All Forum Posts by: Monique Pett

@Brandon Montgomery it really just depends on your investors and what they expect. So for me, I pay everything once the deal is done. They win and I win. This guy I’m working with in the deal mentioned above I met on an airplane and he was fine with this idea. 

There are other investors who want something monthly, but I try to not use them unless needed. 

Make sense? 🙂 Hope that helps! 

I’m going to echo others here. A few thoughts. 

1. There are deals that cash flow, so why pick a deal that doesn’t? 
2. why not buy a SFH that does cash flow instead?

Not too many pros to loosing money in this game. Best of luck to you 

@Jake Paul seller finance or just keep it and rent it out! 

I would always avoid taxes for as long as possible. And real estate makes that happen. It depends on how your brother feels about it. Is he willing to do that? If so, go for it. If not, option would be to sell. 

Those seem right. I would also take a look at rentometer and zillow- "price my rental". Those can give you more accurate comps as well. 

Hey Wyatt! 

Best deal ever- got (on market) a property in Carmel where asking price was $550k. I made an offer and sent my GC out same day. I knew from aerial view this home had foundation problems, but the flipper who purchased it chose not to address those. As soon as my GC saw the property he confirmed the foundation issue. We gave the seller two options: 

1. Full inspection and have my foundation expert come out and verify the damage of foundation. Then whatever the price of the issue was, we took that off of asking. 

2. $400k cash offer close in 7 days. No inspection, no contingencies.

They chose the latter. And it's a win win because any issues you find on market with relator MUST be reported to any other potential buyers, which I knew. So it was a win all around. :)  

Hey Mike! 

So what does good condition mean? Any rehab? Sounds like you have a sweet deal depending on your exit strategy. Looking to buy and hold, BRRRR, or flip?

Had a similar deal and this is what I would recommend. 

1. Make sure you have someone go over and get an estimate of the house. 

2. Work out a deal with the heirs. - In this, make sure it is something that hits their pain point as well. Is it them just breaking even? Or are they willing to loose a little bit on the home if they sell? I have had homes where I was able to pay the property taxes and seller finance the deal, or sub to it for a flip. If that is an option, take it! 

If not- make sure you address their needs. Make sure the mortgage is actually $106k add the taxes and roll with it, if that's a good deal. Maybe give them an extra 1-2k to make them happy? 

I am huge proponent of making sure it makes sense to both parties and if there is a way for you to take the deal with little to no money down do it. 

If you have more questions, PM me :) 

Hey Champ! It sure would be. Best of luck to you :) 

@james

@James York thank you. :) 

@brandon for example: I just purchased a house for $40k. My investor put the money up for the house. Estimate for rehab is around $35k. ARV is $170k. So I am going to refinance the house to pau the investor. For simple math, if my investor gave me $100k and I paid him 8% that's $8k. So I owe him $108k. I have a HML that refis all my rentals at 4% and gives me 85% back. So appraises at $160k to be safe, 85% cash out refi- I pay my investor back $108k. I keep the $28k to move it to my next deal. Does that make sense?

@Brandon Montgomeryundefined