All Forum Posts by: Andrew Pappas

That's what I thought..thanks

I found a very motivated seller, but he has no equity. He owes $126,000 on the property, and this is also what my CMA estimated as the value. I thought about making a subject to offer, but based on his PITI payments and the rent I could get in the area, I would be looking at negative cash flow after all my expenses. Is there anything I can do that makes sense for me and the seller? He wants to sell ASAP and not have to come out of pocket to fulfill his loan. Thanks!

I have been doing driving for dollars, and many of the properties I have found show the owner is out of state on my county tax assessor web site.  The site does not divulge the address of the owner, just the city and state.  I've tried searching their name in their county assessor website, but no luck.  Is there another way to get in contact with the owner?

Also, in my demand letter, how much time should I give them to submit payment?  I presented my findings in an email with pictures and the compensation I deserve, which they received on Monday.  It is now Tuesday.

Thank you very much.  I do have a contract with the rehab scope of work, and the cost for each item.  I have photos for each item that was neglected, which I sent to the broker real estate company and rehab company.  She (decision maker at the brokerage company) did not demonstrate any kind of client support tone.  She made repeated excuses about how the property passed inspection 3 months ago and she has never had an issue with their St. Louis team until my situation.  I also have some pictures of the property before the rehab, which makes it even more clear these repairs were not made.  I told her I want compensation for the dollar amount of unfinished work I paid for, and the repairs I had to subsequently pay for that they didn't fix.  She really hasn't budged an inch, and my impression is she and her company are deceitful and take advantage of out of state investors because she has total control through her management and rehab team on the ground.  The total for unpaid work and repairs I had to make that they neglected per the contract are around $6000.

I haven't looked into a letter of demand, but I will pursue that step today.  Any advice on the letter of demand, other than what I can find on the internet? 

And should this go to the rehab company or the real estate brokerage company? I purchased it FSBO, so I don't think the seller had anything to do with the deal.

Hello, I am a new BP member and am having a big issue with an out of state rental property.  I purchased a duplex in St Louis through a turnkey provider that was pre-rehabbed.  The contract included a purchase price and an itemized rehab, for one total payment.  The concept was to refinance after the rehab.  The Turnkey company (in California) has a management and rehab team in the St Louis market.  I felt the management team was doing a poor job, so I decided to switch companies.  Once I did this, I learned that over $5000 in rehab that was listed in the purchase contract was not done.  I have photos the new management team took to prove it, and it's clear these items are not new or completed.  The real estate company that brokered the transaction is pushing back on their willingness to compensate me for this unfinished, but paid for work.  Is this worth taking legal action?