All Forum Posts by: Alex Saleeby

Marcus Louvier welcome to BP.

What condition are the flooring and exterior in? Are you keeping the windows and doors as is? How's the HVAC system. Did any of the mold get into it? Does the remediation include it? What condition are kitchen and bathrooms in? Some pictures would have been helpful to review and make suggestions. Good idea to include a miscellaneous/other/unknown category with a few thousand dollars budgeted to cover cost overruns or other surprise expenses.

Aryelle Collins congrats on your admirable determination. Asking people for money can feel awkward. I would second the advice already noted about documenting the deal, using the BP calculator and analyze it and generate a professional document to present the investment opportunity and backing up the ARV estimates with some comps. When it comes to meeting with the investor, ask for advice on evaluating the proposed deal. If you receive positive feedback that it's a good one, ask for advice on funding the deal. You might also consider asking if this individual knows of an investor who would interested in funding the deal. It's an indirect way of asking that would not put the investor you are meeting with on the spot. Since he's an experienced MF property owner, even if he didn't want the invest in it himself, he more than likely knows someone who would be interested. Good luck.

Hello Dan Wynn Sorry to hear about your refi troubles. I believe that all conventional lenders are going to follow the same guidelines as far as seasoning, etc. You're better off finding a local portfolio lender or commercial lender who can help. Surely there are some in your area. An alternative is an asset based lender. As an example, I use a local credit union for commercial loans in the llc's name. Good terms, ARV, no seasoning. Good luck.

Chris those are all good questions best answered by by the municipal building and code enforcement authority in your area. The narrow path between the two building more than likely violates a building or fire code. You ought to be concerned and investigate further until you are satisfied. The last thing you want it to buy this property and find out after the fact of such issues and end up having to make a bunch of expensive structural modifications to satisfy the building inspector. If you're lucky, the property will pass the requirements as is or due to some "grandfather" clause, but unlikely. I would certainly look into it. On the brick wall question, of all the years I lived in CA, I don't recall seeing any brick homes. I doubt it will hold up well to an good size tremor. Again, the building code enforcement will have the answers for you.

Hello @Todd Moriarty

Did you try running a search for "auction.com" here on the BP site? You'll find quite a bit of info to answer your question. 

A number of experienced investors have had good luck with this and other RE auction sites. All of these sites are "3rd part middlemen". So of you really want to bypass them, your best bet is to go directly to the county auctions in the area where you want to invest. Buying auctioned property comes with various levels or risk, so proceed with caution. You might consider teaming up with a experienced investor in your area who's accustomed to buying auctioned properties and knows the market well to keep you from over-paying for properties.

Good luck.

Well done! Glad to hear of your persistence and success. 

Hello Amit,

Welcome to BP. If you are interested in networking with other BP members around you, a great way to find them is through a member search. Go to www.biggerpockets.com/meet

Regards

Alex

Hello @Brandon Jenkins,

Doug Landry, Sam Byrd, Mack McPhatter, Sean Conner, and Josh Autery are all licensed agents and investors and/or work closely with investors. You can find them here on BP, or you can PM me for their contact info.

Take care

Alex

Wow! Impressive. Terrific deal. Nice renovation. Congrats. Out of curiosity, why did you sell this property? Seems it was cash flowing quite nicely for you.