All Forum Posts by: Chad Ullrich

@Salvatore Lentini

Dumb Dad Story

Duplex in Navarre Florida has been on the market for 5 months and has no offers or at least that’s what was being told to us by the sellers agent. After two weeks of running numbers and scenarios, and more numbers on the rental calendar, with other scenarios, my daughter(23) and I (46) decided it was time for her to start her real estate investment career, and me to start mine, with a seemingly newbie favorite, a “house hack” with a beautiful duplex.

We/ I gave a low offer confidently and proudly at $300k for a 2478 square foot 6/4(2 3/2's) she would have as her primary, utilizing an FHA, and renter already in place, turn key, they were asking $370k. Our excitement of finally doing what all the BP podcast guests say you need to do, getting our financials in order, spending under control, credit score looking excellent, got the financing, ran the numbers, made the offer, and crickets!! No reply.... I made the offer too low! All despite the urgings of my realtor to consider offering more. I remained ignorant of my inexperience. It hit me like a ton of bricks when I saw the life slowly leave my daughter's beautiful face, her wise beyond her years understanding wouldn't allow her to let her true emotions come to the surface, and said "dad it just wasn't meant to be" I went from a co-signing hero, to an absolute "watch this offer" zero! I'm not sure what our options are going forward and feel like an *** that just wants to take a back seat now to the journey I once sat as a proud captain of....

any guidance would be greatly accepted and appreciated!

The dumbest dad!

Chadwick

Thanks for the responses. I'll anxiously await to get started on my first rehab. 

Signed my first assignable purchase contract for a small cash flow property for $32k. This is my first experience in real estate investing. I'm now being told by the title company the property is in Probate. Property company now sending me an addendum stating new closing date is March 1 not December 24. I've paid my $3k EMD.

Is this just part of the process when buying from wholesalers?? Shouldn’t this have been disclosed upfront?

Any advice on how I should handle this going forward would be tremendously beneficial!

Will I need an attorney? Costs?

Thanks and happy holidays to all!