All Forum Posts by: Tchaka Owen

@Christina H. - Ok, that makes sense. I suggest you see each property and estimate repairs. I would offer $20k if total rehab is at $70k. If higher, I'd walk. The only exception is if rents are very high (we don't have any info on that). If total gross rent is around $3200/mo or higher, perhaps I'd look into it more. 

My experience says to focus on finding wholesalers and to also make sure you know the city because areas can change within a few blocks. 

@Christina H. - Based on your repair estimates, the total cost of purchase and repair is $179,435 - $229,725. You also said that the ARV = $160,300.

So you're asking what we'd do if being offered the chance to overpay $19,135 - $69,425? Did I get that right?

@Jason L. - if you search on BP you'll find some info, this is a topic that's been covered before. If I were you, I wouldn't worry about that at this time....figure out on how you're going to purchase properties. Unless you're going to hire an agent to find properties via the MLS, you will want to reach out to a number of investors who will help you acquire. Good luck!

Will your lender finance if you cannot get insurance?

That's a BDRRRR. Buy, Delay, Rehab, Rent, Refinance, Repeat. 

@Randall Priebe - it all depends on your contract; we don't have a copy so we cannot tell. Are you financing? If so, there's likely an out. If you're paying cash, are there any other outs? If no outs, then you have several routes:

1. Walk and give up the deposit. (personally, I'd fight and say they tried to sell you an uninsurable home)

2. Negotiate with the seller. Chances are that they want it sold too, so you might be able to work something out. Opening dialogue in a positive manner often achieves the objective.

Good luck!

@James Wise - Wilmer Hale is a firm from my home area and are one of the top firms in the US. Their attorneys are bright and the firm is very well connected. They're also awesome at intellectual property. What that means is:

1. Ms. Lane has to be on her A-game at all times (from what I read so far, she's kicking butt). 

2. Given that this suit seems to be rather frivolous, you can smile in knowing that he's burning through $$$. I wouldn't be surprised if Ms. Laser is billing him at $700-800/hour. Though it would be better if that money was going back to some of the victims.  

It does not appear that you're hearing Brian. 

While no one on BP wants to see you fail, we see a much greater downside. One of the greatest lessons in real estate investment is failure - it's amazing how much we learn. So if this deals doesn't work out, you'll still benefit in the form of knowledge. 

@Account Closed - unless you have a signed agreement, you do not have to work with your current agent. That said, it's almost always good to work with someone you trust and if you have a good rapport with your current agent, by all means work with her and disclose to others that you have an agent. Two quick comments:

1. If an agent has an off-market listing, chances are they're going to try to find a buyer and keep all the commission. So prepare to not get deals from some such agents (note: not all agents act in that manner).

2. When you disclose that the agent "reached out to me", be sure to preface that with you having solicited sellers. Otherwise it may appear as if the agent did something inappropriate.

Good luck!