All Forum Posts by: Philip Hernandez

 The property passed inspection.  And our inspector did not do a LBP test .  It’s not required to close.

 we’re waiting on some reports from the city, won’t be able to get bids until then. Could be anywhere from 5k-25k

Above was part of the purchase and sale agreement, but no box where he declared that he either knew (which he did) or did not know about the lead based paint

What's up BP community.  I just bought a property that literally 2 days after we closed on it the tenants informed us that the city had cited the owner for lead based paint, and that it had to be remediated.  The owner having been cited by the city did not disclose to us that he knew about the lead based paint.  The document that we signed on our Purchase and Sale Agreement stated that it "may be present" 

We are now in the process of remediating the issue and will have specialists take care of this.

Question:  Should I take legal actions against the seller since he knew that there was lead based paint, and did not disclose?

 Establish my credibility as a buyer that will perform, and treat owners with integrity and transparency in potential transactions

Thanks for the reply @Jake Soper, at this time my operation is myself, my business partner. For rehab, and management we contract those out.  I personally am doing the acquisition work, so everything is pretty small.  Most of my portfolio is in Cleveland, and that's where we've been leveraging relationships (mostly with brokers) to source deals, but that has been challenging from afar at times.  I have some connections in LA, and I am thinking of starting to invests out here in small-midsize multifamily, mostly because of some of the challenges with marketing and getting deal flow so far from home.  We haven't committed to anything yet, but have been playing with the idea of markets in the southwest as well, but I want to have a clear plan for acquiring leads/deal flow before I fully go.

Hello all, need more deal flow, and so I'm looking to start my first direct mail marketing and cold calling campaign.  My question is about website to direct sellers.  I had a carrot site for a couple months, and just took it down, because the focus was so much more directed to single family distressed sellers.  Most multi-family owners are not in distress, and I felt might be turned off by the cash offer focus in the carrot site that I was using.  I am getting a website created right now, and the focus is on promoting my podcast, and to attract potential investors.  

My question- Should I include my new website in potential mailers, include no website in potential mailers, and just my phone and email (then we have some problems of establishing credibility) or create another website directed towards sellers that is focused more on what would be important selling points for sellers of small to midsize multifamily (could be carrot that I modify the heck out of, or something else altogether)

Thanks for chiming in @Jamaal Taylor, have you ever undertaken something like that, what were some lessons learned/words of advice you’d have for me if I choose to take up the challenge?