All Forum Posts by: Westley Bachmeyer

Yeah @Michael S. is correct, cash for keys is usually successful.  And a lot of times, significantly less cash than you would expect, and cheaper than using a lawyer and trying to get an eviction.  Make sure you get signatures if you do the cash for keys too.  I've seen people move out the next month for $500 and free movers.  They would have had a difficult time paying a $1500 rent, and it would take about 90 days to evict.  That saves over $3000.  

I have attempted to contact the seller and they are motivated, I am trying to meet them to schedule.  I am familiar with contracting and flipping, but not so much with having a partner and "showing my cards" so to speak.  

As for the property, you have now stated my intentions already.  Intend to execute under contract.  I thought I made that clear. If the apartments are trashed, however, you are right, I need to see first, again, my intention.  As for presenting to a lender, been there, done that, 20-25% down for a buy and hold, but I can get 100% on a flip.  

Anyways, Thank you @Michael Stanton and I am trying to stay a step ahead and protect myself, hence the question-

Is there a way to not get bypassed if I show a potential partner this without it being under contract?  Or is the only option to get it under contract and flip it?

I found a property with a 3/2/2 SFR on .25 acres AND 2-two unit apartments on side. It was UNDER $200,000 and from the photos of the SFR it was move in ready. I want to go look at the apts, as they looked to be in good shape, but I couldn't see the inside.

My question is, when you find something like this, and you don't have the funding ability(I work at a school and have TRS not a 401k, so I cannot take a loan out against it, nor do I have 20% down, but I have about 60k in equity in my home, but the lenders I have talked to will not do a HELOC in my state, point is I can flip, but not buy and hold with my own financing) and you need a partner on the deal, how do you protect yourself from telling them about the property and them just taking it? I currently don't have it under contract or anything.

I am interested in taking a partner in on the deal, and I'm willing to take a smaller piece of the pie for birddogging, but I see this a major long term income with monthly profits exceeding $500 after NOE.  

Suggestions?  Is the only way to solve this is to get it under contract and flip it?  

Not sure about the AF, but it is very difficult to invest in real estate while in the Army due to the length of deployments. I know guys who attempted hands off investment only to come home with someone living in a home they owned, and they couldn't kick them out. My recommendation would be to find something real estate that is "hands off" to get returns. I would say REIT's, crowdfunding, or turnkey. It would be very difficult for flipping or landlording while being in the military and not knowing if/when a deployment is coming. Just my two cents.

I think that is great, and I have been. But I have also been burned where they steal the deal. Not everyone is honest, learned from experience. So now if I partner, I usually have to pay for an LLC and handle more expenses to ensure I don't get burned, which is doable, but it is what has to be done. Thanks though!

I can't get a HELOC from Texas on the lenders I have talked to. Thanks for the info though, that is what reaching out is all about.

Check out Aurelia E. Weems CPA in the woodlands and also this-

http://www.lonestarlandlaw.com/index.html

I come across great deals all the time and I have a reasonable network of contractors, wholesalers, agents, etc.  What I am missing specifically, and what others I know are missing, is lenders.  I consistently get deals and I need to get funded for them.  I have equity in my house, and my fathers house.  I have flipped before.  So if you believe you can help, feel free to message me.  Thanks for reading!

By the way, the property is local to me in Spring, Texas.

He should have a few options.  I'm no banker, but I know he can owner finance to an investor, maybe even ask for a down payment, and get the full 165,000+, that would bring him the most return.  He can refinance at a bank if he can get a lower interest rate on the $120,000, and keep it rented, that should turn the rental into a positive cash flow.  Zillow is a guesstimate, not necessarily good or bad, just the best guess.  The market may be going for more than $165,000 too, and the only way to know that is to look around and find comparable homes in the area that have sold recently.  A local realtor or investor could advise you, and I would get more than one persons advise before a decision is made.  It was by no means a waste of time.  He had equity paid off and interest paid off on the house for him.  There are a ton of options, the hard part is finding people who want to do them.  I would check for local real estate investing or local realtors, they should be able to give him the best advice.