All Forum Posts by: Christopher Alexander

I am currently working on 3 renovation projects in Historic Springfield as well as being a resident of the neighborhood I can tell you there are challenges just like any other area. I will add though if you do your due diligence and have a good renovation team like I have it will be just fine. I handle all the specifics with the city and historic society. It helps to be acclimated with various groups in the community and downtown so you have good contacts. The ROI's are great as these deals were purchased on streets that are hot right now. But do not be afraid to buy going further east or north either. If it is outside the historic district there are true diamonds you can snatch up. Inventory is low so naturally the momentum shifts outside the district. PM me if you have any questions.

Hi @Joddie Mcclain I am pretty familiar with this neighborhood as I have purchased a few out there and also reside in the neighborhood. Is this property still available? Thanks so much!

Good evening Sean! I'm located in Jacksonville Fl, and I have a private lender who is also one of my business partners. We also use the BRRRR method on all of our rentals. My other business partner is a contractor and that helps out tremendously on our costs for rehabs and such. Let me know how I could be of help. Even if its helping you get some rentals and or funding for your deals.

Good Evening  everyone. I have formally submitted an offer on one of the two homes. The $1mill was just to hard to pass up, after seeing it and having my friend run some comps we found out the land itself is worth nearly $1mill. 180 foot dock and 2boat lifts with a breathtaking view. The street this house is on has all high end very luxurious homes. This one is the fixer upper and needs lots of updating to bring it to this era. The other property was nice as well and now I see why my Realtor friend urged me to get it. This property is close to 5.5 acres and has 4 lots that can be developed with single family homes. She told me she gets taxed on 5 parcels, and were purchased in the 80's. Apparently the owner was approached by a big developer who wanted to buy however she didn't want that deal since all he wanted was her lots. He offered 1.5 for that but she wants to sell the entire package. So that of course increased my options big time. I could put this on contract and market to developers. They would have one large house on the water with room to build 4 additional homes. 

Thanks @Will Barnard for that last bit of advice. I will update this post after I get things in order with contracts. Looks like I first need to get the house under contract at set price then assign my contract at the new price to my investor/rehabber and the difference is my fee at close of escrow. Fairly simple but I, like most others tend to over think things since its my first go on such a deal. Thank you again

No thank you @Christina R. !!

@Christina R. 

Oh and I'm not necessarily afraid he will bail on me at closing I was just making sure that double closing would be the route to go since the assignment fee is higher than normal deals. He is a deep pockets guy, so I doubt he would flinch as long as he is getting an outstanding deal on his end.

@Christina R. 

Let me clarify, the house that is situated next to the home I am trying to get was just built and is valued at $5 mil. It was completed literally 3 weeks ago. There are about 5 houses on this road along the river and all worth over 2 million. The one I am going to negotiate is owned by an older couple who want to sell. The asking price is 1 million since it needs to be updated. 

@Christina R. 

Thank you for your insight. That's where I was confused. I couldn't figure out where to get my fee. My investor does not shy from the price at all, he calls me 3 times a week asking for high price deals, I got extremely lucky this week with 2 calls for houses over a million dollars. Both are under priced but one house I didn't mention is situated between a house that was just completed and is valued at  $5 mil on the river per the comps I had pulled from my good Realtor friend. The house I am looking at  needs some work but they want to sell for 1 mil and again another free and clear. I guess having such a high fee made me nervous, and I didn't want to scare my end buyer even though me getting these houses on contract and leaving him with plenty of room for profit he shouldn't care either way. So it looks like I will have to most likely do a double close correct?

@Will Barnard 

That is a great scenario one that I will most certainly explore. I will be visiting the property in the morning and will be talking  with the seller. I will let her tell me what she is in need of, I know from just doing a drive by the house is great shape from what I've seen. Needs the small touch ups since it was built in the late 90's but is in a very high end neighborhood.  To clarify on the rehab I will know more on that tomorrow. My understanding on wholesaling was that I put a contract on it for say $1.2 and sell it to my investor for $1.3 and either roll my assignment fee into that price and do a simultaneous closing. How would I figure what my fee would be? Want to be sure to have this outlined as I negotiate with seller. Thanks again!