All Forum Posts by: Brandon Battle

Actually @Melissa Nash,the mouse couldn't care less.Their hotels are quite full and doing very well.The guy spearheading the campaign is Tushar Patel,chairman of the board for Tarsidia Hotels Corp.He owns every Marriott property and half the Best Westerns in Anaheim.He is leading every small hotel owner and the angry neighborhood homeowners into fighting Airbnb to the death,and he is winning.

Have you had the place inspected by professionals yet? Someplace that old needs a thorough inspection of the foundation,roof,electrical panel and wiring,plumbing,water heater,and HVAC.Especially in a harsh weather climate like Wisconsin or anywhere up north.You really wanna check for long term water damage to the foundation and base of the property caused by years of snow and ice, no moisture barrier installed,and poor drainage.The cost of repairing these items should be factored into your bid price.You didn't say what the after repair value of the property was,only that they were asking 135k.If the ARV is only around 135k after improvement costs then 100k and just cosmetic changes would be decent.However,if you find after a thorough inspection that the place needs far more work to get up to code and up to stuff,then you need to show the owner all the problems and negotiate the cost down to cover those repairs.

Ok Bryan Tomko,I am going to give you the best advice I can to help you win this deal without overspending for it.First things first,you need to establish the exact condition of the property,the approximate after repair value,and the true current value of the property.You do this by having professional contractors do a full inspection of the property and estimate every possible repair and upgrades you need to get the property into full ARV condition.This is a 60 year old property in what I imagine is a harsh winter environment.Snow,ice,possible rodent and insect infestations,can and will deteriorate the property over time.I am going to assume a few things now.The roof probably hasn't been replaced in a long time,if ever,it will need replacing.The wiring probably needs repairs and/or replacement.The plumbing needs a inspection with a camera through every pipe to determine damage and replacement if needed.Especially the sewer pipes and main water lines bringing water to and sewage from the home to the city pipes.They are exposed more to the elements and can break over time.I'm guessing the kitchen and bathrooms have never been upgraded and replaced,they will need that completely.New drywall and repainting inside and out.All the costs of doing that work need to be put into your offer by deducting them from the after repair value which you will establish by getting comps from recently sold properties in that area.Once you have all that,you will now be able to sit down with your family and discuss this like a business transaction.No sentimental garbage,just business.You can hug it out with them when the contract is signed.You can use the fact that they are losing 700 per month in insurance as a reason to accept this deal immediately.Now make no mistake,they are going to be upset that the house isn't worth what they hoped it was at this moment.Don't argue with them!!!! Let them vent their frustrations without interruption.One of them or all of them will storm out in protest.Don't follow them out,let them stew and calm down on their own.It may take a few days or even a couple of weeks and another insurance payment for them to realize you are offering them the best chance to get this property of their backs.You need to make a good deal,not let emotions get you into a potentially money losing situation and destroy your family ties.Believe me when I tell you that.

Somebody owns the assets of that former company.If it filed for bankruptcy then the court records will show which creditors to contact and offer a small amount to settle the lien.If they don't exist,you could file a petition with the court to dismiss the unenforceable lien.

Put your foot down with them.Tell them you expect the rent on time,the place clean,and no further problems or it's out she goes.

Not trying to be a jerk but,San Clemente isn't selling very well lately.I also was projecting a 75k to 100k profit on my flip and haven't received any offers even at near break even asking price.I'm not alone,either.Inventory has increased dramatically in the last month and the competition for only a small handful of buyers is killing the profits for a dozen flip homes on the market there.Hope your guy can pull it off and send a little luck my way.Good luck to them.

More details please.What would be your roles in the partnership? What do each of you bring to the table? Do you have a good real estate attorney to keep things professional between you? Are you going to form a legal partnership or LLC?

Tell them to give you the seller financing you desire for the best price and highest interest rate you will accept and then sell the note to a note investor to remove them from the property entirely.

John Lee,please help me get this straight.You came up with an acceptable deal,went through the loan and escrow process at your expense,the sellers failed to do their duty and fix the problems identified by the city,and now they want you to eat the financial loss for their screw ups?!! No,you are not going to tolerate their mess.Figure out the exact cost of cancelling the loan and starting over again and show it to them(especially if it is much more than the 100 per day penalty). Tell them they are going to pay the 100 per day or the loan cancellation fee or you will sue them for their poor performance.You can and will win in court if you did everything right and can prove they knew about the ordinance violation prior to your applying for the loan causing the financial loss for non compliance.Now is the time to start looking for a good attorney who litigates in court as well as read and write contracts for their clients.

Look for a kids sports team that wants to do a fundraising opportunity.A football team full of kids can easily put up a couple hundred signs in an hour or two.Marching bands are good too.