All Forum Posts by: Sean Gribbons

@Jesse Frickle you defintley need to contact a lawyer. I would maybe look elsewhere in the same state if you haven't had good luck with the local one. 

You need to have them create a party wall agreement similar to an HOA but it maps out owners responsibilities who owns what etc.

In fact without that and a survey I would think you would have some issues with the city accepting it. Especially if you are looking to resale these individually. I would make sure a solid party wall agreement is made.

Why not save 3.5% for a down payment and FHA or first time home buyer grant it. Frankly no money down investing is a sketchy strategy unless its a cash flow cow but with no money down cash flow is going to be minimal at best with no money in reserves for repairs or value add.

You are looking for one deal out of 1,000s if the numbers look good with no money down imagine what the investor with 5, 10, 15, 20% down are thinking.

Focus on getting 3.5-5% down live in one and rent the other units. 

Thank you for the input.

The number one complaint I hear about agents is laziness! I'm not surprised!  

However, Its great to see that when an agent offers fantastic value and service to their clients their clients rave of them and show them exclusivity. 

Thanks again for the feedback...Anyway I can better my business and offer clients more value I'm interested.

Matt, luckily the meters were already split so the property was good to go. 

Investors in all your dealings with real estate agents what separates an extraordinary Realtor from just the average?

What are the main attributes you believe an extraordinary Realtor must have?

Hey BP people, Im in search of a list for duplex, triplex, and fourplex owners.

I have tried list source and it says 0 results. Does anyone have another company they can recommend?

Hey BP people, how often do you use project managers for your flips? I'm not talking a general contractor I'm talking someone who is in charge of making sure things are getting done.

If you do use a project manager how much do you pay them? What is your criteria for finding a project manager?

Hey BP people, we just closed out our newest project and wanted to share some details with you. This was a very unique situation that turned out awesome for everyone involved. 

We purchased a duplex for $420,000 (both sides) in the Denver metro area. We put around $30,000 into the property for updates and fixes. We then hired a surveyor to survey the property so we could perform a duplex split. Once we had the survey everything was sent off to a lawyer to have new legals and a party wall agreement made. Once that's completed we sent it off to the assessors office to be split officially.

 By performing the split we are able to then resell each side of the duplex individually. This can be very advantageous for investors. In many real estate markets multi family price per square foot is lower than attatched single family price per square foot. Meaning that just by changing the property from one single address property  into two individuals properties it raises the price per square foot. After completing the split we ended up selling both sides combined for $595,000. Multiple offers sold at $5k over asking within 72 hours of list (could just be my awesome marketing and sales skills too). 

Not only was this project quick with little risk but we are also helping the demand for affordable housing here in Denver. 

This can be a great strategy for investors who are having a hard time scoring deals. 

Some things you will really want to make sure of:

• Cities requirements for duplex splits.
• Counties requirements for duplex splits.
• Assessors requirements and their time frame for completing the split and recording legals.
• Duplex price vs attatched single family price.
• Party wall agreement.

Let me know your thoughts... is anyone else already doing this? How has your experience been so far?

Congrats on the sale of your property that's awesome.

I honestly think your best bet would be to get a w-2 job and invest on the side so you can qualify for more of a "typical" loan which would require less down and have much much better terms than hard money. If qualifying is the issue then why not look to pick up owner carry deals. Of course its a lot more grind but its very possible and you would be financed through the owner of the property who will probably have less strict lending criteria than most banks. You could also look to find a line of credit using that money down. 

Personally though if it was me I would find a partner who can qualify and go 50/50 on a large multifamily unit. It wont burn all your time, many argue less risk, and everything's under one roof. Plus you could live there and work act as the property manager to save $$. 

Why not find a partner and look for bigger deals with less risk!?

10X it! 

My two cents

Hey Matt,

I live in the metro area. Just googled the Auto camp place in California I think its a cool idea. The cost of the location wouldn't be too bad and it looks like you'd be paying around 90-100k a unit. If you could get $150 a night at 80% occupancy that's $3600 a month before expenses. I could see some advantage in this vs traditional building. 

I would like to see the idea come to life I think it has some potential....Just don't get hit by some of the nasty hail we've been having!