All Forum Posts by: Ryan Freet

The note is still secured by the asset. For the recipient to maintain the asset they would need to bring the mortgage current otherwise the bank would go through with the forclosure and take possession of the property. I'm not a lawyer so could speak to the technical aspects of it.

What was your criteria when looking? What all did you do for the remodel and how much equity were you able to add through it?

I've spoken with several owners in the area who have complained about the large assessments handed out by their associations on a regular basis. I have only ever vacationed down there and am curious what experience actual investors have had?

Have you started listening to the BiggerPockets podcast? They talk at great length about finding and working with mentors. There are several steps you can take to accomplish this, namely learning as much as you can on your own so that you are able to add value, and going to REI meetups. I highly recommend starting if you haven't already.

@Julio Velazquez I'm glad I could help! Just remember they say to get at least 3 competing quotes whenever possible (more can be better if you can find them), and make sure you are comparing apples to apples with each quote. Its good to have the contractors separate time and materials to make this easier on you to compare. Comparing will also help you spot when the lowest quote isn't necessarily the best quote, or if a contractor missed something and is grossly over/under bidding any portion of the rehab.

I didn't know this. i am obviously not a lawyer but a quick search turned up a bill from 2016 discussing exactly this issue. I can't figure out what exactly the status of it is though, I guess thats why I'm not a lawyer?

https://www.legislature.ohio.gov/download?key=5875&format=pdf

@Julio Velazquez If you are looking for a sort of immediate pass/fail in terms of deal analysis there really isn't one. When you first run your repair estimates on a property, you just want to be ballpark in order to make an offer. Once your offer is accepted it is wise to get 3 quotes for contractors which will give you a much harder number and be the first sort of "verification" for your estimates. If there are any big misses from your numbers and what the contractors all quote, you could ideally renegotiate the offer through the use of an inspection contingency.

Some investors have developed relationships with contractors to the point that they will walk the property together prior to submitting any offer in an effort to be more accurate and competitive. With all of that said the best option is still to keep running numbers and just get better at it. Practice makes perfect and each time you will get better!

@Walter Parker If you are looking to invest passively you do not necessarily need to stay local which broadens your options a great deal. If you are hoping to eventually learn how to be a General Partner and run deals, then it may be better to stay local in the hopes of picking more up.

As with any real estate transaction do your research. The below blog has a good deal of information, specific to their deals, and will give you a strong idea of what to expect and what to look for. You can go to local REI meetups or look on the BP boards for recommendations from individuals with a good deal more experience than I have. The one thing I will say definitively is make sure you find a GP who communicates well. We send out financials monthly with all of our deals in addition to an executive summary of the projects status including potential delays or busts. I believe it is reasonable to expect at least some form of update and breakdown of progress each month.

https://www.biggerpockets.com/member-blogs/9145/65780-syndication-25-faqs-by-investors

@Walter Parker Are you looking to invest in syndication passively or act as a sponsor/actively develop and manage a project through syndication?

What was the negotiation like with an MLS property? How much negotiating did you do and how much below ask did you get? Also, what kind of comps did you see in the area which drew you to this one?