All Forum Posts by: Terri Lewis

I also understand @Joe Villeneuve By purchasing with cash you save money in several ways. Then refi one to have the cash for the next cash purchase. Repeat. 

Some of us building to the "true first cash purchase" need to rehab or wholesale and look for a partner/PML or HML to build up the cash for the first one, or build faster as you grow.

Reading the posts, blogs and listening to the pod cast, here on BP I've learned a lot of ways to achieve my goals. Thanks for sharing 

I totally agree with @J Scott @Michael D. @Paul Timmins A good one will go out of their way to get things done. A positive reward, not a negative action. 

Off topic but I thought someone might have a direction for this person. 

I received a call from a lady today that uses her deceased fathers house, for a children's library and activity center. She is loosing her insurance due to the low value of the property. 

She is mostly concerned with liability. She said they've only needed a band-aid so far, and wants to keep the place open but doesn't want to risk everything if one of the children would get seriously hurt.

Does any one know of an insurance company they would suggest for her to try?

No not just you @Dawn Anastasi . That is what some of our new accounts seem to want. I also understand an upside to that. Less chance of vandalism. Looks more appealing as a home. Some areas we have to submit a vacant property notice to the city. Some of those towns, put a posting up themselves. Like during an eviction, the sticker they put on the door or window very similar. My concern has been in Towns that it is not reported, and an emergency crew not able to easily get a hold of the property owner.

I had a manufacturing company and when a plate glass window just shattered. The police were able to call, and let us have who we wanted to board it that evening. We had an emergency contact posted in one of the windows, with a few owner and management names and phone numbers on it. It was during winter and was nice to save the loss of heat and be assured no one was able to get in. We had a maintenance guy who ran right over and took care of it with in our payroll, our amount. 

On the foreclosures we work on, just about all the neighbors know when the owners moved out, but someone looking for an empty house to strip would know with seeing the posting. I see the thoughts are so opposite. On any we work on weither rehabbing or bank forclosures we remove the blinds or keep them open. When working with an investor they want them closed. 

Closed: easier for someone to move around inside with out being seen.

Open: good neighbors will call the emergency number or the police if there are lights on or lights moving around inside. Or if a police man happened to be driving bye, they would check in and make sure the person was either suppose to be there or was there for the wrong reason. 

So this topic has baffled me a little.

No. On our preservation side of our business, there is always a posting notice 8.5"x11" placed inside within road view,  in case of emergency notify #####.

When we do a rehab we always put a Notice in the window for emergency or secondary contact ##### noting  our position at that time. 

There are just times damage is done to the property and a quicker call helps respond to what ever the incident. Some times saving money in the long run. 

So I was wondering if this practice is not done with in investors when a property sets empty. 

Thanks @Dawn Anastasi for wanting the question clarified a little better.

I would really like to see other builds and rehabs. To be able to go to a topic and look through the threads would make it much easier to find those. I have really enjoyed some of the forums and blogs from the different members projects.  I can get lost looking at rehabs or builds. It's so amazing to see how the transformation goes and to see the end result. 

I am not a lawyer either and maybe the question needs a little more detail. If you are looking to partner with other investors I believe you would be OK as long as did this with one person per property. When you have several into a pool of money there are several laws you would need to follow and should only be done with legal advise, After all you don't want to get into trouble for not managing funds properly. As @Bill Gulley stated, you would have trouble wholesaling due to your Fiduciary duty to the seller. How ever as a Realtor several years ago I did find a few FSBO's that were motivated sellers, and they were happy to just unload the property dirt cheap. There the importance to keep inline with what you are and are not allowed to do would be if you have cash buyers and could get the seller out quick. Openly letting them know that if you list it near or at market price, you could get them conceivably more. The ins and outs of listing and the possible time frames. I would still ask legal advise on this, after all you wouldn't want to loose your license over misrepresentation.

I see a lot of these homes do not have a garage. Is that not really a factor for an investment property?

So if we find one in a good area $110K to $140K where all most all the homes have a garage  and the one up for sale at $15k needing $15k in basic rehab ( not adding garage or carport) could be a good investment?

That's a really good idea @Steve Babiak even an inspection with proper notice I would think would get them to stop. If you are getting funny vibes @Shane Pearlman I wouldn't wait. I agree with the potential mold issue from the humidity. What if it's a different type of drug like Meth. That's an expensive remediation, and could be a long process. Or if they are just neglectful of the property, it is  good to check periodically to ensure they are not causing any damages. 

@Account Closed Yes It is definitely worth it. It is a great place to interact for multiple reasons. There are different people on here looking for a wide range of things from, learning, marketing properties, looking for partners, HML, PML, investing in various markets and degrees. Listing in the "market place" gives you a potential of 200,000 members who might want what you have, or know someone who does. I am only a plus member right now but I know I will become a Pro one day. lol Member also.