All Forum Posts by: Trevor S Foster

So I've been in real estate for 2 years & I've done 4 wholesale deals.

This is the first time I've come across an owner willing to do a seller financing deal. I've read all about it and listened to podcast on it but now that its an actually possibility I don't know what to do.

Property is in Washington DC, fully paid off. 

Comps show an ARV of 750-790.

The owner wants to get $430,000

The basement has its own entrance and can be turned into a separate unit from the upstairs.

I'm not to sure on how I would structure this deal, so any insight would be greatly appreciated. 

I would like to fix the property up, rent it out and refinance in 3-6 months so I can buy more rental units.

I have a issue in which I can hopefully get some good feedback for a flip in Washington, DC. So please if there is a #contractor, #real #estate #attorney or #architect that understands #permitting in #DC please respond.

We have a property in Southeast Washington DC, that was originally a Duplex and it was converted to one big 5 bed 3 bath unit by the owner. The property is in a Historic District in DC, which we are told it would be extremely hard to obtain permits to convert back into a 2 unit property.

We have also been told that since there isn't a second door in the front of the property anymore (which with the new laws a second door cannot be added again) and because the basement divider wall has been removed the property cannot be grandfathered into the old laws and we would have to go before a board to be approved and that this would be extremely hard to do.

We agreed to buy this property based on the fact that we could convert back into 3 level 2 unit property. Each side would then have an ARV of 525-550, if we cant convert back then it changes the ARV drastically to only 600k.

Again the property is located in a historic area which has a lot of restrictions.

My question is, exactly how hard would it be to get the permits to change the property back into 2 units and also how long would this take?

I have provided a link to the videos of the property and also the zoning laws. All feedback is greatly appreciated.

https://photos.app.goo.gl/ewQqt4U1g579sJkY9

Hello Bigger pockets,

I have a issue in which I can hopefully get some good feedback  for a flip in Washington, DC. So please if there is a #contractor, #real #estate #attorney or #architect that understands #permitting in #DC please respond. 

We have a property in Southeast Washington DC, that was originally a Duplex and it was converted to one big 5 bed 3 bath unit by the owner. The property is in a Historic District in DC, which we are told it would be extremely hard to obtain permits to convert back into a 2 unit property.

We have also been told that since there isn't a second door in the front of the property anymore (which with the new laws a second door cannot be added again) and because the basement divider wall has been removed the property cannot be grandfathered into the old laws and  we would have to go before a board to be approved and that this would be extremely hard to do.

We agreed to buy this property based on the fact that we could convert back into 3 level 2 unit property. Each side would then have an ARV of 525-550, if we cant convert back then it changes the ARV drastically to only 600k.

Again the property is located in a historic area which has a lot of restrictions.

My question is, exactly how hard would it be to get the permits to change the property back into 2 units and also how long would this take?

I have provided a link to the videos of the property and also the zoning laws. All feedback is greatly appreciated.

https://photos.app.goo.gl/ewQqt4U1g579sJkY9

Hello,

I have a potential owner financing deal and I have a question about the contract. Would I be doing a owner financing addendum/promissory note and a purchase and sale agreement? This would be my first owner financing deal, so any other tips would be extremely helpful.

So would if a flipper/seller/agent that sold a property to a buyer for $100,000k above market value, would they be considered the same as a wholesaler in that situation? Selling a property for more than they know its worth? Some buyers don't know they overpaid for a property.

Also, take the wholesaler out of it.

If a flipper finds a owner willing to sell & The flipper knows the property is worth 100k AS IS, you mean to tell me he/she isn't going to try and get that property for 50 or 60k?

I feel like a lot of ppl are just mad they aren't finding those deals.

 If I'm not lying about what I'm doing, my buyer and seller are both happy with the deal, what's the issue?

I'm sorry I refuse to believe some of you all that dislike whoelsalers, would pass up the opportunity to get a house at 40k when you know its worth 100k as is. Would you be scammers and what not for lowballing the seller?

I just came across an out of state deal for a portfolio of 34 properties. If there's someone that has experience with this please respond. 

They sent an overview of each property but what would be my first and second step into evaluating this information, then obtaining more info about each property. Basically validating each property and the information they've sent.

This is an out-of-state deal so opinions on how to go about this would be great. 

I included a screenshot of the financial break down they sent with the info package if that helps at all.

The title search came back from the title company with a water lien on the property. Will this stop us from closing?

Will the title company make the payment for the water bill from the owner's portion? I believe this is the only issue, I just don't know if this will kill the deal.

Location: Washington, DC

Hey BP,

I'd like to do a "roll call" of sorts. I want to see how many investors on Bigger Pockets are in Maryland (DMV) or invest in Maryland(DMV)?

Who here invest in Maryland(DMV) or is based in Maryland? 

If possible, could you let us know where you're from and what you do?

What are your goals for ending 2017? What Plans/Goals do you have for 2018?

Trevor Foster - Gaithersburg, MD 

I'm currently focused on building one of the top wholesaling businesses in the DMV. I'd like to wholesale 4 more properties before 2017 ends. 

In 2018 my goal is to wholesale 24 properties (2 per month), Fix & Flip 5 properties, Use the "BRRRR Method" for 2 properties and establish a property management group for my buy & hold properties (The 2 BRRRR properties).

If enough people respond maybe we can start a meet-up networking group!

MODERATOR NOTE:   Any requests to be added to a buyers list or any other type of deal making will be removed.

@Tim Hall I appreciate that detailed response. I ended up doing exactly what you said and you reassured I was correct. We did a JV deal where myself and the wholesaler are the sellers and assigned it to the buyer. As well as a promissory note with a break down of who receives what in the end. We're using my end buyers title company who we have both dealt with before, so it looks as if everything will go smoothly. I appreciate your help!