All Forum Posts by: Nick C.

Sorry for the simplicity but it's one sentence. I'm not trying to write a dissertation on the topic. There's plenty of nuance that can be argued, but ultimately if you keep a cash flowing piece of RE for 10+ years and sell it for more than you bought it for, you're doing alright, and that's a very realistic strategy, especially for the casual investor. 

If you buy and hold long term the success rate has to be greater than 90%, as long as it's positive cash flow. What the market is doing is irrelevant. 

For flippers the success rate was very good as the market was rising for 10+ years. A lot of bad flips turned into good flips given enough time. Now that the market isn't steadily rising probably less than 25% are going to have success.

For wholesalers the success rate has to be less than 5%, maybe less than 1%. 

I think you're going to have trouble finding livable properties for 50-90k, unless you're in a market nobody wants to live in. 

Was it marketed to you as a duplex? I'm not a lawyer, but I've seen cases like this go both ways. A lot of it depends on the judge too. 

The seller obviously knowing may not be enough. If you can prove the seller knew it was a SFH, and kept that information from you to get a higher price that caused damages (the 20-30k fix), you may have a good case.

You definitely want to speak to a RE lawyer before making any moves... 

What information are you looking for? The numbers you need are - how much would she like to sell the home for (get this from the seller), how much does it need in repairs (if you've already remodeled a house you should have a decent estimate), and what it's worth after it's repaired (run comps on zillow if you have to, or a local realtor could help you out with this).

Great cashflow on the Illinois rental btw. 

There’s 2 ways to do it- one involves a PSA and assignment. The other way involving AB & BC contracts are for doing a double close. 

Does the agreement you signed with Glenn Gurvitch have language about the property manager renewing leases? A property manager renewing a lease doesn't really count as an experience that should "blow your mind".

Well this explains the avalanche of one post user reviews…

ChatGPT is really cranking out the guru reviews lately... 

And after 20 years in real estate you finally got so excited about something you had to come make your first post on biggerpockets. That makes perfect sense.