All Forum Posts by: Jenny Duclair

Hey Bigger Pockets family,

I'm a new investor and I know things can go horribly wrong in this industry. So, in an effort to prepare for the worst and hope for the best, I'm reaching out to you more experienced investors to ask:

What is the legal, financial, tax or insurance issue that kept you up at night, threatened your family's income and had you thinking you would lose all your investments? 

Who helped you through it, and how did that person help.

Please hit reply to this post and tell your story right here. Thank you in advance for the lessons learned.

Jenny.

I've taken to sending out letters to owners of multifamilies (because that is my focus) in chosen neighborhoods. I go on property appraiser's website and search by subdivision and property use type. This gives me a list of property owners to send "yellow letters" to.

I do drive throughs before putting in an offer so I also come across quite a few boarded up houses on my way to look at an MLS listed property.

Getting off my main route and taking side streets has shown me an entire neighborhood I didnt know existed. I sometimes see neglected properties or learn of a new subdivision with plenty of multifamily property owners to write to.

I'm in West Palm Beach as well.

 I know about 3 rehab deals off the top of my head. See, you didnt even have to send out a letter :-). 

I've been looking for my first rental purchase to obtain with a VA loan (so has to be turnkey) but I keep running into these 'investor's special' rehab deals that I wish I had the cash to get into.

I already qualify for a 203k loan upwards of $275k but 10% downpayment cash is needed. I didn't consider partnerships before, but as I run into these rehabbing deals I want to connect with fellow investors who have rehab experience. I plan to VA refi once the property is rehabbed and cash my partner out so I can hold and rent.

One in particular that is keeping my eye has a potential cashflow of almost $700 a month. 

Anyway, I'm not a wholesaler but I do send out letters to get my own deals and I do drive the town a lot so I may be able to refer you to some people who are looking to sel

@Nat Chan

I am so sorry you went through that.

I've hear LimaOne capital does a lot of rehab loans. I'm not sure of their terms for rehab because I'm a buy and hold person but their website's display of rehab projects tells me it's a favorite of theirs. Give them a try.

 @Shaun Caldwell  tell me about how you got face to face time with sellers and what some of the lessons were that you learned earlier on? I'm trying to get into seller financing, sub2 and lease option deals but I may be approaching it the wrong way. Please share?

@Lucas Machado. Good info. I had the sane question.

@Kevin Kohler I interviewed a property manager and find they charge 10% of gross rent and a finder's fee equal to one month's rent if they have to find a tenant. They charge a renewal fee of a couple hundred dollars if a tenant renews. 

If it's a SFH you may use a Property Manager for the firsr year or til you find a good tenant who is willing to take care of lawn and small maintenance issues themselves in exchange for a $50 lower rent or you *not* raising the rent upon lease renewal.

@Greg M. How did this end up going for you? Did you pursue the refi? I've heard a lot about sub-metering water. Is that an option for you? 

@Charles Parrish. That is a wealth of infirmation. Thsnk you! Question: What is the Second Stage Negotiation?

I found something that seems to need major work but instead of VA I'll do a 203k loan. It's been listed for some months now so...