All Forum Posts by: Stephen Keighery

Yes it is meant to be in the same condition. I could have cancelled the transaction off if I wanted to, but it is still a very good deal, it was just a great one when I negotiated it. We have had a big journey with not all the heirs signing onto the sale and having to increase my contracted price because of the bank valuation. The title had a fair bit of remediation work done to it as well. I could do something legal about it but just going to take the lesson and save the energy to focus on completing this deal and others. While I took an L on the condition I am still going to take a W overall on the deal. 

I agree with @Percy Matsunaga. There is so much free content that you need to show a mentor that you have already made an effort and taking action. This way you can seek specific help on blockages you have instead of just asking them to give it all to you. You have started early which is awesome so start filling your head with knowledge and you will figure out when/who to get as a mentor. Good luck!

I buy houses As Is all the time but I learnt a lesson yesterday. I have a deal I contracted about 6 months ago. It had to go through succession (most of you will know this as probate, we call it succession in Louisiana) and not the heirs were onboard, then covid shut the courts so it slowed us down. We are closing today and hadn't seen the house in a while so walked it last night. The house had some partially renovated parts and we bought it As Is but what had happened was they had stripped everything they could out. The fridge is acceptable but they pulled out the stove and range hood and the shutters which wasn't cool. What really got me was they took the handles off all the cabinets and the baseboard. Not that it is that expensive but just so petty and most of my cost is in the labor. I was happy to buy it As Is which I thought meant as it is now not with everything stripped.

At the end of the day I had negotiated enough meat on the bone that its still a great deal. The court had made me increase my contracted price when they got a valuation and I didn't bother trying to get a reduction. I am going to go close the deal as its still very good but learnt a lesson on setting the expectations with the sellers going forward. 

@Josh Rodriguez all cash just means there is no financing involved. This can be done through a realtor like any normal sale or off market dealing direct with a seller. We will need more specifics about the situation to give you more insight than that.

@Franklin Lucas what do you think? Do you have some data you are currently using to pick you market? Share it and you can get the communities feedback to guide your thinking. If you don't have data and some thoughts already I wouldn't take the communities advice just yet. They are here to help but it you follow them blindly without applying your own thought you are not going to learn and are likely to be lead astray.

You can just pay the taxes. Not sure the laws in your states in terms of how long you have so look that up. In Louisiana you have 3 years to pay back the taxes and the interest. 

Keep educating yourself so you know these things. Wholesaling is a great path but don't try and get a house under contract until you have knowledge on the process.  There are plenty of free podcasts and youtube channels. Wholesale Inc is a great place to start and Real Estate Disruptors for more advanced information. Plenty of others out there. Biggerpockets is generally pretty negative on wholsaling so you might start to see some negative comments. Ignore them and keep learning. 

@Eric Bilderback 100%

@Xavier Hamblin a house hack is a great strategy, particularly for a young person like yourself. I would start there.

My opinion is that its always a good time to invest as long as you buy right. If you can take down a multi-family with strong cash flow then whether the value goes up or down in the short term won't really matter. Obviously factor in pandemic considerations by allowing for longer vacancy rates and ensure you have reserves to be able to weather a storm. If you are nervous about the market just negotiate harder and only buy at a discount. When you get that discount though don't be afraid to jump on it.