All Forum Posts by: Calvin Lipscomb

Lenny,

If they (PM) are a real professional property manager, they should know the laws of your state and area. As others stated, this does not relieve you from responsibility, but performing some due diligence goes a long way in the success of your real estate investment.
I would simply ask “why” are they just now asking this after two years; is it something new the city voted on it has this been in affect for sometime now??

@Kareema Abdussalaam Great to hear you are starting up. I think you are getting smoke blown at you. Don't let anyone slow you down.  Take that good energy that I can see you are burning with and use it every time you feel it, use it to learn, to network, to negotiate, to pick yourself up over and over and connect with the next person.  You are a bundle of positive aspiration, and you are going to succeed. 

I'm a buy-and-hold person myself but thinking that wholesaling has potential because your investment is in time, in marketing and a little in legal not in the potentially enormous to buy a developable property.  Wholesaling seems like simply hustling your tail off networking until you find something noone else has, to me. You can trade effort for marketing budget by just contacting potential sellers yourself. What does that cost? Sometimes nothing but your time. Meet people wherever and ask about their situation and needs. Think about things and learn, maybe there's a better way, all the time.  As Rod Khlief says on his podcast, Consider yourself a real estate opportunist.  Which means, start hunting.  If you find a great deal, lock it up with an assignment agreement.  That is your primary tool.  Keep your clients a secret from everyone until you have an assignment agreement signed and notarized and preferably recorded at the county recorder. Squeezing yourself into the middle of a deal is what it's all about.  That is okay if it is a deal that wouldn't have been there in the first place if you hadn't pulled it out of the woodwork.  In that case everyone can benefit.  And yes it's normally off the market until you bring it on because whoever put it on the market that knows the market already fattened it up and took out all the profit for themselves.  That's okay, but we have to keep learning about other paths than what might be the most obvious.  Have a helping attitude and things will come to you.

By the way, and for example, if you can find me an off-market three story half-twin in Philadelphia in a neighborhood that Trulia's crime map shows as low or low-medium in crime, which needs some work so it's at a discount, that's what I'm looking for. I would love a wholesaler to find me a deal like that.  After rehab costs it should fit my Valid Investment Model (tomveatch.com/re) with a payback horizon of about 5-7 years. I'm a retired plumber trying to buy(-and-fix)-and-hold currently-crappy-but-with-potential triplexes or other affordable rentals to improve my retirement income, and I love West Philly. I made a list of off-market properties that I could send you if you want to check them out and if you find a deal out of them just give me first dibs on what you lock up.  Google me and call me if you want to talk (in the afternoon).

Tom Veatch

Thank you to all who read this in advance! Now my question follows.. I’ve done an extensive amount of research on how it works and I’ve got a great understanding of the basics I’m a new investor and I’m extremely eager to get my first deal underway. I live in the Philadelphia area and I found one of the ugliest houses on the nicest block! Area is full of rehabs and is going through a great deal of gentrification! Here is the deal as follows.. 4bd 2.5 bath 2,800 sqft in the heart of the city of Philadelphia $105,000 asking. $389,000 ARV $75,000 in repairs Comps in the area are going for $579,000 and right next door sold for $420,000. If my HML lends me at 65% ARV that’s $252,850 I only need $180,000 to purchase and renovate to bring the value to. It’s always a good idea to add a little “I.C.E” funds to your repair cost Incase anything goes unplanned. So i would want to throw in another $10,000 just to be on the safe side of things. That brings my total to $190,000 Which is very far below $252,000. My exit strategy is to fix and flip this is a very sought after hot area in the city of Philly, would a HML be willing to grant me this deal with none of my own money? That is literally the only thing worrying me, I don’t have the credit or funds to cover a 10–15% cost up front (skin in the game)I do know most HML will want points and other small various upfront cost I can come up with that.. but I would love to get a 100% financed deal under my belt, again this would be my first. With how I structured this deal is it possible to get 100% financed? Any advice or tips would be appreciated! Thank you all very much!!

i Went to a FortunesBuliders Seminar Yesterday in the Philadelphia Area & while i found it Interesting, everything was going good until the end of it. The Speaker did a Good Job but then once he talked about the cost & fees & stuff saying people can pay $197 to stay & continue getting educated it went down hill, then started showing interior  decorating of a kitchen that was remodeled & i just was like "wow lol". 

Also when he spoke about paying a package to Learn about Tax & Lien i was like "why would i wanna pay x-amount of cash to just learn that? The Real Estate Program im in has a package that not only shows Tax & Legal stuff but alot more then just that one subject & we just had a workshop over here about Tax & Legal a few weeks ago &it only costed $50 to attend or watch remotely. 

Before i left this one woman chatted with me almost as if she was looking to flirt with me & was telling me if i wanted to come back to make a down payment of however much she said but i wasnt falling for it in any aspect as pretty as she was but i turned it down, i know that trick she was tryna do, my current program did almost about the same thing but with us we are different then fortune builders, we wouldnt be that hungry for someones money & if they wanted to come back they could at anytime. 

Overall if anybody willing to get into Real Estate in anyway including investing, i tell them to get Educated first before doing anything, you can go to any seminar out in this world but Educate yourself first before paying for things that you may not learn on the fly or isnt helping you with what your looking to do.

Good morning everyone. Thanks for posting this very thorough process Yuriy. I also wanted to add that I highly recommend speaking to an attorney to help with this process as they can really help get zoning cases through. In my case, I worked with the Anastasio Law Firm here in Philadelphia and Vern really helped me get legal zoning for a triplex (orginially a duplex.) I would agree that the costs are significantly higher than if you do this yourself but you can also save a lot of time and energy by allowing a professional who faces these types of situations very often. Cheers!

Originally posted by @Account Closed:

So other than your feeling got hurt can you list your damages.

After  paying your Lawyers to force a sale you might be even more HURT.

Are you talking about a Million dollar west coast triplex or a idaho $45,000 plex.     Price matterS

I don't want to force a sale at this point I don't trust the seller, after misleading me about the number of permitted units, (I was disappointed but still willing to buy because it was still a good deal to me although it did need some work, which it was happy to do, I was looking for a project.)

Also, never receiving the papers I asked for, which in this kind of a sale I don't feel like I was asking for anything out of the ordinary. 

Also, he lied about 3rd floor tenant, said he had taken care of it but was trying to sneak her around the appraiser, eventually he did remove her and it was fine.

I should have ran but I didn't because I was trying to make my first investment go through, and as weird as he was I just thought as soon as this sale is over I don't have to deal with his crap anymore and can fix the place UP and enjoy it.

So money wise it's not a million dollar property, but it was to me, I don't make a lot of money and have lived way below my means for years, kept debt to a zero and saved and suffered for years to be able to put a proper downpayment on something like this.

But I did pay for an inspection, paid my realitor fees, my bank fees, got an appraisal, title search, put notice on the place I was renting and moved out, all my belongings are in storage and now I have no place to live.

I have to start all over, when I should be enjoying my new house. So yes, my ****ing feelings are hurt.