All Forum Posts by: Aaron Lee Murphy

@Aaron Hollingshead

Thank you so much for your input Aaron. This is exactly what I was looking for. 

A couple of quick questions, if you don't mind.

Since my Mom lives in Sandia Park, NM...Can I give her POA to sign docs for me?

Also, Do you allow your GC to hire out subs for the work they don't do, or do you bring in your own guys?

I know it depends on the condition of the property...What is your average Rehab costs on something you would BRRRR

project?

Once again, I'm so grateful for your time. 

@Wesley Davis

Thank you for your reply.

Unfortunately I am investing long distance so some of these techniques won't work...however since this post I have intensively researched ways to find GC's and have came up with a few that should serve me well. I appreciate your time and input.

@Brandon L.

First of all...I’d like to thank you for your response. Actually you couldn’t have been more wrong about the “Wholesaler”. @David Torres has actually been a long time active member on BiggerPockets since 2013. And out of the kindness of his heart has reached out to help alot of newbies get started. I’m quite sure he's familiar with comps and I’m pretty sure he doesn’t prey on the elderly. So please be kind!!

Also, I’m not doubting the fact that some real estate agents can determine true value...not quite sure what you mean by real numbers. In the end, its always up to the RE investor...not the agent when doing due diligence (i.e. running numbers) etc. A GOOD agent can be an investor’s best friend, but ultimately it’s the investors money on the line. 

You might have misunderstood my post. I never said I ran numbers after seeing pictures...

I said ... “IF” someone and/or I wanted to purchase the property after running the numbers and seeing pictures, What would be the step by step process.

I wrote this post for a reason..

1. Because I genuinely wanted to know the actual step by step process when working with a wholesaler without an agent...not only for myself, but for anyone else that might be interested in knowing.

Your response did not provide me with what I was looking for. So again, I welcome you to give your imput on what the step by step process would be when working with a wholesaler without an agent. If you can do that without bias or prejudice...It would be greatly appreciated.

So grateful for your time. Have a great day!!

Hello BP Family...hope all is well.

Here's my question: 

If a Wholesaler presented you a deal and/or property he/she had under contract and you decide you want to purchase it after running the numbers and seeing pictures...What would be the step by step process from start to finish? 

Example: 1) GC estimate

                  2) PSA

                  3) Inspection

And so on.

This would be a cash purchase.

No real estate agent involved.

It needs rehab work.

This would be a long distance investment.

If you can add any dos (or) donts along the way, that would be great.

So grateful for your time.

Hello BP family... I'm looking for a good General Contractor in the Albuquerque and surrounding areas for a potential rehab project. All recommendations are welcome. 

Also... would be interested in hearing about creative ways on finding a great GC in an area you want to invest in.

Thank you so much for your time.

@Jesus Morales jr

I'm not sure what your question is? When you say "seasoned"...are you referring to the HELOC or your property?

Seasoning in real estate usually refers to the length of time that a homeowner has owned a particular home, known as title seasoning. Seasoning can also refer to the length of time a borrower has held a particular loan. This will not be the case with a HELOC. You can spend the money as soon a it is available to you. If you are trying to get a HELOC on a house you recently took a loan out on, then the bank may require you to service the loan for a predetermined amount of time before considering a refi or line of credit. I hope that answers your question !! good luck.

"No"

@David Morphew

How much cash investment do you have in the property? I'm guessing not much, if your paying mortgage insurance...unless you got a bad loan.

You're in a bad position...even if you refi and pull out the cash you've acquired from appreciation to buy out your partner...not only are you handing over your equity to your soon to be ex- business partner...you are also raising your mortgage payment which already has you in a negative cash flow situation. Plus, the bank is probably not going to drop the PMI because you do not have enough collateral in the deal. I'm an optimistic person, but plans change with circumstances...it kind of sounds like your emotionally attached to this property. It seems like you're willing to sacrifice a whole lot. I hope everything works out for you.

@David Morphew 

If your business partner doesn't want any equity and is only looking for his initial investment of $200k...then I would sell the property for the $670k (appraised) and buy him out. You're already in a negative cash flow situation. so whats the point in keeping it. Take your cash investment and your equity and move on. That's a win for you.

Good Luck!!

RTA Cabinet store

Good Luck !!