All Forum Posts by: Matt Pich-Maxon

Thanks! @Dave Visaya I am looking forward to networking and learning here.

@Com M. perhaps we can meet up sometime you're up here and talk rei. Also, it seems one area of need up here is year-round rentals. There is a real scarcity of year-round rentals. If you know of anyone interested in new construction, I have some thoughts on this.

Good point. I would also never purchase and leave a jug of bug spray at the property for a tenant to use for the same reasons you mentioned -- possible litigation.

During escrow for our primary residence (so we were emotionally attached) and first real estate transaction, the vacant house we made an offer on had become occupied (I used the term "squatters") by the former owner's son. This guy trashed the place!!! Broken doors, windows, rotting food, etc.  The interior had been in very good shape prior. I was less than pleased. I demanded a bunch of concessions in writing including a bed bug inspection .... Luckily our agent talked me down. She made similar references to not torpedoing the deal, opening the contract to negotiations is a can of worms, and the bed bug inspection would be insulting ... I'm glad she helped us through this.  At final walk through, we saw the full extent of the damage, it wasn't the house we offered on, but a cleaning crew made it look reasonable. Our agent requested $1000 credit payable via cashier's check --outside of escrow -- so as to not alter the contract. To our benefit, the seller agreed and the $1000 covered a lot of what was damaged.  The house is a good deal for us and I'm glad my initial emotions were deflected by the agent -- certainly a learning experience for everyone on the deal!

Hello, 

I am new to REI. I am interested in wholesaling, local tax lien sales and long-distance buy-and-hold opportunities. Currently, I work as an educator.

We just bought our first home in October 2017, and although it wasn't the best purchase ever, we did buy at a 14% discount based on comps in our neighborhood. We are tied for worst house in the neighborhood currently. Additionally, I was able to calculate accurate rehabbing costs due to my long ago affiliation with the trades of painting and landscaping, willingness to ask questions, and general DIY experience. 

To be honest, we mostly just relied on our long-standing affiliation with garage sales as our guide, since we had no idea about REI.

We are currently repainting the outside and installing landscaping which, when completed, given current valuations would give us an 80% LTV, while only having put together a 5% down payment of $12,000. Our total rehab costs will be around $15,000 and if appraised accurately, will allow us to access around $50,000 in equity (I am probably going to use Unison for this).

Fortunately, I have an uncle who is successful in buy-and-hold -- his advice has been valuable. Also, I have spent some time educating myself here at Bigger Pockets and via books sold on this site. I have discovered a real passion for finding deals and creative finance options.

This summer, I am going to research some areas of the rust-belt looking for buy and hold opportunities -- looking forward to that. 

Best,

Just getting started with REI. My go to resource for advice on this matter is a successful CA real estate investor, who happens to be a family member, and he believes that for California, the best structure is an S Corp.

Any thoughts on this? 

Of course, I'm not asking legal advice and I will contact an attorney and CPA. 

However, if anyone is willing share there experiences on this topic, it would be greatly appreciated.

Thanks,

Matt

Looks Great!

Having a reserve is common in any kind of auction e.g. ebay, fast talking folks. It's not limited to real estate ... Auctioneers at "real auctions" will have shill bidding too.