crews,handymen,moving companies,furniture staging and rental companies, foreign language interpreters,hard money lenders,and of course....investors who can pay cash fast!!!! There is one thing a nervous client loves to hear from you,"I know a guy who can help you immediately".You should meet with these people personally and establish set discounted prices ahead of time so you know what it will cost your clients before you offer them the information.

Tom S. is absolutely right,this is a crummy deal.Kelly O'Quinn,there isn't enough meat on those bones and one small extra expense in the rehab costs and your profit is long gone.Believe me,I have suffered this same scenario twice now with zero profits for either of us.Only the contractors laughed all the way to the bank.Unless you have the ability and finances to turn that too little 2/1 shack into a 3 or 4 bed/2 bath modern home,you won't get your time and money's worth.If you can't expand it,you need to pay no more than 210k because the property needs too much work over too much time to make it worth the effort if you don't.If the sellers are motivated badly enough they will take it.Otherwise,move on to a better project.The inland empire has much better 3/2 and 4/2 project properties you can get for 250k that are much more profitable potentially.

What is the purchase price? How much is the contract? How many days till it expires? Is the place occupied by tenants?

Research the property tax records and find out the address that the city sends it tax due bills to for payment.

Habitat for Humanity,Veterans of foreign wars,American Legion,The Lions Club,The USO,and The Salvation Army are all legitimate and trustworthy.

Let me save you the trouble,you aren't going to get it.Hard money lenders don't compete for business anywhere near what real banks do so they have no desire to drop their rates for you unless you are going to buy several million dollars worth of properties with them over a very short time span.I have spoken to 10 of them and can't get anyone below 10.99%.

Call the veterans administration and ask about charity donations to wounded veterans.You can also call Habitat For Humanity for the same information.

You may have a huge problem and you may have no problem at all.Either way,face the situation like a man and go down to the city planners office and see if the work was done properly and the permits were pulled.If the work wasn't done right,it's your responsibility to get it fixed and not the unsuspecting buyer who doesn't deserve to inherit the problems from you.No it won't be cheap to fix but,these are the problems investors face in this business and we take responsibility for getting the job done right.Good luck to you and hope it works out well.

I am going to assume you don't declare that income to the IRS on your tax return and pay the proper amount of taxes on it.If it is not on your last two years of tax returns,you will get no credit for it from the traditional banks and lenders which means you ability to borrow money will be based solely on what little you do declare and have taxed properly.Your savings and checking account s and stock holdings are irrelevant,only your verifiable monthly and yearly income.Your only choice would be a hard money lender at an enormous interest rate.

Go to where cash buyers work....at the courthouse steps buying at foreclosure auctions.If you see a guy bid on and/or buy more than one property,they are or work for cash buyers with lots of investment cash or lines of credit.Walk up to them after the auction and compliment them on their property purchases and offer to bring them more just like it before they get to the auctions.Ask for their criteria (sizes,locations,ages,numbers of bedrooms,condition,etc).Promise to follow up with them ASAP with a property they might like to inspect and purchase.Go to every courthouse you can get to in a few hours driving and you could easily create a list of 30 to 40 real professional cash buyers who act fact and know what they're doing to be profitable in this business.