All Forum Posts by: Kimberly S.

@Pavel Shemyakin

That’s good to know. Hence I need to strategize the deal around when she finds her next property. And thoughts on this?

I’m in CAlifornia but she is looking to move to Arkansas or Texas.

@Joe P. I’ll be honest Joe I’m just getting my feet wet. And as I’m starting to study real estate, this scenario presented itself and I want to make the most of the opportunity and also help.

I finally got ahold of her and she said she is considering selling because she wants to move to a different state. But she is concerned about making sure it goes through a 1031.

Like I said she is very old and it’s actually very difficult to hold a full conversation sometimes she will forget what we are talking about mid way through.

Her current rents are waaaay below market and that’s because the building needs updating.

I think my best move right now would be to get a professional opinion of the BRV and ARV. Then if it makes sense I can connect some buyers.

@George W.

Thank you that’s a very interesting strategy. I just spoke with her and she is open to selling, she is wanting to do a 1031 exchange and move to another state. But she kept emphasizing that she is not in a rush to sell.

I need to do some more research on 1031 but I’m pretty sure she can sell whenever she wants and the funds will stay there until she finds her new property that she wants to buy without being taxed.

I’m going to meet with a bank tomorrow and see what my lending options could be.

It is ALOT to borrow and at $900k - $1M I might not be qualified to borrow this much.

Maybe I should look for a cash buyer and see if I can squeeze a deal together.

I think there would be room for a profitable deal if I can get her to the lower side of $1M if the ARV Is closer to $1.7M or $2M

Again I’m in LA so the numbers escalate quickly

@Joe P.

Thanks for all your input Joe.

I did think about the end result of this property and I think for an investor that has capital they could do some necessary updates to the units and make much more cash flow from the rents. She is not interested nor does she have the capital to make such updates which is hindering her ability to charge more rent and to even rent the units out.

I didn’t consider buying the property myself because I don’t have that much cash available we’re talking a $900k approximate value for this property before repairs.

Unless I am missing something.

George did mention a seller financed option, which i didn’t think about before I will need to analyze those numbers and see if it make sense for me.

I’d still need to find a way to update the property.

@George W.

Unless what you’re suggesting is to get a seller financed deal and then work on finding the next buyer?

@George W. That’s an interesting option I would need to run the numbers. I don’t have the capital to update this property though unless a bank would give me a loan for that?

This property would likely go for $900k before repairs. ARV upwards of $1M

I don’t want to miss out on a potential opportunity to both help her out and seize a great RE deal. What would you do in that scenario?

@Kimberly Schaid *why can’t

@Olivia Davis I’m interesting in hearing how you solve this. I’m working on some rental deals in Detroit. I would think the solution would be as easy as calling the police to remove trespassers but obviously not. Why is that not the case?? If someone’s breaking into the house you own why can the police forcibly remove them??

Thanks for bringing this up. Let me know how this ends up.

Would love some advice from all you masterminds:

My previous landlord is a sweet older lady who owns a multi-unit building here in LA. I can tell she is having a hard time keeping up with finding new tenants and is not interested in doing any type of renovations to the property. (It’s quite outdated and needs TLC)

It’s clear she is living off the rental income for her retirement but it’s becoming more difficult to keep up.

I’d like to help her sell it and wholesale the property to someone who can rehab it and get more value out of the property. She could live off what she makes from the property sale or reinvest it into something easier to maintain (less tenants). I’ve tried to help her find new tenants but the building needs love.

Most of the wholesale conversations I’ve seen are between a wholesaler and a seller they didn’t know.

I’m looking for some advice about the best way to approach this scenario seeing as how I would need to have her assign the property to myself to execute the contract. Do I approach her as if I want to buy the property myself? Or bluntly explain to her the process of wholesaling.

I would genuinely like to help her while also building my experience in wholesaling and real estate.

Perhaps you would have a completely different approach? Thanks for your advice.