All Forum Posts by: Quincy Kea

Guys I've got no intention of becoming liable for this property. It's overall a bad situation and I want to give the guy some options on it to sell to someone else. Short sale seems like the way to go here from the responses. I almost wonder if he might be able to find someone to buy it for cash. It would make a decent free and clear rental considering rent would be $700, budget maybe $300 a month for VIMTM and the ROI is 9% a year with assuming he owes about $50k. Like I said I've still yet to talk to him on the details, but again I've got no intention of becoming liable, only helping this guy with his problem.

Hi Everyone,

I recently came across an owner of a home in Ohio that's upside down on his home and he's having a very hard time getting out from under it.

The house is on Southview Ave, Cleveland, Ohio. I'm not familiar with the neighborhood as myself and the owner live in Charlotte. But just taking a quick look at Zillow for the properties that last sold in the area tells me that what he owes is more than what he's going to get for it even in good condition.

Comps say realistically, he'd get about $47k for a newer home in that area. He still owes about $55k on the house.

My first thought was to work it out on a lease option, get the deposit for quick liquidity. Have them on a three year rent to own for what he owes. It's a 3 bedroom home, which for the area he'd be able to rent for about $700. Mortgage is around $500. 

I'm just looking for a creative way to help the guy out. He reached out to me yesterday and I set up a meeting with him later this week. I wanted to have a few options for him if possible. Thanks for any help you guys can provide!

From what I've read here, legally, no one is in the wrong. But it does seem like the landlord in this case isn't being open minded. If he's selling the house it only makes sense to get it sold as quick as possible to avoid longer term holding costs.

For the record, real estate is a people business. It's not all about the money. It is absolutely a property mangers responsibility to move in the best interests of the landlord. That INCLUDES telling them when they don't agree with their decisions.

It's also their responsibility to maintain good relationships with their tenants. If you want good tenants that take care of your properties you need a property management company that takes care of your tenants.

If you take it subject to then you can seller finance it to him on a land contract for his existing financing.

Check with a local real estate attorney to make sure all the documents are in order.

If he needs to refinance to create lower payments then that would fall on you if you take it subject to.

Hey everyone,

I'm looking for general contractor recommendations her in the Charlotte area. I'm looking at doing a live in flip.

@Marian Smith I hadn't moved forward with it yet. I had been looking at other deals the last few days. I can't make the numbers hit a reasonable median where both myself and the seller would be happy. I'll reach out to the seller later today to discuss the terms. Given the amount of money they've already invested I don't think they'll be willing.

Hey Everyone,

I've been a resident of Charlotte for the past 5 years, however I've just recently begun down the path of real estate investment. I'm soaking up as much knowledge as possible, through podcasts, various youtube videos, guides here on Bigger Pockets, and anyone who's willing to talk real estate with me.

I've started looking into the local REIA groups to meet other investors in the area, just to get some insight into challenges, triumphs, and over all experience in the business here in Charlotte and surrounding areas.

In the meantime I'm actually looking for a duplex to move into to begin house hacking. Looking forward to hearing from you guys and participating here on the forums.

Yeah, I did some more digging on it and it looks like they bough after the fire happened. Renovated one unit and rent it for cashflow. They've listed it now at the flip price.

Just to iron out the specifics. The place is listed at $135,000. It was purchased for $34,500 and about $30-40k was spent on the renovations for the top unit. The unit rents for $1400 (...somehow.) so at this point they have a cashflow property and they just want to see if someone will buy it at the flip so they can make their money and be done with it.

It's was estimated that to refresh the bottom unit totally it would cost $90k. Market value is somewhere around $150-160k ARV. So unless I can talk them down quite a bit the deal doesn't make sense. Worse they can say is no I guess.

Hi Everyone, 

I'm fairly new to real estate and I wasn't sure where to start so I figured why not the forums!

I'm looking at purchasing a duplex for house hacking, however the one I'm looking at has fire damage on the bottom unit. From what I can tell the entire bottom needs to be redone. The top half has already been renovated and has a tenant in place. 

The bottom unit is about 900 square foot, I'm not really familiar with how to calculate what the rehab would cost. Do I contact the owner and have the them reach out to a contractor for an estimate? What are things to look for that would make buying it unreasonable?