All Forum Posts by: Will Spruill

Hey everyone thought I would check back in after being off the site for a while.My "Turkey" disaster is done and I'm having much better luck in the REI game.Lots of lessons learned along the way that will make me a much better investor for the future.

I’ve had great success after researching and working with a seasoned property management group.The turn-key or “turkey” in my case seems to be a make money fast gimmick; now I’m sure there are some good turn-key companies that stand by their product and offer more services than a quick sell and good-bye.

My intent is to buy the new home and sell my current primary residence in a 3-4 month period. The seller is not willing to do financing. 

I just need a transition period from my current home to the new one.

I'm looking to purchase an excellent property in my area that just came up as my primary residence.  I've met with the seller and will do a by owner transaction.  My question is how to structure a loan on the new purchase while trying to sell my current primary residence.

I've heard of the old school bridge loans; what is the trend today?  Currently I have one primary residence loan and two investment property loans.  I have 800+ credit but the debt to income ratios will be over with the new purchase of around 400k.

I'm looking at a real nice 26 unit apartment complex deal ($2.5 mil) in Seattle that's a great price and very desirable for renters.  I've only invested in smaller purchases 100-200k range; I'd buy this property today if I could come up with financing.  What does a small scale investor owner have to do to move to this level of a purchase?

I've read stories about building a portfolio up and with enough equity, one can purchase something this large.  I'm looking for something more creative and can get me into this type of property for $200k or less.

Where do I show income from a rental guarantee policy?  What tax code would I put this under?

Thanks, Will

Both of my rentals would have been great success with an adequate property management company. They spoke a good story as did the turn key seller. It was all a bunch of lies and ended up a mess.

I'm keeping the other duplex and going with a different management company. Lesson learned I guess; to make it in an out of state rental you must have a good management company.

Thanks Sharon for explaining this. I should have more to update in a couple weeks. One of the properties is under contract and hope to close in the next 3-4 weeks.

One of the tenants is still in place after being legally evicted three weeks ago. Again the property management is no help at all.

The other property is now having an eviction for our last tenant that was in place when bought as a turn key. So to update, all four of the original tenants that were in place when we bought have had to be evicted. The management company is an absolute mess.

More to come in the next couple weeks.

Its been a back and forth game the past couple days. We should know more by Wednesday.

I agree if we were able to sell it back for what it was bought at in July of last year or a single family equivalent, it would make for a good outcome. I'll be proceeding very cautiously. Nothing has been good since day once with this investment.

I've been in contact with Marco at Norada the past couple days and hopefully together with him and the turn key seller we can get it resolved.

"I would at least like a counter offer to know what ball park you guys are in. Another option we would consider is an exchange for a single family house."

Above was my reply to them. I would like to know their ballpark as well.

I offered $80,000 as a buy back price to the original turn key seller. The property was bought in July at $73,523 thru Norada. We had an appraisal done which came back at $85,000.

The turn-key seller email me back and said we're not even in the same ball park. I'm hoping for some assistance from Norada and this can get worked out. I've also given the option of exchanging this duplex for a single family unit.

I'm also cautious that they are trying to steal this property back and make another quick buck.

Stay tuned.