All Forum Posts by: Corey Beckwith

Thanks so much for the advice. Big help All the best Corey

Hi bp community. I would like to know if there's any way to hide what I'm paying for a property when I'm doing a double closing. I know it comes up in the title search, but I would like to know if there's legally a way around it. Thanks Corey

Hi, Great question. You can also try this option with a contractor that u know and trust. I don't know your financial situation, but if you know a contractor who would be willing to partner with you on a deal, that could really work out. You can purchase the house and pay for all the material, and he can provide the labor. Instead of you paying for the labor up front, you can agree to split the profits when you sell the home. You can structure it in a way where you can ask him/ her what they would normally charge (labor only) for a job like this. Let's say he/she says 10k. If you know you have a potential to make let's say 30k or more in profits on the deal, you can tell him/her that when the house sells they can potentially make 15k at the end instead of the 10k. Let him/her know everything will be in writing, so that they can feel secure. You can also choose to split the profits 50/50, allowing them to make even more money. I'm sure there's other ways and ideas to make this type if partnership work. This is just one idea. You can also have the contractor pay for the material or you can open up a Home Depot or lowes credit card if your credit permits. Etc. All the best Corey

What a great job. Congrats. Is that a new tub, or is it reglazed?

Hi, typically what I do is take it to my attorneys office or in your case title company and have them put it in their trust account. I actually write the check or cashiers check in the name if the trust account. This way you have a better chance at receiving your deposit back if the deal doesn't go through. All the best Corey

Hi bp community, I just went through a similar situation last week. I had a house that I closed on with the worst buyer imaginable. I had a verbal agreement with him to purchase the house in as is condition. This was a contemporary style home that I purchased in a neighborhood that was full of colonials. I dumped a lot if money into renovations. I sold it as is because the master bath only had a jacuzzi but no shower. Didn't want to put any more money in the house so I decided to take a chance and not add one. Got an offer quickly but he wanted a shower so I slashed price and sold it as is. Mind you. I'm paying 3k per month on the home, which for me is a big nut to carry. So he had a home inspection and decided that he no longer wanted to buy as is, he wanted me to make a substantial amount if upgrades. I pushed back and said that we have an as is agreement, but he kept threatening to back out if I didn't make the upgrades. He wanted me to replace all of the Anderson windows. That cost me an additional 16k. I spent over 20k in upgrades for thus guy. I could have backed out but I had a contemporary style home with no shower in the master and in a colonial style neighborhood. On top of paying 3k per month. The first time I met him was the day before closing for the final walk through. He bought the same inspector back and found more issues. He then wanted another 10k and said that if I didn't give it, he would walk away. I got fed up and went to my attorney's office and told her that I needed her to be a pit bull and get tough with this guy. I threatened to walk away if he didn't close because by that time I was just fed up, but at the end I had to put my ego to the side and look at the bigger picture. Which was, I was getting rid of a house that I should not have bought any way. So we agreed on me giving half of it and he closed. Sometimes looking at the bigger picture and putting ego aside is the best option. I suggest you weigh your options and see which one would hurt the most. Selling or not selling. If you're not forced to make decisions out of desperation like myself, call his bluff and be prepared to move on if he's causing you stress. All the best Corey

Hi BP family, My experience was me purchasing a hoarders house. This came from one of the mailings to absentee owners. The owner lived in Florida and owned a home here in New Jersey. His daughter was living in the home. She was a beautiful person with a beautiful soul. She went through some difficult times which resulted to hoarding. We went under contract around this time last year but could not close until the beginning of the year because of her attachment to the home and her belongings in the house. She didn't want to let us in to see the home. I personally don't ever purchase a home without me or someone on my team seeing it. Her dad, who owned the home asked if we would purchase it without going inside to look at it because he didn't want to embarrass his daughter. I agreed with a plan in mind. I new I put an inspection clause in my contract and I knew he really wanted to sell. So here's what i did. I told the owner that in order for us to close I would have to have my home and termite inspection. He agreed but he didn't want me to be there. So what I did was i contacted my termite inspector and I scheduled the inspection. I told my inspector to bring an extra uniform shirt because I was gonna have my friend meet him there so that he can take pictures and a video of the inside of the house for me. He agreed to do that for me. So by doing that I was able to see the condition of the home and I also adjusted my purchase price by 7k less as well. There was a lot of wood rot in and outside of the home. It doesn't stop there. At the last minute one of my finance guys said that he didn't have all the funds to close and I used my only chance to see inside of the house. My other financing people would have wanted to see the house themselves and the owner wasn't gonna allow that. So check this out. In having a conversation with the owner about the closing, he mentioned to me that he was retired and was interested in making some extra money. A light bulb went off in my head and I asked if he'd be willing to hold paper on the property at a 7% per annum return. He said he would do it if i could give him an extra 6k on the back end. I agreed to that. I then went back to my investor who said he didn't have all of the funds and said. I know you don't have the 300k to loan on the purchase, but do you have 80k for the renovation. He did have that. I was able to save the deal and everybody made out great. The best news is that the hoarder is doing much better and is currently a trainer at a big chain gym.

Thank you both for your advice. None of my comps have them. I'm glad I asked. All the best Corey

Hi, I'm am getting ready to start a rehab on a dutch style colonial home. As always, I would like to save cost if I can. There is parquet flooring in the house and I wanted to know if they are still in or not. I'm not sure of where that trend is currently. I would love some advice on this. Thanks Corey

Hi, I use it on homes I sell for under 200k. It has worked out pretty good for me. They've become more sophisticated with it now. They can even give you an accent strip in the tub area and walls if you'd like. You can look it up on google images. Don't laugh but I just reglazed a kitchen floor in a low end flip. They do it with a stone texture. I wouldn't do it again on the floor though. Most companies I've come across give a 3-5 year warranty on the Reglazing that you can pass on to the new home owner. Again, don't laugh but the Reglazing was getting so good to me that I reglazed a jacuzzi tub in a house I just sold for over 500k. I won't be doing that again either. Everyone buying in that price range can spot it as soon as they walk in the bathroom. I'm not sure how to upload pics yet on bp. When I learn I'll show you how it came out. All the best Corey