All Forum Posts by: Matthew Stover

Yes, you can help me further. :)

First, do you invest heavily in commercial real estate?

Matthew08

My next door neighbor is very motivated to sell her house.

She owes $73K and I know it's worth at least $112K. Houses have been selling on my street for the past year and a half. In fact for a street of only 10 homes, 3 have sold.

Our area of Tennessee was rocked by several tornadoes this past week. Our street just got hit pretty badly with the tornado and in the storm, she lost a patio, the roof over one of her additions, and garage door.

At $73K, it's not worth doing a deal unless the insurance covers the repairs and perhaps I can drop another 10K in other updates.

What should I do? Would insurance cover the repairs as a result of the tornado if I take over the house sub2?

I'm familiar with wholesaling but not sub 2.

Please let me know,

Matthew Stover08

P.S. I would be willing to partner with anyone interested in mentoring me via sub2 and rehabbing on this deal.

I need your advice on a possibility.

A guy here in town wants to sell his building that has a bar in it. It only has space for one business.

The bar is pretty well known and pretty much the 2nd best bar in town.

He wants to sell the building for $275,000 he currently gets $2800 for rent and it's a triple net lease (the bar pays the insurance and taxes of about $400/month).

I'm thinking it's not a good deal.

What do you think?

Matthew08

P.S. I don't know exactly what constitutes a good deal in the commercial world. The bar is definitely covering the mortgage payment. What do you think?

I talked to her today. She said that she owes $73K.

I checked the County Clerk's webpage and it said that she paid $65,900 back in 1993! Now, I know she has made some additions but I highly doubt they were more than $10K.

Anyways, the only way it's worth $73K is if the insurance will cover the renovation from the tornado.

I just need to make sure the insurance will cover it.

What happens to insurance, when a natural disaster occurs and the owner sells the house before the repairs are made? Will the insurance still cover it?

Should I do a subject to?

Matthew08

I live in a good side of town here in Tennessee. My neighbor had a lease purchase on his house and at the end of the lease, he decided that he wasn't going to purchase the house.

The owner thought it was OK for him to rent it out since he wasn't going to purchase. After 8 months of not paying the rent, the owner evicted him.

Fast forward to this week and as you know, Tennessee was rocked by tornadoes. Our street just got hit pretty badly with the tornado. She lost a patio, the roof over one of her additions, and garage door. Our houses came out really lucky compared to the others on the street.

She's very motivated to sell the house. She says she owes $73K on it; I know it's worth about $112K. She said she didn't pay insurance back in December. That makes me worry.

At $73K, it's not worth doing a deal. She says she owes this much but I see on the county assessor page that she bought the house for $65K back in 1993. She has made two additions of about 500 sq. ft (sunroom and den).

What should I do?

I'm thinking of offering her $45K to see what she says. If she says that she really owes, $73K, could I short sale it somehow?

I'm not familiar with short sales so I would be willing to partner with anyone on this thread who is interested.

Please let me know,

Matthew Stover08

P.S. Feel free to PM me.

Here's what I don't understand. This market is readjusting itself by the hour. Economists are talking 30% decline in some markets.

So if someone says to me that I can buy a SFR for 40 cents on the dollar, how do I know where the 'dollar' is as it is constantly moving downward?

40 cents on the dollar today maybe 70 cents on the dollar tomorrow. I'm going to rehab SFRs with these numbers?

I hope I make sense. I guess that's just been my slight hesitation with investing in SFRs. Now multifamilies, that's a different story.

Please, please let me know your thoughts.

Matthew Stover08

Hi NogginBoink,

About two weeks ago I was pulling my hair as to what resources to use for my Operating agreement. ,

This website, www dot lawdepot dot com, was excellent as it asks you questions about what you would like to include in the agreement. It guided you through the operating agreement creation process.

It's for less expensive ($24.95) than hiring a lawyer to do the same. I offer this suggestion if you're looking not to spend a lot of money.

I would check it out; I was pleased.

Matthew Stover08