All Forum Posts by: Nadirah Dawson

@Bryan O. thanks! And yes he has read too many of those books. After speaking to him further, he said he has done these same deals with others, he calls them "passive" investors that see's him as an asset.  These are people who are not really into real estate and have money to invest into something for better returns. 

Once he saw I wasn't goin for his first terms, he then was talking about putting in half for the house and then getting property management involved so he won't have to worry about maintaining the property.

I would say His value is this, bringing friendly contractors in, but since I'm not a  "passive" investors. I'm looking for the best deal just like him and after speaking with everyone in this forum, I quickly realized that it wasn't a deal at all.

You guys really helped me evaluate what to look for in order to determine if a partnership is worth it.

wow that's amazing! Thank you for your wisdom and encouragement.

Many thanks!!!

@John Morgan you know he didn't even go into details as far as who will handle costs, he simply said "I will take care of that", when I brought up the idea about reevaluation the equity split, and let me pray and think about it, he said " don't pray or think about it, it looks like we are not on the same page, do a couple of deals with other investors, then, we will do a deal". So the "partnership' for that house is off anyway. Thank God...you were right, I went with my gut! If the house isn't under contract for anyone else I might still go ahead and purchase it myself and hire a property management company. Thanks guys!

Thank @Thomas S. said, he is somewhat the maintenance guy of the property and because of that, he wants to split the cash flow 50/50.

Hello Everyone, I was just given a proposition to partner in deal for a house in Irvington, NJ ( a high rental area), 3bd /1bth SFR, for $69K, he puts in nothing but "experience" and he'll handle cosmetic repairs and the fixes around the house. Now I thought he was bananas for asking that for a "partner" deal but maybe you guys can see something I don't. Another note: I will do the refi to get the money that I put in back in 3-6 months. He said he wouldn't request any money from the re-fi but would want 50% of the rental income (rental for this house can go up to $1,300) and 50% equity of the house. Is this a good deal? If so, kindly advise.

Many Thanks,

Nadirah

oh I see, it's addition to the price. I got it, thanks for clarifying!

@Ned Carey yes! Buyer's Premium was exactly what meant and that's great info to know that the premium goes toward the bid if I win. Great information... I think i will try it since I will get my money back, the experience alone could be priceless and even more... I can actually find cash buyers at an auction right! Maybe I can suggest that I be their assistant to alleviate them from having to come. I could ask to shadow them to see how they bid and do the bidding for them for a low fee or a fee off the sale and they could save their time to actually do other things. Just thinking out loud lol

@Julia Shevchenko thanks Julia for reading, I've been told I can write a book lol, so thanks for reading through, I hope it serves a purpose as I think this strategy could really be leverage. A lot of people stay away from auctions simply because of the risk or just not knowing so I hope this can help us!

@Brad S. thanks for ur reply, ur smart to get over bid than getting caught up in the moment and bidding over than what it's worth. That happened to a friend of mine, someone bid $147k on a fourplex but after he couldn't come up with the initial deposit, Somehow my friends got the same property for $67k!

So for your auction.com bids, did u go to a physical location or was it online? 

And for those 5 properties u bid on, did u do the title and tax liens search on every one? And how much did that cost? 

I would hate to pay for all that and then don't get the property but it's better safe than sorry! Thanks again for sharing!!

lol, yes guro gobbledygook...thanks so much for your reply. 

Since you are an experience auction bidder, would you know how I would begin my journey in this route? I've stumbled across auction via while checking out a property that I found on Realtor,com. The contact said the listing was through auction.com. I clicked onthe link and there was a bidding fee of $2,500...do I simply pay the fee and then be given information on the location and time? Thanks again for your advice.