All Forum Posts by: Chris Purcell
Chris Purcell has started 23 posts and replied 721 times.
Post: Small Deals Mean Wasting Time & Making Small Money
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @Eduardo C.:
Originally posted by @Chris Purcell:
Originally posted by @Eduardo C.:
@Michael Ealy Reading your bio I see you started out with a duplex. This is exactly what I would like to do within the next year. I am brand new to REI. I have a realtor, family that owns a remodeling company with connections to contractors, and multiple partners willing to invest. How can we grow as quickly as you did? Any help/information is greatly appreciated.
Why are you thinking about buying a duplex when you could just jump right into buying hotels..
Are you looking to sell your hotel? If so, how much?
$1.5B firm
Post: What do you get your tenants for Christmas?
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @Frank Geiger:
I give them a place to live in exchange for monthly rent payments.
Exactly my thought before I clicked on this thread
Post: Small Deals Mean Wasting Time & Making Small Money
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @Matt M.:
@Michael Ealy
I have a question- is the first 3/4 of this post supposed to be an ego boost? Not trying to be rude, and it’s obvious you have done well for yourself, but some of us are more that happy owning SFRs and small multis. I mean, some of us have done pretty well with SFRs, maybe not a years salary in a month but...
Seems egotistical to me but has definitely opened my eyes a bit. Already started thinking about ways to scale bigger.
Post: Small Deals Mean Wasting Time & Making Small Money
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @Eduardo C.:
@Michael Ealy Reading your bio I see you started out with a duplex. This is exactly what I would like to do within the next year. I am brand new to REI. I have a realtor, family that owns a remodeling company with connections to contractors, and multiple partners willing to invest. How can we grow as quickly as you did? Any help/information is greatly appreciated.
Why are you thinking about buying a duplex when you could just jump right into buying hotels..
Post: Discount rent for on time payments.
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @Account Closed:
@Chris Purcell
You don’t have to reduce below market rent. See above post of mine
Wow I just read your post. Amazing idea
Post: Discount rent for on time payments.
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Nah .. why would you lose money by then paying on time?
Get their email and create a recurring monthly event “Rent is due” that shows as an alert on their phone every 1st of the month
Post: "Subject To" Real Estate Investing is Slimy. Prove me Wrong.
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @James Wise:
Originally posted by @Chris Purcell:
Originally posted by @James Wise:
Originally posted by @Cody Z.:
@James Wise
I understand why the discussion comes into play but when the term slimy is used regarding strategies like this or wholesaling it still baffles me that people are judged when using creative strategies when most investors talk about buying properties off market for .60 on the dollar I don’t see how this is worse.
There are always bad actors in any arena of business but labeling the strategy with this kind of taboo seems silly. As long as the buyer fulfills their end of the contract, what does it matter?
Motivation is motivation - and if someone is open to an offer that gets them what they want (out of a problem property) why is this an issue?
Reason this strategy is so slimy is it removes all recourse from the seller in the event the buyer doesn't fulfill their end of the contract. No reasonably educated seller would do that. The strategy requires investors to target unsophisticated property owners to pull it off. In other transactions there is recourse if one party doesn't fulfill their end of the contract.
- In an owner financed deal the seller can foreclose if the buyer stops paying.
- In a landlord tenant situation the landlord can evict if the tenant stops paying.
In a "Subject To" situation the investor has removed all recourse from the seller. They took their only asset "house" and stuck them with a huge liability "mortgage". Honestly I don't see how this isn't illegal. Hell it may be. I'd imagine it toes a fine line near mortgage fraud.
Me: “if I started paying the monthly payments would you sell me your house for what you owe on it”
Seller: “yes absolutely IDGAF just take it”
Still slimy?
Yes, incredibly. If you wanna buy it for what they owe, buy it. Don't steal it. Get your own mortgage, assume the mortgage or pay cash.
Assuming the mortgage is what we’re talking about. You lost me
Post: "Subject To" Real Estate Investing is Slimy. Prove me Wrong.
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
Originally posted by @James Wise:
Originally posted by @Cody Z.:
@James Wise
I understand why the discussion comes into play but when the term slimy is used regarding strategies like this or wholesaling it still baffles me that people are judged when using creative strategies when most investors talk about buying properties off market for .60 on the dollar I don’t see how this is worse.
There are always bad actors in any arena of business but labeling the strategy with this kind of taboo seems silly. As long as the buyer fulfills their end of the contract, what does it matter?
Motivation is motivation - and if someone is open to an offer that gets them what they want (out of a problem property) why is this an issue?
Reason this strategy is so slimy is it removes all recourse from the seller in the event the buyer doesn't fulfill their end of the contract. No reasonably educated seller would do that. The strategy requires investors to target unsophisticated property owners to pull it off. In other transactions there is recourse if one party doesn't fulfill their end of the contract.
- In an owner financed deal the seller can foreclose if the buyer stops paying.
- In a landlord tenant situation the landlord can evict if the tenant stops paying.
In a "Subject To" situation the investor has removed all recourse from the seller. They took their only asset "house" and stuck them with a huge liability "mortgage". Honestly I don't see how this isn't illegal. Hell it may be. I'd imagine it toes a fine line near mortgage fraud.
Me: “if I started paying the monthly payments would you sell me your house for what you owe on it”
Seller: “yes absolutely IDGAF just take it”
Still slimy?
Post: Dropping out of college
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372
You’re on the right track. Why not start investing and use your real estate money to fund your architecture degree?
Then you can graduate with less debt and a valuable asset to people who need your services
Just my $0.02, shoot me a message would love to collaborate
Post: Philadelphia pa wholesale
- Investor
- Philadelphia, PA
- Posts 739
- Votes 372