All Forum Posts by: David Crutcher Jr.

Ok BP this is an actual situation. So a family member gets sick and let her house which was bank owned with a mortgage get behind on her mortgage and utility bills to the point of potential foreclosure. Her sister stepped in and offered to take over the mortgage to catch it up along w/ utilities. She moved into the house while the sick sister stayed with other family. No paperwork is performed as pertaining to switching out names on mortgage/utilities it was just done out of sisterly love. The sister who originally had gotten sick died and afterwards the sister who had stepped into the house had caught up the mortgage/utilities and continued to live there paying everything as her own. Now 3yrs later, the son of the deceased sister who had power of attorney for his mother (she left no will just a supposed request on her death bed that the house be sold) wants to extract the equity out of the house. Over the 3 yrs the son never stepped into an landlord role ever. There were major/minor repairs that has taken place in the 3yrs (A/C unit was converted to central heat & air had to be rebuilt twice) among other things. My question is can the son extract equity out of the house? The neighborhood is being gentrified so property value is on the rise with every new build. As power of attorney, does he have any jurisdiction over this house that is owned by the bank? This is a situation that is happening right now so if anyone can share some knowledge and experience on this is greatly appreciated?

I understand both sides in this matter as wholesaling is walking a thin, very fine line. I also understand even as a newbie who hasn't done a deal yet that it's a way to handle business in a professional matter adhering to guidelines. When wholesaling ALWAYS have a serious buyers list with investors ready to pounce when a good deal is presented. In the same breath, you have to have the ability to CLOSE on the deal before you shop your deal to investors. Once you close you have the ability to exercise different exit strategies that works for your deal and your best interest. Don't be down about people who don't feel what your doing but don't disregard it either. The guy in this thread didn't lie about anything he's just not into your way of doing business. He has some great points, as do the other wholesalers in this post. Just take all advice, add in what you already know and proceed forward with your plans. Don't get hung up on this one deal. Pass if you have to but use this as a growing tool. Happy hunting

Hello AJ Archibald & welcome to BP. I live in the Nashville area and have lived here all my life. I'm new to REI myself but have yet to do a deal. After reading blogs and post and listening to podcasts I feel my entry to REI will be adding value to someone looking to build their RE company. I can be a valuable asset to you if we can work together in our efforts. I can be "boots on the ground" as I know ALL of Nashville too well. Feel free to message me to see if we can make this work

Happy hunting!!!

I agree with John Casmon if you want mentorship be resilient in your pursuit. But you should actually know how to compete since you know all his strategies. Since he has the REA in his pocket & auctions, you should focus on other strategies such as County code violations, out of state owners, tax liens and vacant homes. Driving for dollars seems like a good option too. Go to your courthouse and check the county assessors records and search for things he isn't. Try to contact so divorce lawyers to and try and work a deal with them maybe something could come of that. Just try and be everywhere he isn't like that other 20% he doesn't have

Hello Keisha Orr I have a few questions myself. Why is this complex vacant? Where & how did you come up with your ARV? Have you surveyed the property personally or do you have "boots on the ground" that you relied on for that information? This is an pretty attractive deal as you present it and if these numbers it shouldn't be hard to get financing. How much "skin" will you put in the game? What area in Tennessee is it? I ask because I'm from Nashville and I know an investor who would be interested maybe

Hey Mark Douglas congratulations on your second property and keeping the ball rolling. I don't think it matters if the HML is in the same state as the property as long as it's not in their criteria. If you meet their criteria and it doesn't state it has to be, you should be good if the numbers work.

*as much* "meat on the bone"

Just awesome guys! This is the perfect example of having the proper team in place & how BP can connect you with those people. Great job guys on working ethically & not letting small time thinkers tell you what will or won't work. I also would love to hear some of the obstacles y'all encountered. And if the end buyers father wasn't a contractor willing to do the work at no cost would it had been "meat on the bone" for all involved? (Except for Chris M. of course but he still won)

Account Closed you don't know what you don't know, but know you do know! Dust yourself off and try again