All Forum Posts by: Josh C.

It is common on large jobs that are very difficult to predict (lots of unknowns in an older homes) plus the owners always want to take down another wall or do something else different after the fact. What’s his ”plus” the percentage of the cost he is taking?

@Will Hurley you’ll want to get a pro or plus account to advertise. Wrong forum.

What’s the issue? Couldn’t anyone go to the county’s website and find out the owners of the LLC anyway? Are you trying to have secrecy to do some tax avoidance?

@Soulo Zample You need a lender to tell you the rules. Agents help you find houses not provide financing. But 1-4 units should be fine if you are going to live there for 12 months at least.

@Vern M. Seriously? I’d be interest in more detail. Don’t need spefics but what the overall gist would be helpful to the group if you don’t mind. Thanks!

@Jim Growfer You’ve mentioned a good deal a couple of times. Sounds like you mean a really good deal. A sure thing. Frankly, someone without experience isn’t going to get those. They are out there and come on the market but are gone immediately. The last building we bought for an client of ours that was a mispriced value add deal we offer 50k over asking, no inspection, no contingency what so ever, 50k EM. For that particular deal it wouldn’t have mattered if it had plumbing at that price. But not everyone just knows rents should be double on that street and they are building a new brewery on the corner. So a person like yourself might be shown that but your offer would have lots of outs and other negatives. You’ll need to narrow down you needs or at least what you’ll except. Then buy an good solid average deal or two and then you’ll know when the home run comes a few years later and you’ll have the knowledge and confidence to hit hard. Takes time to know what you are doing. Pick a city and then a couple of neighborhoods and buy a small little 7 cap to get started. my two cents anyway Good luck

@Randall Degges That house does look solid. But that area is a little rough. I disagree with the people above worrying about bathroom count. I only have one bath in all my rentals and is common. Arguably the worst corner in the whole city is 38th and post Your house is about two blocks from there. People definately make money up there but moveouts can be tough as the tenant class can be dIffIcult. That price is probably a little higher than you would do working with an agent, buts that expected somewhat with a TK outfitt. From my experience as a local property manager I wouldn’t jump on this deal and think in twelve months you‘d be happier and have more money spending a little more money (ninty) and get a way better location. Sorry, but that’s my opinion. Good luck.

@Randall Degges just post the address and what you are paying for it. (IF THEY DID A BIG REHAB STATE WHAT ALL THEY DID) You’ll get lots of feedback. I’ll give mine for sure.

@Scott Couch I’d recommend being honest for sure. When your cousin says you stole grandpa’s house at thanksgiving it might get uncomfortable. Just make sure everyone even grandpa knows you are paying below market value. Going to have to be a steep discount as the “equity” will only be finanaced up to 80% and most likely 75 or 70. So buying 40 to 50 cents on the dollar is required. Might be a tough pill to swallow for everyone else in the fam. Good luck.

@Eli M. As far as commercial banks go each bank make their own rules I know a few Investors that have north of 30 loans. Good luck! Fannie and Freddy do have rules as stated above but smaller regional banks make their own as they do not sell their loans and keep them in house.