All Forum Posts by: Chirag Parikh

Hey Guys!

Just a quick update. I met with the tenant and inspected the property. The property is in good shape and so is he! I think he often gets pessemistic about his condition but as of right now he is doing well. I spoke with him about his plans in the event he can no longer climb stairs or manage to even live there/pay rent for whatever reasons and he was very nice about it and explained that he plans on moving out should his health get bad enough and his kids will be moving with him. 

@Mindy Jensen You're right about the bank not caring about my tenant and them wanting their money regardless. I'm fortunate in that I have already paid this property up so I have some safety in that sense. 

@Joel Owens I agree with you here in that it is a situation that I have to keep reassessing, and will do so, though i do hope to keep him in there for as long as possible! 

Thank you everyone for all your input!

Hi All, 

Thank you so much for all the advice. I do not have a bottom floor unit available at this time otherwise I would definitely give it to him. He is planning on moving out if his health gets him to a point where he cannot climb the stairs so I think I'm okay on that end. 

I am meeting with him and his family tomorrow as apart of my semi-annual inspection process. I hope to tactfully and empathetically talk to him about his current condition. I have an excellent relationship with him, he is a great guy and I would truly hate to see him go. I too have been sure not to get too friendly but he always pays the rent on time and treats my unit like it's his own.

I will see what his plan is hopefully when I speak with him tomorrow. I am doing my best to be understanding. In the lease that I have with him now I have a clause that says he is allowed to end the lease for health reasons as long as he gives me as early notice as possible. 

Keep the advice coming! I'll touch base once I talk to him.

Sincerely, 

Chirag

Hi friends!

I have a tenant in a condo that I purchased a while back who has been with me for about 4 years now. He unfortunately contracted a chronic illness on the job and it is taking its toll on him. 

My question to you all is what is a kind and respectful way of asking him what his plans are regarding his (and his family's) tenancy with me should be get ill enough to not climb up stairs anymore (unit is on the third floor, no elevator). He has mentioned before he ideally doesn't want to move but will do so if he can't handle the stairs anymore. 

To be completely honest I am also concerned that he may (god forbid) pass away while living in my unit. He has two sons on the lease but I'm not sure I trust them as much as I do him. He is PHENOMENAL. Rent always on time and treats the condo like he it's his own. If his health takes a turn for the worst there is some potential for this to change and not likely in any good way. 

Any thoughts on how to handle this situation would be appreciated. 

Hey De Vonte, 

Nice to see an ambitious young person (semi like myself, I'm 26) trying to get into the game. I am currently in medical school so we both have some kind of health background. I will say I am likely not the partner you have described, though I have a couple deals under my belt so I am not a complete novice. I'm also not currently in a position where I have money, or a ton of time to invest so I am busy educating myself about real estate so that when time and money free up I can hit the ground running.

That being said, it never hurts to network and talk about goals and get to know each other. Even if things don't work out immediately perhaps partnering on projects is something we could revisit in the future. 

Good luck!

Chirag

Thanks so much for your comments guys. This was really helpful. Lets see where I go from here. Planning on checking the property out shortly. After that I can crunch the numbers and see if wholesaling it is possible. 

Any other insight from anybody else is very much welcome! Especially if you're a flipper who has allowed a newbie follow one of your flips, or if you've done a similar deal like the one I'm trying to do in the past. 

Hi everyone! I've been shopping around looking at properties, and finally one property I am going to check out and it sounds like there is some seriously significant promise. I believe it is flippable, and is very possibly a great deal. 

MY PROBLEM: I am currently a student with no income though so I cannot finance it. Even though I'd love to be the one to flip it myself this is also my first flip. According to J Scott's "The Book on Flipping Houses" he suggested allowing an experienced flipper/investor take the project on, and suggested taking a very small cut of the profit (10-15%) as well as an agreement to allow me to watch the project and see it from start to finish. 

My question is how do I go about proposing this to an investor/flipper ? Do I need to get it under contract first, then find someone to play this role? Or should I just pass the property along to them and expect them to "hold up their end of the bargain" (this makes me a little uneasy not to get it in writing though)? 

My other option, is that if it is as great of a deal as I expect I could just wholesale the property and make my money. Personally though if I found somebody who would be willing to let me watch the flip from start to finish and answer some questions along the way I'd appreciate that much more and the experience and knowledge I'd gain would help take me a long way. 

Any thoughts and advice on this would be appreciated. 

Sincerely, 

Chirag

Hi Mark and Harry,

I live in Mineola! Would also love to meet up and talk real estate over a cup of coffee. Let me know if either of you are interested. All the best!

Thank you both for the advice. I agree with you Victoria, I have to start now. I have drafted a preliminary plan for where I will market to. I am going to try sending letters and perhaps the business card approach as well. I've decided to attend my first REIA meeting this month to start networking, and will start marketing the same day. I figure the marketing will take some time and that should be a good amount of time to start making friends and maybe if I'm lucky, a buyers list! Thanks again!

Hi Folks, 

I'm interested in getting started with wholesaling. I've done my research and have been listening to every podcast I can get my hands on about it, in addition to reading up on it as well. Above all else I'd like to avoid Analysis by Paralysis!

That being said, I'm starting with limited funds, I'd like to target to an area that would most likely get me some responses (basically the most bang for my buck). What kind of characteristics am I looking for here when it comes to areas to market to? Avoid rich areas? Low income areas instead? Somewhere in the middle? What kind of things should I keep in mind, is basically what I'm trying to learn. 

I realize that this is probably the golden question sought after and experimented with the most with established wholesalers, but any advice would be appreciated! And if you're an investor from the long island area who knows what kind of investment opportunities are sought after most, that'd be incredibly helpful as well!

Thanks in advance for your help!

Sincerely, 

Chirag

I had graduated from college a year prior and started working as a research assistant at a fairly prestigious university back. This was back in 2011. I was looking for a place to rent near by while I worked and my mom so smartly said to me "it would be so much better if you could buy rather than rent." At the time I had no real idea about real estate, the cost, a mortgage, etc. On a whim I decided to check out a real estate website and see what was available. I had found something, did the math and it was SO much cheaper than renting. I went and checked it out and I was in love. The unit needed some work but I was so excited, I didn't care. I told myself I'd fix it up myself (and I did!!). Unfortunately my offer was denied, and the unit went to auction! Still determined, I did not give up and instead bid for it through the auction. The best part? I won. AND, I won it at a price cheaper than what I had offered the first time. They were obligated to give it to me though so I ended up winning in every way possible on this deal. The money I saved up when I lived at home worked as my down payment, and I financed the rest. I lived in the unit for a year and in that year I replaced the floors in the bathroom and kitchen with new tile, and renovated the whole bathroom with a new toilet, vanity, sink, etc. I replaced all the light fixtures and fan fixtures, and re-did much of the plumbing in the kitchen sink and bathroom as well. I really understood what it took to get the job done, and the costs associated. It was the greatest experience of my life, but a lot of hard work. I learned an incredible amount. Now I'm renting that unit out! The best part? My brother and I went in on another condo near by, and did it all over again (though my first deal was still the best). I can't wait for what's in store next :) I'm educating myself like crazy so that when I have money for the next deal I can make it happen!!!