All Forum Posts by: Chris Seveney

I have invested in a house flip that has taken longer (18 months) and more expensive (100k over budget) than expected. It is done and has been listed with price reductions & changes in agents since March.

I am now at risk of losing my initial investment as are my partners.

What are the options?

I assume we could drop the price, take less of a loss and just sell.

Or we could pivot to STR, MTR, LTR and try and wait out the market.

Any other ideas from all of you seasoned investors? I’m sure I’m not the only one looking down the barrel these days…

Open to any advice…thank you.

I have bought several properties from the Shelby County Land Bank, which come with a special warranty deed. It is my understanding that selling them involves going through a special step that involves a more in depth title search, making sure that each time the property changed hands the Register of Deeds duly notified all concerned. I also understand that few title companies—perhaps just one—will handle the sale of properties with a Land Bank past. Of course, there is always the option of a quiet title action, but this is several times more expensive and can take over a year.

The Land Bank is a very worthwhile activity in its goal of returning vacant lots to active use. I am sure it follows the law on everything and it does not cut corners. However, it is what it is.

I would like to hear from other people who have sold lots they acquired through the Land Bank—what was involved and what institutions were used. Going forward, I would like to identify what all my options are, both in terms of strategy and in terms of the institutions I can go to.

You are welcome to private message me if you feel that is a better way to convey the information you have.

I really thank you in advance for sharing with me your expertise in this matter.

Jay agreed. There just aren't that many note investors on BP.

You're much better off joining the various FB groups, canvassing LinkedIn and attending note conferences. 

I'm currently under contract for a 2/1 duplex and the appraisal came in earlier today. Unfortunately, it's put me at a razor thin 1.0 DSCR. The average rents in the area are far above the market rent the appraiser assigned. Unfortunately the current tenants of the property pay even less; $300 below the low appraisal and have been in the unit for over a decade. The overall value of the property appraised at $50k over what I am under contract to pay, which is good, but I'm assuming has little impact on the deal going through the DSCR underwriting.

So, the three comps the appraiser provided seem inadequate to me. Two of the three comps are 1/1s, while my target property is a 2/1 on each side. Their comps are also right next to each-other and have the same owner. The 1/1s rent for $995 and the final market rent he assigned for my target 2/1 duplex is $1000 a month, just $5 more. Comp #3 he provided is closer at $1175 a month, but is still drastically less than anything else on the market and isn’t even active. Is it strange that two of the three comps are not even the same number of bedrooms as mine? There is a big difference in market rent for a 1/1 vs a 2/1, unless you take their opinion, which then I guess it’s 5 bucks.

I looked at active listings on Zillow and there were five good, 2/1 duplex comps within 1 mile that rented for $1350-1700. Additionally, there were 5 1 bedroom duplexes that went for $1050-1400. I complied these and wrote a brief summary that my broker suggested we submit Monday. I know they used CoreLogic for their data, not sure how they feel about Zillow rental listings. Has anyone here experienced anything like this and had any luck appealing?

I'm looking to sell a fractional interest in my single family rental. This is for long term leases in a fast growing, family-centric suburb of Richmond, VA. Does anyone have experience in finding a partner for a deal like this? I'm reaching out to traditional realtors with little success, and I'm not sure their incentive structure works for this. Any tips, help, insight, etc would be appreciated.

I'm interested in a Class C, 27,000 sqft building in a down town area (population near 50k) that is owner finance. Terms aren't 100% but thinking $220k (full asking), 30 yr amortization, 6% rate, 10 yr balloon, and 10% down. It is 100% leased with a local hospital's plastic surgery center, a financial business, a physical therapy business, and one or two more businesses. Leased amounts total $35k/m at NNN (so advertised) but not sure how that works with multiple tenants. Building purchase price is $2.2M. Cash flows per my tough calculations are $9k with full gross lease and $15k with NNN. Does this make sense. Let me know if additional info is needed.

I'm curious what people consider financial freedom through real estate. Some styles of real estate investing are very hands-on, and as such don't really seem to meet the definition of financial freedom even if you get good at them. You'd still be very busy. So what are people shooting for? What kinds of portfolios are people trying to build that would meet their definition of financial freedom? Please share what you are working towards, and where you are at on that journey.

My brother recently purchased a 1 acre lot with a 2500sqft house in it in Phx,Az, I was planning on asking my brother if he will take $150k just for the house, will a any bank lend me $100k , i can put down $50k cash.

If you got a judgement against a former tenant in a Connecticut court and the tenant moved to North Carolina. How can you best collect without hiring a lawyer