All Forum Posts by: Justin Polston

@Nick Shri just be super careful! I had a gentleman cold call us after reading a post of mine and how we connect clients with money or money with clients, and he asked for several things to self underwrite me as a person. He wasn't super interested in the deal per SE (as in the property or project).

Some details:

He only liked debt structure

He asked for a short list of investors who we'd borrowed money from. I gave him about a dozen

He asked for a credit score. I used screenshots from Experian and a few credit card trackers

He asked for a few months of bank statements showing money in the bank and that we were actively involved in real estate on the daily.

Hope this helps you!

@Kunal Lakhwani time for a critter gitter!

@Kevin Hintz

@Davartay Miller When people call us I literally feel like they all downloaded the same list of questions off of a BP article. I then ask them, how many rentals do you own? How long have you been in real estate? How hands off (or on) do you want to be? Do you have $500/prop to place in escrow for larger repairs?

I get the bad guys out there and the need to vet. Number one request you can make: please give me 10 references from folks you manage for, good bad or ugly.

@Caleb Haynes just sort of chiming in late here, but I have been discussing lots of things with lots of folks nationwide. And few people independently gave me an interesting and new (new to me but probably not new to everybody) thought:

Is real estate the most expensive it has been but also the least expensive it will ever be?

@Joseph Vu we don't even advertise turnkey and have done it as an addition to our brokerage's normal operations as another revenue stream, and people are knocking down the door just to get to see the deal, this market is nuts! We almost always have everything presold and don't advertise much on this end, but I wanted to second the fact that many investors out there just want to get that first deal out of the way!

West Prince Hill section of the city

https://www.wthr.com/mobile/article/news/nation-world/reports-monkeys-on-the-loose-in-cincinnati/507-1cdb790d-de15-4dcc-9c0d-e9224e4753c7

@Juan T. By no means legal advice. Not a lawyer. But possible outcome...

This is one of those "old house" things. If taxes are assessed on the property for a higher amount as having a garage and city has been recognizing the existence of the garage, it just becomes grandfathered at some point. If the garage appears somewhat newer and you can go back on tax records within past 7 years and find the existence of the garage, then I would be a little more worried.

If this home has been bought and sold 25x in past 50 years and believe the garage is just as old, where does the burden of proving the garage was or wasn't built legally stop and start?

Get title insurance and if it's not listed as a potential exception and not encroaching, I would move forward if it's a formidable garage. You could maybe need to have it inspected, make some repairs, and pay a permit fee as best case. Worst case is tear down...

Again if it's more of a liability anyway, then get that quote to teardown.

Has anyone discussed this at length and the accounting logistics that goes with it?

@Michael Maloney if you are a long term investor, you shouldnt worry a ton about a "great deal" but that the deal is mechanically sound, youre not buying a money pit, and focus on location. I am a big supporter of the suburbs and you being local obviously would see why. Way better tenant pool, and among other things, these communities are actively growing where as Marion county is hitting a ceiling.