All Forum Posts by: Matthew Rembish

@Ray Schumacher That's probably what I'll end up doing but I'll definitely reach out if I have any questions or need help. Thanks!

So my agent approached me with a potential rehab flip that he put under contract at an auction. Due to the situation, the timeframe for a decision is tight and wants to know whether I want to move forward with it by the end of the week. I walked the property about an hour ago and everything looked great except for there being a covered in-ground pool within the backyard; the cover was tight but I was able to stick my head in a small gap and found that it was completely drained. My agent is very good at what he does and works with many other investors in my town but was unable to give me any further information as to whether it's working or if it's completely out of commission. What do I do? Does anyone have any experience with these kinds of situations? What's the worst and best case scenarios and how much would each one cost? I would imagine the worst would involve having to fill it in but how much would that cost?

Not sure if this will be of any help but here is an aerial of the property (the pool is pictured in the bottom left):

Thoughts?

So I'm in the process of evaluating a possible flip opportunity but the only thing that is scaring me is the fact that most of the walls are covered in wallpaper. Does anyone have any recommendations for what to do with it? Is there an easy way to remove it or cover it?

I would really prefer not to have to replace the sheetrock. As I'm sure you can tell, I don't have a lot of experience with wallpaper so any feedback is very appreciated. Thanks!!! 

@Andrew Johnson Andrew, I definitely get your point and I appreciate the feedback. You're right, there is a different level of sophistication with these owners so I'm probably going to have to rework my strategy a bit. If there is theoretically a property manager in place (besides quick close/turnover control) are there any other ways you could use the property manager to your advantage? I'm just trying to see this from all sides. Thanks! 

@Joel Owens That's a good point. Sounds like it's a better idea to get to know them a little better before making any moves on the buy/sell side. I'll keep that in mind. Thanks!

@Andrew Beauchemin Andrew, I never really thought of approaching it like that but I really like that. I think approaching it that way would be a lot more effective in fostering a relationship. Plus, having the numbers and information to back up your claim never hurts. Thank you!

@Ronald Rohde Good thinking, thank you for the advice, Ronald!

Lately, I have been thinking about sending out letters to owners of commercial properties I've been interested in but I only get one shot at contacting them so I want to make sure I get my point across as best I can. I haven't found any deals lately on the MLS or any other public platform so I am going to try contacting owners of properties not for sale to see if they have any interest in selling them. My main question is, what are some of the advantages I could express to the owner in selling to me now instead of listing it in the future? At this moment, I can think of saving on commission, avoiding some large tax hits if they decide to go the seller financing route and just being able to move onto bigger or different investments. Is there anything I'm missing? Is there anything I should or shouldn't say? This is the first time I'm doing this so I just want to make sure I'm as effective as possible while not coming off pushy.

Any feedback is very much appreciated. Thanks!

@Anthony Susco Thank you, Anthony. I thought so too, which is why I was so surprised with the pushback. Thanks!

@Jay Hinrichs Hi Jay, I think after all is said and done between insurance and attorney fees, it's going to be around $1,500 but he will be covering it. I felt the same way as though I was giving him a pretty great deal for lending the money but I guess there's always going to be a little push to see how far I'd ease up. This being my first loan where I'm on the lending side, I'm definitely going to make sure I have all of my t's crossed and i's dotted though and have my own representation. Depending on how this first one goes will determine how my terms look in the future. Thanks for the feedback!