All Forum Posts by: Jay Yoo

@Axel Meierhoefer I am in the same shoes. Oos investor. High risk with brrrr oos investing unless you have a solid team you trust. (SOLID)

I learned there are two different kids of rehab.

One is for rental grade.

The other is to sell to an owner occupied buyer.

That means you can buy a turnkey with no upgrade, just fix the bug issues and flip them later as an exit strategy.

I think some call this delayed brrrr. I wasn’t quite sure what it means to define my goals as an beginner. Better to be flexible for each market and trust your agent is a way to go.

@Brian Garlington Thank you Brian, I don't have a property there yet but many properties for sale on MLS seem to have only one side occupied in 44109.

Can someone tell me why many Duplexes in Cleveland have only one side tenant and the other side is vacant?

Is that a normal for duplexes to have a higher vacancy?

@Wayne Brooks So it is legal to provide the same inspection report to someone else as if they actually went to the property every single time?

Can one inspector charge several buyers on one single property they’ve inspected once?

Just trying to understand the relationship between wholesaler and inspector.

Thanks

Hi all, hope you all had a good safe Christmas. It's been a quite year in 2020. 

I was hoping to pick up your brain on a deal that I was working to close in two days. Title company said they can close it as long as cash offer, title is clear with one owner, and no mortgage is left.

Found this deal from a reputable wholesaler, and the wholesaler said that the seller wants to close before the end of 2020. 

The seller is asking a pretty good price, and the condition is almost turnkey, little bit of cosmetic work, and update kitchen, appliances, which is great for inexperienced investor like me to add value to kitchen.  

The rehab cost is expected around $15k. Ran comps with agents for ARV and recent sold price for similar properties.

There is definitely an instant equity and cash out refi will get a bit more than 100% of cash purchase funds after 6 months. Meets all 1.5%, 50%, 70% rules.

I've already ordered the inspection on this property $150 out of pocket, will get them in an hour but not expecting big ticket items to repair.

I checked with title company, and they said they can close "BUT" this property will require a land survey done and making sure no encroachment with neighbors, etc. They said this will take a week to complete a land survey. 

I'm going to review the contract with my attorney once I hear back from the seller on my offered price even lower than other bids but to close in two days. I have not signed anything yet. 

There are many factors going on here but what would you do if you start investing out of state sight unseen buying a property without an agent due to wholesaling deal. I wish I could involve an agent so he can be compensated but this doesn't seem doing any good to my agent either. I can't find deals on this market with light rehab that fits into my budget unless Class C-, D neighborhoods. 

Wasted $150 for the inspection fee but better than losing $2k EM.

Appreciate your thoughts on this! May be it's time for me to look for other markets or wait to see what happens in 2021. Happy new year everyone! Would you drop this deal off the list?  Also, any books recommendation to read  on "buying from wholesaler"?

@Rich Ramjatan Thanks Rich. Thats from BiggerPockets book but I thought that kind of request would hurt the trust between GC and clients. Thank you for letting me know. So as long as I ask GCs to break down by trade, you wouldn’t feel offended by clients? Any other reasonable questions that you think I could ask GCs? Thanks for your tips!

@Brandon P. Hi Brandon, would you tell me what you are looking for when you hire a GC? Do they charge more than 10% of the bid? Thank you, I just wanted to get educated before I contact a GC and make sure I have budget it in advance. Thank you

@Rich Ramjatan Thankyou Rich, If I ask a question to GC to get a itemized scope of work for rehab per material and hours of labor, would this be disrespectful for General contractor? 

Why would I want to hire a general contractor to oversee the whole rehab progress?

Can someone tell me what’s the reason hiring a GC for rehab? Wouldn’t the GC work for the same company as contractors?

Thank you for your time and happy holidays!