All Forum Posts by: Gary Newbold

@David McCracken look for a PM.

Good find, @Keith Jourdan.  I'd be curious to see photos as well once you have them.

I might know a guy, who knows some guys...

My buddy is moving toward getting his license but doesn't have it right now... but he might know of someone who could take a look.  I can reach out to him and find out.

This is everything you listed in under 300 sq ft?

I'm wondering the same as Pete. What were your friends not able to do that you were with the rentals they may have had?

Thanks guys.

@Account Closed

@Account Closed I don't see any hate mail yet but is that because of the (typically) reduced returns when dealing with a turnkey?

My buddy just did the same last week using a form he found on rocket lawyer online. It seemed easy and was accepted as a legit contract by the bank and insurance. He compared it to previous contract PDF he had and it stated the same information.

Howell and Hartland here?  I grew up in White Lake, work in Wixom.  Welcome.

I am not looking to do this... yet.  But I see a lot of posts about investing out of state and even internationally (which prompted this post).  

Example: There's a SFR for sale in Fargo, ND that needs TLC. A wholesaler, for example, posts it on BP forums. Requests for info flood in from different states or even countries. Someone from out of the area with zero knowledge of Fargo happen to close the deal on that home.

Now what?  What is the actual process of what you do on these situations where you may or may not have much information on what the specific market or micro-market is like?  Do you start with google to try to find a property manager and contractor to go look at it and estimate repairs?  I am sure its much easier to begin with connections but I'm assuming not everyone is connected to each of their purchases.  

How do you take care of inspection, financing, property management, etc without connections where you just closed on a deal?  

I have heard the suggestion of knowing your market down to street level to know the good deals.  I can't imagine the multi-property investors do this when I hear them talk about getting an email with a deal, taking 30 seconds to plug in the numbers and making an offer over the phone for a property 5 states away.  Learn me!

@Brian Pulaski   Hey there Chip Gaines, good work.  That looks fantastic.

Regarding ARV, how much experience do you have estimating rehab costs? This is #5 for you, did you take a GC with you or go at it alone?

Also, did you design layout and materials yourself or have help there?

@DJ Cummins Posting the numbers is extremely helpful I think.  It helps reiterate percentages needed for certain deals and for me I like to plug them into calculators and practice analyzing.  Doing this I've noticed there are TONS of options and variation among "deals"....

Good work and keep them going.