All Forum Posts by: Abimael Rodriguez

Thanks everyone. Great tips.

When you first buy your multifamily property, what do you first do? Upgrade or remodel the property if needed? Raise the rent? Kick out tenants in some units to remodel? What if there are tenants with contract leases?

@Jess White Nice Jess. Sounds like a great investment. Good luck and keep at it

@Amanda G. Thanks a lot Amanda for that advice. I wasn't sure if it was a good deal or not, specially knowing that the house is already on the MLS. Thanks again

@Brian Pulaski you were right Brian. I kept asking my coworker what he wanted to do, he kept saying that "I'll ask my parents and what they think." I told him, just to advice him that the property was too pricey. That's why you can't sell. Other similar properties for a lower price, are longer on the market and their not selling. This is in Modesto, Ca. Thanks Brian for that input.

Hello BP. Ill try to keep it short and clear. ok, about a week ago, while working and talking In the conversation my coworker mentioned his parents have a property that was not selling(2B/1B) but were getting close to selling the house to a buyer. Today he told me that their buyer backed off. Its been their 3rd or 4th try and have not been able to sell. i told him that i might be interested or i can find you a buyer. My coworker said his parents might be willing to 'owner finance' if there is no other option. Later on, i called an uncle of mine if he was interested in buying a house. My uncle has been wanting to buy for the longest but has no papers(immigrant), low credit score(633), but has steady good business and has cash for a down payment. In other words he doesn't qualify for a loan. So he said " yes, tell him i'm interested, or give me his number so i can call him or whatever, but tell him i am". Both parties might be interested to make a deal by tomorrow. I am the middle man at the moment. If not, i want to know if this is a potential wholesale deal and what to do. I am a beginner in REI. Never done a wholesale. but i know the very basic.

Description of the property

1- it belongs to his parents and they are distress sellers just trying to sell

2- 63 days on market

3- Price- 159k, condo/townhome(HOA), 2b-1b, built-1964, 908 sq ft, 1305 sq ft lot

4-  prices for similar property go from around 125k-145k

5- about 40k in remodel

6- they bought it in 2015 for 71k

I imagine its a 'b class' neighborhood. The house doesn't look beat up or anything, just the kitchen cabinets looks kinda old(looking at the pics). But i think its over price. They been trying to sell since 2016 for the same price and drop down all the way to 135k and still didn't sell. Then, it was put back on the market for 159k again in June. Is this a potential Wholesale deal? Should i offer even lower and try to flip it?  Should i become the middle man between my uncle and seller and get something out of it? Should i buy and Owner finance my self for a similar price( after offering low and getting the property)? Need some help. Any advice, tips or inputs are welcome. Thanks everyone in advance.

@Arlen Chou, Ooh ok. I see what you're saying. That was one thing I couldn't understand about the 'contingent' status on some properties on the market. So that is what it looks like. Thanks a lot Arlen for that input and taking your time to write on forum. And also I meant about multi family properties that don't allow a showing until accepting the offer.

@Jo-Ann Lapin good tip. Thanks again Jo-Ann

@Kevin Dang. Thanks a lot Kevin, we should connect for sure. I don't want to make this kinds of mistakes before I go full on to an offer or closing. Would really appreciate for further advices and tips. Thanks again.

@Jason DiClemente, thanks Jason