All Forum Posts by: Brian Van Pelt

@Daniel Mohnkern

I would reconsider or:

. extend settlement date until you can do an inspection
. escrow a significant amount against repairs
. go back and talk with tenants , ask whats wrong with their units
. reduce the offer price to cover possible repairs

@Mike Wheeler

I'd look at condo's if i were you. They are inexpensive,easy to rehab and maintain, easy to rent. You can purchase 2-3 for the price of 1 SF

@Cristin Andrews
. Pay the difference between purchase price and appraisal in cash.
. Ask the Seller to reduce the price to appraised value minus 12K
. Ask seller to pay a portion of the tax from Seller proceeds

@Andrew Bailey

As an initial calculation it looks promising. I would be concerned with the Following
. Low Monthly maintenance for a 1910 property
. No set aside for reserves in case something breaks. Min 100 per month per unit
. No capital repair set aside (You will need it)

An older house requires maintenance,maintenance,maintenance

@Account Closed

I would contact a RE Attorney as soon as possible.

I would carefully read over your contract,email,text messages,advertising as

I also believe there seems to be some implied agreement that is somee where



"As per the contract I delivered copies of all the drawings in my possession but did not release the rights to use them or agree to transfer the digital files."  There appears to be an implied agreement that by transferring copies of the drawings, the Buyer has an implied  right to use them. When you advertised the property did you use elevations or verbage to suggest they were included ?

The Buyer obviously connects the use of the drawings with the sale of the property.

Your big question is how much are you willing to invest in legal fees to litigate this. As a counterpoint you might want find out whether your contract calls for Non-Binding or Binding Mediation. If Binding Mediation , then a RE lawyer would be advisable.

@Alex Popescu
It depends:
. If you are going to give your agent the listing to sell for you, or allow them to act as your buyers agent, then YES it's reasonable to ask an agent to do this type of work.
. If you plan to just have the agent run comps without being your listing or buyers agent , the NO it is not reasonable to expect someone to work without compensation
. If you are not prepared to close on a property or even make an offer on a property, then NO, its not reasonable.
. If you are just testing the waters , agin NO it's not reasonable.

It's reasonable to pay a retainer if your answer is anything but YES, I'm a ready willing and able buyer or seller.

In any profession, Buyers go where their best interests are, You're job is to provide a good or service that keeps them coming back to you.

@Amber McGill

A shell has very little value other than the land.
. A 203K renovation loan is possible
. A Hard Money loan, but is expensive

@Daisy Ferreiras

The best use of the calculator is to help you decide if a property is worth investing in BEFORE you purchase and rehab.

Using it after to decide if you made a good investment is like closing the barn door AFTER the horse has left the barn.

As @Russell Brazil indicated knowing your numbers and what they mean will help you analyze the deals before your purchase.

Most rehabbers would have passed on this deal.

It's a good deal for someone buying to live in, but not as a BRRRR

@Stephanie P.

People from Washington DC as usual like to put down Baltimore while ignoring issues in their own back yard.

While homicide in any form taking place anywhere is horrendous. Calling out Baltimore as ranking at or near the top has always been statistically incorrect.

Baltimore has 6 times the population of Washington DC so Comparing crime rates means DC homicide rate of 159 means that if DC had the same number of people their homicide rate would be 960 for 2018 ove 3 times Baltimore.

In addition , yeah he had a problem with our Mayor last year , DC had gasp "Marion Barry" who well, you can wiki him for his list of crimes.

In addition DC has more police then Baltimore, so again it takes 6 times the police per capita to keep the crime down. 

And "political turmoil" is the rule in DC, and not just the federal level. At one time half the DC politicians were under federal investigation.

Investing in Baltimore has been good for a lot of investors.