All Forum Posts by: Brook Rieman

Thank you Aaron!

My husband and I are looking to flip and/or BRRRR in Bloomington, Indiana and surrounding areas. We are exploring using private money and have had a few people contact me through BP but how do I know they are legit? I would ask for references from past deals but what other questions should I be asking and things I should be looking for? Any tips on the process of partnering with a private money lender, terms, etc? We are new to all of this and any help would be appreciated.

Hey all, I wanted to give a final update that we were able to get the sellers to let us out if the contract to purchase, so on to the next deal! You bet I will be checking the sex offender registry next time. 

Update: We have requested a mutual release of contract due to fears for my and my children’s safety since I am the property manager and complete most small repairs myself having my child with me. Also citing the fact that after contract we found out that the current lease is so vague it does not even state a rent due date, late fee, condition to keep apartment in, etc. Also no deposits. We shall she if she lets us walk away.   I hear what many of you are saying about us being too sensitive and that we will deal with things like this if we are landlords. I hear you, however, this is our very first property doing long-term rental and if we can move onto a deal that feels less icky as a way to start off, I would prefer it. We might not have a choice at this point, we will see.

Thank you all for continuing to add such thoughtful responses and ideas. For what it’s worth, this guy served 5 years of a 15 year sentence Beginning back in  ‘97. Then he reoffended and got another 2 years and got out in ‘16. The owner had originally said he’d been there 5 years but in reality it’s only been 1.5 years. 

Thank you all for the suggestions, this helps a lot. 

 Also, we have little kids of our own and I would be the primary property manager so this is not something we take lightly. I’m completely disgusted and frightened by the whole situation. 

The current owner isn’t willing to adjust the price but if we get desperate I suppose we could pay him to move ourselves. Ugh.