All Forum Posts by: Jack Clough

I would have to agree with @James Masotti , but I would add a few areas to that list including Elsemere and Claymont. I also helped two clients buy new construction townhomes at Darley Green in Claymont. There will be a new Amtrak station there and the easement of regulations for industrial development on the river will attract new investments. 

As far as the downtown goes, it is a risk for sure, but the Buccini's are investing so much down there that I had to jump in, so I bought a couple places including an older commercial space row home on N King Street (Lawyer's Row) for 70k. We'll see how that goes...

Additionally, the Kingswood community center is in talks to get approved for a major redevelpoment with the same folks that were involved in the redevelopment of the East Lake community in Atlanta, GA. This is probably the roughest area of the whole city.

@Brian Wert, I'm an agent and investor in Wilmington. I own a couple properties downtown and have a flipping business as well. Happy to help share some knowledge if you want to PM me and we can set up a call. Cheers

@Juan Rango, it's a great way to learn the business and the market you're in. If you can find a mentor who is an agent but also an investor then you'll be well on your way. Good luck

@Account Closed Did you get a structural engineer in there to take a look? If you do that and then get a couple quotes to fix then at least you'll be confident in what it will cost and try to renegotiate with the seller. Also, how did you find out that the owner before the owner dug out part of the foundation? Was there anything in the seller disclosure? Anyway, looks like 2 and 3 are your only options. Now that the seller knows the issue they will always be legally obligated to disclose to future buyers, which means that unless they want to put a bunch more cash into the property they are going to have to offer you a much better deal.

BP folks - Need some advice here on a pre foreclosure deal. The owner's house is set for auction in a few weeks and I'm their last hope of keeping a foreclosure off their credit. They owe 150k. I'm planning on bringing a purchase agreement that we can sign and use to show the bank that they are under contract and ask for approval of the sale. I would be offering less than what is owed but all cash, no contingencies, as is, and close in 1 week. 

Does this make sense? And how do I legally pay the seller the 5k he needs to move on? Do I just put a credit to the seller in the contract? I feel like the bank would say "no" to the seller credit.

still available?

Ellis - I don't invest out of state yet but I noticed this because I used to live in Cedarcroft neighborhood on Pinehurst Rd and so I know the area well. Anyway, do you know anything about the wet basement? Looks like maybe all it needs is paint, new carpeting, deep clean, and a new front door? Would that be accurate?

@Tonya Sanders, I have a out-of-state investor who puts up the money for the flip and the reno costs. I'm the agent and I have a great contractor who manages the reno. The investor earns 40% of the profit from the flip plus 5% interest on his loan. I earn 40% of the profit as well as the buy-side commission. Our contractor earns 15% plus an additional 5% bonus if the property sells for 40% or more of the amount invested. We are partners and we all have skin in the game. This is different than your situation because we are building a business together whereas you might just be partnering this one time.

In your situation you should still consider allowing your "partners" to share in the profit, but on a much smaller scale. If they are good at what they do then you will easily have the extra profit to pay them. In my humble opinion.

Hi @Pascal Arthis, I'm looking at that area too. Have you gathered any more information? I love the architecture there and seems to be plenty of multi's, but growth?, crime?, income levels?

@Scott Landau, feel free to pm me if you have any good leads. I'm an agent too, but happy to use another agent if they can bring me a deal. Thanks