All Forum Posts by: Michael Askew

Great advice Steven! Thank you for your time.

Good Evening!

How do you purchase a home without the seller losing their Medicaid benefits? The owner no longer lives in the house and they could care less what happen to the house. A family member is the power of Attorney over the house but she is afraid to sell the house because she isn't sure if Medicaid will be taking away from family member. Any advice or suggestions of Attorneys in the Charlotte, NC area who is familiar with this process will be greatly appreciated. Thanks!

I've thought about the 1st and 3rd advice that you gave but I did not think about buying out The tenant. Colleen Thanks for the advice!

Hey guys! I'm a wholesaler/investor in the Charlotte, NC area and I need advice on a deal that I'm currently working on.  The good news is that after staying in touch with a home owner for 3 years they finally decided to sell their house to me. The unfortunate news is that before he agreed to sell the house to me he put a tenant in place under a long term lease. I'm looking to wholesale this house but the end buyer would have to hold the house for 14 months before they can rehab it. Also, the rental numbers does not look good to an investors eye because it does not meet the 1% rental rule (the current tenant is paying under rent value for about $300). I have buyers in place who would jump all over this deal if the 14 month lease did not exist but nobody seems to want to rent this place for 14 months and then rehab it after the tenant lease expires. Any advice would be highly appreciated. Thanks!

Here are the numbers/info below:

• Property Address Osprey Dr:
  • ARV $250k-$260k
  • Asking $215k
  • Tenant in good standing; lease expires in 14 months; monthly rent $1195 (can increase to $1400 after lease expires)
  • $4,000 earnest deposit
  • Need to close by 3/31/2018 to do a 1031 exchange
  • Refrigerator was purchase new in July 2017; there is an extra A/C unit that was brought from another rental; recently replaced furnace, roof, gas cooktop, oven, disposal, all bath vanity lights, extra insulation blown in attic, and the water heater was changed

Michael Askew II

Welcome to Biggerpockets Rita. Listen to podcast in the educational section, connect with investors in the local REIA, and most importantly...take massive action with the information that you attain.

Jodi-Rae thank you for sharing your experience as a wholesaler. I am also a wholesaler in the Charlotte area and I sure that I'm not the first to tell you that this is a competitive market which I consider a good than rather than bad. I have learn that sometimes you may not be doing something wrong but you just have to persevere during the tough times when you are not reaching motivated sellers. It's a numbers game. By consistently sending out mail you will eventually come across some motivated sellers. A plethora of people in the Charlotte area has a direct mail strategy but only the investors who hang in there through the months when they are not getting deals are the ones that eventually get the home run deals.

Also, I would recommend getting a friend or family member to drive for you as a approach for driving for dollars. Sometimes you will find opportunities nearby your residence by simply cruising through your neighborhood and talking to neighbors. I wish you the best of luck. Hang in there.  

Welcome to bigger pockets Kimberly! I reside in Charlotte but Greensboro was my home for 8 years. There are many wholesale opportunities in the high point/ Greensboro area. Continue to learn from the forums, podcast, and investors in your surrounding area and you will be on your way. 

Welcome @Dorthea Ingram! You will learn tons of information by listening to the podcast. Good luck!

Welcome Michael! Make sure you listen to the podcast whenever you get a chance. I learned a lot from them and I'm sure you will attain plenty of information as well. 

@Dave Hurt unfortunately I was not able to make it to the BP meet up..hopefully I can make it to the next one.