All Forum Posts by: Olivia Grabka

@Brian Berry

1. Send an email with 24 hour notice of entry

2. Provide access information to the contractor

Keep it simple.

Use email instead of text or calling to create a paper trail.

@Timothy Eaton

1. Credit report

2. Background check

3. Last 2 pay stubs

3a. Look at their year to date earnings

3b. Look at how much they make per pay period

4. Most recent bank statement

4a. Overdraft fees

4b. Cash flow (how much gets deposited, how do they spend)

Zillow's platform is excellent, their product comes with an application feature that will get you applications with credit reports and background checks. The other items you should request manually and review yourself.

@Sean Haley

Seller financing is great, you avoid fees and typically get a low down payment.

Key items:

1. Property should be conveyed

2. A note should be recorded with loan terms

3. Mortgage reporting for tax purposes: make sure the owner understands that you will report the payments and that they need to issue a 1098

@Gene Bor

Three keys:

1. What was covered in your lease? Was the tenant responsible for maintenance?

2. Do you have a signed move in checklist?

3. Do you have a written estimate from the people that will do the clean up?

Security deposits can be used but you need to prove that they were responsible, that there is a problem and lastly prove out costs related to the amount being withheld.

Shiv, 

Congrats on the acquisition!!! 

1. As an owner you should be able to pull the permit, there are risks associated with this but in general an owner can pull a permit and hire contractors to work the job

2. The fundamental issue likely your footings, and the support system around the balcony, particularly if it  is/acts as a secondary egress or exit from the building for the units it is connected to

We own a number of buildings in the area and manage lots of units, feel free to message me if you believe we can assist.  In a worse case scenario we can refer you to a contractor on our roster that can provide you with fair pricing.  

Again, congratulations!!!  You started off on the right track by acquiring 7 units.

@Katlynn Teague. My first deal was a triple decker that I bought as a short sale, I found it by looking at a competitor's profile on the MLS. I wasn't nervous because I was really familiar with the street; I had sold a triple decker on the street, so I had a really good feel for the value. I am fortunate that the Agent was an excellent practitioner for two reasons (1) it was a complicated transaction, but he had a great system and (2) I took his advice on my offer amount.

The transaction was a home run, I resold the house for a $50k profit without doing any work... The biggest thing I learned was that schmucks are schmucks, I initially hired an agent to resell the house & when I got the offers I felt like they were crap offers but I went along. Fast forward 4 months and that offer fell apart, I took the listing over and sold it myself in 5 days for an extra $10k in an all cash deal.

In sum, put in good analysis, be patient and trust your work.

@Ace Kaspar. Yes, but your purchase price has to be about 50% of the after renovation value. Your purchase price is the key.

@Breland Almadova.

1. I list all rentals on Zillow, the site allows prospects to complete background checks & credit reports. It also allows them to attach income documents.

2. We use Rentredi for management & rent collection

@Kimberly DiMarino

1. Yes, banks will postpone auctions if there is a contract that will pay them off

2. Get the house under contract (if you don't already)

3. Get your financing in order

4. Ensure the owners have a plan to vacate

I wouldn't stress the title stuff, that will get sorted out & if there are issues it will be a money decision for you. I have bought many pre foreclosures, I focus on underwriting and preparation. I hope this helps & good luck!!! Westchester rocks!!!

@Presley Balestreri. Our golden rule: max 70 LTV. I don't see the ARV being 30% beyond your all in acquisition and rehab number, which limits your options in the event of a negative event. I would attempt to negotiate the price downward.

I believe the trick to real estate is getting something that is worth a dollar for seventy cents, that way you can always make money. The leverage piece of real estate is critical and since leverage can make you rich, it can also wipe you out in a fell swoop, which is why you have to have equity.

Stick with it, find a better deal.