All Forum Posts by: James Derry

Hi Tyler, where are you in the process? Looking for land? Or own it? 

@Juan David Maldonado, by useful, I mean that the property manager for this venture believed that any longer than 4 months then the prospects would not be considered active and are very likely to not commit or change their minds on the property.  The new construction lease ups are looking for 45- 90 days as a sweet spot to sign someone up.  However they started at 4 months and offered a %discount for for a period of time for tenants to wait and commit early.  They also offered longer terms of 18 or 24 months as well. 
Like any sale, the biggest post is to get the commitment and deposit.  

@Alex Murkes, I have a CPA I can send you too.  She is also an investor as well.  Message me. 

Have you discussed any of this with a CPA that deals with REI? In my experience there could be significant savings that could be missed by performing your own taxes via Turbo tax.
Many will review your printout of the current taxes and offer you a benefit with working with them.  The savings could easily outweigh the costs.  

That shouldn't be a problem if your prospects know the date.  The longest "useful" campaign I have seen for some of the larger multi family projects has been 4 months.  That was new construction. 

I have an agent that has provided some decent investment properties.  Let's connect and I can send you contact info. 

I fully agree that you should get an inspection.  An inspection could allow you to double check your numbers and allow you an "out" or be used as a negotiating tactic. Also, It will help you assess the major items and provide insight on your maintenance in the next 5, even 10 years if you plan to fix and hold. As an inspector/ dabbling investor myself, I offers alternative services for investors. "Walk and talk" and "4-point" (Roof, electrical, plumbing, hvac) inspections have been fairly common.  They are discounted and usually don't take as long.  
What areas are you looking in?

You seem to be very motivated and prepared.  I would suggest making sure you do your homework on your equity loan.  There are a bunch of products offered and you should look to find the best loan for you.  Depending on how much you are looking for will dictate what type of appraisal you need to get.  Many say if the loan is under 150k they will do an online or driver by appraisal.  This can be very helpful for you and could quicken the process 

Hi Caleb, it's great that you are catching this now and choosing to do something about it. I was in a similar situation with my student loans and car repossession.  I found assistance in the loan repayment.  
 You could get help with your situation by speaking with a student loan rep.  If you haven't taken a forbearance on your loans, you may be eligible for this.  Or, they will be able to offer you and  with a repayment plan to help you focus on your goals.  However, make sure you know all the details of repayment. They may charge you a fee or interest if a repayment plan is determined. This strategy could help you slow one payment down so you can focus on other high interest or high monthly payments. Whichever you choose.  

I tend to agree that if you can find a strategist from a non-profit it can benefit you greatly.  

You could keep the original offer and include a clause for renegotiation after due diligence.  Performed your own and then provide a new value based on what you see.  I feel that if you go in lower right away, the seller will think it's a type of retaliation.