All Forum Posts by: Amy Innocenti

Oops. The city is North Port FL.

@garysilver Private money, hard money or JV with a financial partner.

@aaronk Thanks. I'm planning to use a private money lender or JV with a partner who would do the funding. It could be that this does not work out, of course, but I'm hoping to follow Brandon Turner's example of low or no money down and we bring the deal and the sweat.

@garysilver Private money, hard money or JV with a financial partner.

Hey y'all. I found a property in a good location (with good appreciation). Comps are $230-$265. I'm looking at offering $167 (it's a REO). Conservative rehab estimates are $20k for rental ready, $30k to make it nicer. In order to write the offer, the realtor needs proof of funds (which we don't have). We are willing to find contractors, do some of the rehab and manage the property ourselves. Does anyone have any recommendations for getting a proof of funds letter? Or maybe three best way to go about this?

We're reaching out to our local investors group to seek out interest,  but thought I'd pose this to Bigger Pockets at large.  

It's our first property and we only have about $5k we can put up. It's a cash only deal.  

Anyone have any ideas here?

Amy

@Johnoson crutchfield 

I was originally willing to just walk away and forfeit my deposit.  Perhaps I still will,  but at the moment they are stating that I not only owe the $1275 deposit,  but also $416 in additional charges.  I know that is not a huge amount,  but I am working on my own real estate investment journey and I do not need to just give money away,  nor do I need this company to damage my credit. I also admit that there is a bit of righteous indignation in there, just based on the fact that if they are doing this to me, how many others are they trying to take advantage of? 

I'd like your advice. We recently moved from a rental owned by a large corporation, which I have since discovered is known for shady business practices(D+ rating) and has been hit with a large lawsuit last year. As we had been homeowners, we took excellent care of the property and even had a cleaning service in when we moved. We requested to be present at final walk through, but were denied. Then I get a move out statement where they are trying to charge us for pressure washing, landscaping, mulching, painting all walls and ceilings, changing locks. The only item I DON'T dispute is changing carpet, as we had 2 small dogs. However, it was old brown shag and we paid $980 total in pet deposits and monthly fees that more than covers the $780 line item. This seems like an egregious overreach. I have sent 2 dispute letters and am about to send a third one. At this point, it has become a matter of principle more than anything else. Members of my REIA group said to go to small claims court. What do you advise?

@JamesWillig

Thanks! I'll give you a call tomorrow.

I sent out some letters because we were looking for our first property. They called back and want to sell. We already signed a contract on another house, but I want to go look at it and maybe wholesale. The problem is, we weren't ready. We don't have a contract to use, we don't have buyers and we've only been to one meeting of the Sarasota REI group. I'm going to try to look at the house tomorrow and see what the seller is trying to accomplish, but after that, I'm at a loss. Any advice? Frankly, I'm petrified.

@ Russell Brazil

Thanks for your reply.  The first offer was very low, the second was low, but reasonable. It was a full price offer with some concessions.