All Forum Posts by: Dennis Maynard

Compare the budgets, where is the fat?  Based on those numbers for a small project, I would say that's not too far off.  Sticks hard costs usually starts at $175 psf without soft costs.  So seems about right at $250 - 300.  You can send me a note if you like and I'll look at it.

What is the security and guarantees?

You can post, just remember that images sell.  So if you do, update your rental posts regularly with images that show the upgrades and progress being made.

On the surface, it can be a win for both.  Get everything in writing.  Make the equity values commiserate with what is being contributed in both 1st money, next time.  Sweat equity has value, but not as much as capital.  Start small, go project by project to try it out so you are not locked in.  If it works, form a Partnership or corp and go ham.

Depends what where how and with whom.  Look, if the market turns down, you'll have plenty of renters.  The flip side is you will loose equity value for a few years.  If you are okay with that, and the numbers work, and your in it for the long haul and not to flip it in 2 years, then you should be fine in theory.

Call an accountant and an attorney.  Pro's cannot give tax advice.

@Mark Bommarito Mark, I'm experiencing some of the same challenges.  Even as a professional, it requires a lot of time and research.  Perhaps there is a way to form a local group to do research together and talk things out.  I've thought about this for a while.  Let me know what your thoughts are.

It is.  Be patient and schedule a call.

Probates are sales of property handled by the courts when there are no last will and testament in place.  In other words, there were no instructions what was to be done with the property after the person died.  Subject to court approval means just that, the offer is presented to a judge who approves the sale.  If you see subject to court overbid, that means that an offer will be accepted, and then a little mini auction will be held at the courtroom in front of the judge.  They can be quite entertaining as these guys get bored and love to do this to break up their day.  For overbid details, contact the listing agent for instructions.

If your offer is accepted, it shouldn't take long.  Maybe a couple weeks.

Nothing different.  Evaluate the property, estimate repairs, make an offer.  Use an escrow service.  They will handle calling the lender for the payoff.  As the seller is under duress, make sure they have a place to go.  Do not give them cash to move out.  They need to sort that out.

It gets tricky when you are buying the property for less than what is owed.  That's called a short sale.

My 2 cents...