All Forum Posts by: Yusuf Wilson

Hello BP Community,

I have a buyer who is currently looking for an off-market mixed-use (with a bodega on the ground floor) building to acquire in Bedford Stuyvesant, Brooklyn. Please contact me if you, or anyone of your contacts, has access to such a building. 

Thanks in advance!

Best,

Yusuf Wilson

Thanks Michael! I'm actually coming down tomorrow to look at some inventory. Do you have availability to talk sometime today?

Thanks Jamal! Actually, we will not be moving forward with this deal. Received some amazing insight from a fellow BiggerPockets friend and we were shown several issues with the property so its on to the next one. Phenomenal learning experience though. Disappointed but not discouraged!  

@Vernon Jones I was asking about whether an attorney is needed. 

@Shawn Washington Thanks Shawn! Just sent you a message!

Hello,

I live in New York City and will be doing a deal in Philadelphia shortly. I've been told by several investors that an attorney is not required in Philadelphia. Can anyone offer any insight regarding whether an attorney is required? If an attorney is not required, can you offer any reasons for having one anyway?

That being said, we would like to have an attorney review the title report just to be safe, at least for the first deal. Does anyone have a good attorney that they can recommend? 

Thanks in advance!  

Hello all!

Thank you all for your amazing insight! I'm just coming back from having met with the investor who had the property under contract. We ended up buying the deal from him (i.e., he's going to assign the contract to us! 

I assumed the deal was dead but this was a phenomenal example of where not giving up pays off! Still have so much to learn and am grateful to all of you for your insight. Thank you all again and wishing you all massive success in your respective journeys.

Best,

Yusuf Wilson

@David Bokman: Thanks for your reply to my post! Yes, after reading all of your insights, I don't seeing moving forward with this deal without having some other mechanisms into the deal.

I'll reach out to you via your website. Thanks David!

@Barbara G.: Thanks for your reply Barbara! Yes, it appears that this deal, as structured is not at all in my best interest. He has stated they are willing to modify the terms.

Apologies for leaving out the projected deal numbers. They are as follows: 

75K Total anticipated costs =

25K acquisition

45K rehab

5K relator commission for sale upon completion

The highest comp in the area recently sold for 195K. We were projecting conservatively to sell at 150K. Are there any other numbers that should be included? Thanks Barbara!

@Robert Conroy: Hi Robert! Thanks for your reply to my post. This would be my first time dealing with them. I spoke to one of the partners earlier and he did say they would be open to modifying the terms of the deal after I expressed my concerns about my side being exposed and their ability to walk away from the deal. That's a good sign.

Any perspectives on any mechanisms that can be incorporated to offer us a little more protection? Thanks Robert!

@Kris Haskins,

Hi Kris, 

Thanks for taking time to reply to my query. The plan is to use some hard $ (70% LTV) and the rest with private funds.

This would be their third project. They have one successful flip completed (which I need to verify) and another in progress. If the HML typically makes 25% of the deal, its definitely looking less and less appealing. Thanks Kris!