All Forum Posts by: Bob Mason

Thanks for sharing @Brandon Schlichter!

Congratulations @Ben Leybovich on the new deal! The units look in great shape as they are. Can’t wait to see how it turns out after renovations!

Congratulations on getting your flip under your belt while making money! That doesn’t always happen. 

I recommend networking with some other investors. Go to your local REIAs, etc. Either partner up or pay them a few dollars to walk thru your recent purchase and give you their thoughts on what to repair and how to do it. 

The fear you’re feeling is because you need more information. A more experienced investor will help get you that info. They may also help you find an honest general contractor too!

it may be worth having a conversation with the majority owner. Maybe he didn't see the unit for sale. Maybe he's looking to sell his 5, giving you 6 of the 8 units. Whichever way it goes, there's a low risk to you. 

Congratulations Ivan! Well done!

How complicated was the loan assumption? Any good stories or tips?

Thanks,

Bob

I agree with the above that you should evaluate it like any other property or business. The added benefit is that most parking lots are really just land banks, waiting to be redeveloped into highest and best use. So there could be a nice return at the tail end to either sell to a developer or redevelop the site yourself if you're so inclined. Good luck!

@Tom Anderson great job on finding the property and working with the seller to create a good deal for both parties. 

You may need to ask your lender, or shop around to other lenders. Typically a lender wants to see a net worth of at least the value of the loan, and liquidity of 6 months of payments. If you don't meet those requirements, then you may need to bring someone on who does. 

Talk to some other lenders, and pick their brains on what their requirements are. 

All the best!

Congratulations! 

Bottom line, he's acting like a child. You own a business, so you need to act like an adult. I agree with @Michael Totman, have a conversation with the guy and work it out. 

It's a tough conversation, but one that must be done sooner rather than later. It's your livelihood. Being a big guy, should make the conversation go a little easier.

Get out there and confront your tenant's and your bully!

Good luck and best wishes!

I'm using John Lippello with Prospect Mortgage right now for our own primary residence. Things have went smoothly so far. Getting the 203k loan and dealing with all of the paperwork during the renovation aren't easy, but if you've flipped houses before, it should be OK. Send me a PM if you want more details. We just passed our rough framing inspection yesterday.