All Forum Posts by: Christie Gahan

Not sure about much of this. Regarding the LLCs. Could you transfer the 10 good ones in to a different LLC ? Then keep the one you don't like in the current LLC ( assuming your offer is in an LLC name. )

I wouldn't believe anything the current owner says.  They are obviously not on top of things or they wouldn't be in this situation.  

To better answer your question ... what are the comps for rent and building sales price in the area ?   Area A B or C ?

The average price of this would be your ARV. Minus 100k rehab, Minus holding costs. That is your max price that you can pay. Anything you buy below this is future equity / profit.

Don't forget to add in the time.  How many payments, property taxes, insurance, utility bills will you have to pay ?  Then advertising to get renters in.  What kind of reno work needs to get done ?  Think about strategy of what to do first, second, third.  You might be able to get a few units up and ready quickly to get some cash flow.  But, nobody wants to listen to power tools all day.

Sell the duplex and pay down the credit cards.

I'd add Hard Money Lenders to the list.

I'm not a lawyer in Oklahoma, or any where else.  But, you own the property.  You can hire whoever you want to manage, inspect, repair etc etc.  You do have to follow state rules regarding giving notice to tenant to enter building, etc.  Hire a property manager.

Build one for me!  : )

What was your land cost ?  How did you finance it ?  City sewer and water ?

With a build cost of 40k per door, you can charge a lot less and still make out fine.  When you do get your $1095, you are gonna crush it.  

It sounds like she put her home on the market and accepted an offer.   Then put an offer in on a new place without being pre approved for a loan.  Are there any professional realtors involved ?  This deal might be saveable or it might not.  I know of situations where realtors on both sides lowered their commission to get a deal done.  I don't see how this would help much.  I don't see what your friend could do short of paying the 2k for her.  ( with no expectation of getting it back).  And, if the deal still didn't go thru ..... your friend is out the money.  I think it is on the seller, her realtor and mortgage broker to save the day.  Your friend can't do anything about her credit.

Jason Hirko: Is there a script for how that conversation goes ?  Thanks.

Just signed PSA for a bankowned duplex that has folks living there.    My understanding is that , while I'm in escrow, I don't own it.   So, I don't really have a right to get them out.  But, they don't really have the right to be living there either.  Any one have this problem in the past ?  Should I communicate with them now ?  Or, wait until closing and then start evictions ?  Cash for keys ?  Thanks.