All Forum Posts by: Jon Schoeller

Hello Selena! Hard money lenders are everywhere. There is even a bunch on here. I would star with the ones on here and then move onto a Google search in your area. Good luck! 

Well first, the lender is going to have to agree to take your offer. Short sales can take a long time so be prepared. If that offer is accepted then I don't see why you couldn't turn around and sell it to an investor through a double closing. The banks may have restrictions on that though for short sales. 

Thats a tough one for me. To be honest I hate when seller/buyer backs out last minute. I don't like it happening to me so I try my best not to do it to others. That is going to have be a personal decision for you. If I am in your shoes I go through with the sale and start my BRRRR journey with the next property. Either way I wish you luck!

Hello Ashley! Of course it makes things more difficult as you won't be able to manage in person. But if you have reliable friends, family, and/or great PM that won't be detrimental. Plenty of people buy in other states and countries. I would not recommend it for a brand new investor but it can be done. Good luck! 

Hello Austin! Are you asking if you should BRRRR your current home? Isn't it already in contract? Or are you asking if you should take the proceeds from the sale and start using the BRRRR strategy? If so, absolutely. The BRRRR strategy, well, it just works. Read the book, follow the guidelines, and I am sure you will do just fine.

Also, some unsolicited advice, get an operating agreement with your new partnership. Partnerships can be extremely difficult no matter how good they start out. It's best that everyone be on the same page and agree to their roles. 

Good luck! 

@Eddie Egelston I didn't say you HAD to remove the realtor. In fact I said they should be paid. But you aren't going to be able to put in in contract and sell it without them involved while they are still the listing agent. So you either have to wait until that contract expires or pay them. Well I guess you don't have to but I don't think that is right. 

You just need to register. Now be careful. We have won some houses and they wanted to see proof of funds for the entire purchase. We use multiple auction sites so I may be getting this confused with another but be careful of that. Also make sure there aren't any 5 or 10% buyer premium fees. 

I would charge the the full amount to make the repairs. I would also charge them a reasonable hourly rate for you to install the new parts. Parts 280, door 275, labor 35/hr = 590. You are getting into new fridge territory at that point. You could offer them a deal at 400 and you pay the difference for a new fridge. They get a deal and you get a brand new fridge for your unit. 

That is a tricky one but can be done. How is it structured exactly? Are you going to put in it contract and have a buyer ready to buy it for more from you? You will either need to wait for the realtors contract to expire with the seller or contact the realtor and work a deal. The realtor will and in my opinion deserves to be paid for their time. 

Hello Jordan! This will depend a lot on your personal temperament and how well your PM vets/manages the tenants. Are you talking about grads or undergrads? Usually a big difference. Look, you can make money renting to almost anyone. A, B, C, D grade properties, trailers, college students, retirees, etc as long as you have a system and it is managed properly. I am from a huge college town. I would not rent to any undergrads without a thorough screening but that is just me. Good luck!