All Forum Posts by: Dennis Fernandez

That is a very important point to consider. Thanks for bringing it up.

Right now we have 4 houses under contract but the seller actually has 8 houses on the same note. We've had to wait 2 weeks just to find out the seller is sticking to their guns demanding all 8 sell at once.

Another problem is that we really just like 6-7 of the 8 houses and are now trying to find another buyer for the rest but it seems like we'll have to eat the ones we don't want to get the ones we do.

I've brokered a few packages like this before and have found that very few lenders allow borrower to break up the package on the same loan.

Have also found separate buyers that closed at the same time so it can be done, it's just a bit more work.

Good luck!!

We buy in Memphis, Dallas/Fr Worth, Houston, OKC, Tulsa and Little Rock. These markets deliver great returns!

This is why getting these things in writing is critical.

At this point I would put a deadline to the offer, say today. If it's not signed today then the price goes back to 80k tomorrow.

Don't think that a detached garage will get you 30k. I'm not an appraiser but based on some appraisals I've seen, you're looking at about half that.

My recommendation would be to really dissect the appraisal, if you dont know how then get with someone who does. Make sure they're comparing apples to apples - the condition of subject vs the comps not just the square footage or bed and bath count. Be sure to drive the comps as well to get a better feel for the comps and areas.

Good luck!!

My vote would be to sell it and start right on the next one.

Perhaps a passive rental investor might want it?

Well I stand corrected. Good to know. Thank you for the info.

While I'm no tax expert, I have seen many investors using each other's self directed IRAs to loan each other money at minimal interest. Just have to find someone in the same boat as you willing to borrow and loan to you. Good luck!!

Honestly with that amount it's best to just save it while you learn the ropes. You could try to wholesale but learning how to do well takes time and can get costly. Either you pay a guru to hold your hand or you learn expensive lessons quick. My recommendation would be to network with as many like minded investors, save up your money and maybe look for a potential partner. Good luck!!

Doesn't sound like its a deal at that price. Smoke and tar remediation can be tricky as it gets everywhere including air ducts and even inside ceiling fans. Whether its a flip or rental, this should be fixed right, up front. Go in with copious amount of Kills on floor and walls and fresh new paint in order to increase desirability and maximize returns. Good luck!

My best recommendation would be to join the local REIA groups and meet folks. My preference is to attend the Millionaire Possibilities event that happens the first Thursday of every month. They have great educational material and fantastic networking. The event is coming up this week.

Usually go there to meet wholesalers and investors so I can maximize my opportunities to buy. 

Thanks and good luck!