All Forum Posts by: Andrew Bourgeois

@Dawn Brenengen, marking my calendar now

To, ALL. I also started receiving emails from "Steven Wilson", about funding my deals. As mentioned above, poor grammar, wrong terms used when talking about rates and lending.

When I asked questions, about the lending, he just kept replying the same wrong information, and then started to get rude when I explained why his information didn't make sense. He tried to send me an example amortization which was just. . .wrong. . .like that's not how math works wrong, lol.

Bottom line: If you receive an email from Steven Wilson from UNITED LOAN MANAGEMENT COMPANY, it is SPAM and do not even respond to him.

@Alexander Reed, having your lending lined up in advance is never a bad thing. As has been mentioned already, you know what you have available to you, and you can make sure to calculate your costs properly to ensure any deal you are looking at really works for you. 

Additionally, reaching out and starting relationships with lenders now will help you identify what information you may not have realized you would need to get funding, (a lot of lenders do not lend to individuals, only corporations, like an LLC). Starting the lending and vetting process in advance can help you remove some of the time consuming, close delaying steps out of the way before you even find a property.

Lastly, you can still be looking for a property while talking to lenders, you are going to have to go through a lot of properties to find the one which works for you. If you do happen to find one quick, I have always been told a good deal will always find funding.

Good luck!

All, thank you for your consideration. We no longer require any additional financing for this deal.

@Doran Summers, I received your email thank you. @Bob Green I have your info from a previous request, thank you again.

Price: $130,000

Location: 5239 Dakota Rd, Richfield, OH 44286

Property Details: Single Family Residence: 3 bed; 2 bath; 1800 sqft;  full basement; 1.88 acres; built 1969

Hello, BP!

We are currently looking for funding for a Fix & Flip deal in the Richfield, OH area. As it stands the property is an 1800 sqft ranch with a full basement, and part of a probate sale. This is a straight forward remodel. The majority of the flooring, walls and fixtures were never completed/installed, which will minimize the amount of demo needed, and give us a clean slate from the start. Remodel will include filling in and finishing the hardwoods, tile (kitchen backsplash, baths), cabinets, counter tops, add lighting, ensure all systems are up to code, finish all surfaces, replace existing windows and doors (including garage), paint both inside and out. No structural work. Roof looks good and furnace is a newer Rheem.

Costs broken down: $85,000 Purchase; $50,000 Rehab; ARV $220-$240k; Project timeline 6 mos.

We prefer a PML who will 100% finance, but are willing to break up the financing between purchase and rehab, with the understanding the rehab financing will have to take a second lien position.

Thank you in advance for your time and consideration.

Andrew Bourgeois

call/text: (919) 364-3547 (if I don't answer please text or leave a voice mail)

email: [email protected]

When you say, 'left the house to her and her brother. . ' was this via a will, and was the house then deeded to both of their names? Reason I ask is there is a process by which they need to go through probate and identify any and all heirs if there was no will. Also, do you know if they have any of the info for, or tried to contact, either of the mortgage handling companies. Some mortgage handling companies are also registered debt collectors in the state of NC and can be frustrating when trying to get the payoff amounts when you try to sell. They'll say they can't give the heirs any information because they are not the individuals listed on the loan docs. There are consumer protection laws in place which says they do have to release this information to a Trustee or the heirs, but they will play dumb so they can rack up the late charges prior to giving you the payoff amounts. Even if they decide to keep it and rent it out, they need to verify the mortgage company will tell them how to transfer the docs and mailing address, along with allowing them to continue to pay or assume any finances.

@Randy 

@Randy E. , first I made sure the guy didn't take any of the remaining stump out before I figured out what to do. I also made sure he had insurance.  I called another large tree service company in the area and asked how I should handle it. They said it happens more than you think, (typically when logging or clearing land), and there were three ways to calculate the replacement value of the tree: First, what is the cost of buying a 20+ year old tree, transporting it and planting it in the same spot; Second, have a property assessment done showing the approximate loss to the property value based on the percentage of landscaping destroyed; Lastly, have an arborist come out and do a calculation where they "rebuild" the trunk based on the cost of a smaller tree of the same species.

I went with the 3rd, as the other two just seemed unreasonably high. Calculation came out to about $2300 + the cost of the arborist's bill. His insurance paid all but his $200 deductible and he bailed on that but it wasn't worth chasing him. I had the stump ground out and some new soil/seed put in.

Hope this helps.

I have a SFH Rental Property in the Greensboro, NC area and I am looking to get the linoleum in the Kitchen and Bath areas updated. Any recommendations on a decent, economical installer/handyman in the area would be greatly appreciated. Would like to have work completed by 9/15/18 if possible.

Thanks in advance.

Calendar marked.

@Dawn Brenengen, sorry I missed this, definitely keep me posted for the next one.