All Forum Posts by: Benjamin Bennett

Hey Guys,

I am in search of a real estate attorney in the Indy area who is well-versed in creative financing paperwork, legalities and process. I am increasingly finding deals in the area that are ripe for creative financing techniques, but need to come to sellers correctly with all necessary documents. If anyone has recommendations regarding this, please reach out! 

Hey Stace, is this meet up in Greenwood still going on? If so, I would be very interested!

@Stace Hill

Hey Jason, any luck with this? I’m also unable to download the app on my IPhone 13. 

Thanks for the input guys. I really appreciate it. I heard back from the city today, they are not able to replat it. 

The strange thing is that the way it is zoned currently is out of ordnance. If we were to replat it, it would still be out of ordnance but it would be an out-of-ordnance valuable property that investors could work with, as opposed to an out-of-ordnance property that has a very limited property value. 

Greetings BP,

I have submitted an offer on a somewhat strange property. It is 2 SFRs and a garage apartment all on one lot. Fully leased with gross rents at $2000. As such, the seller is asking what would seem to be well below market value at $140k. After speaking with several lenders and professional surveyors I have discovered that these properties often sell for much less because:

1. Lenders are very hesitant to lend on properties for which no comps can be found, even if the property performs well. AND if you close on the property with cash, then replat (and/or divide the single lot into 2 lots), banks STILL often won't lend because the properties have 1 lien with what is now 2 lots.

2. Rezoning can be time consuming, expensive and sometimes impossible.

The interesting thing that my lender explained is that if I were to negotiate a much longer escrow with the seller, to allow time to replat BEFORE closing, then not only would I likely be able to refi as 2 separate lots, but it would also add significant value to the property.

This is all very new to me. Does anyone have experience replatting a strange property?

Greetings,

I have a large 4 unit property under contract in Waco Texas totally 4600 sqft. I’m looking for an investor savvy GC in the area who has experience renovating older properties. 2 units built in 1916, 2 units built in 1946. All in decent shape but needing modernization to avoid becoming money pits. Feel free to DM me!

@Wayne Yahnke

Thanks for the advice Wayne. I spoke with a licensed contractor in Waco today who said you can get city inspectors to come out and inspect electrical. He said he’s seen them “pass” some updated knob and tube electric as up to code. Have you seen or heard of anyone updating knob and tube as opposed to totally replacing it?

@Taylor Strmiska

Thanks for your thoughts. As a former resident of Waco, I have high hopes for the city and I’m excited to see its growth.

@Pete Harper

Thanks for your thoughts. The inspection I received did show signs of termites. I’m balancing these 2 ideas; 1. Using all these needed repairs as leverage to have the seller lower his price/make repairs before closing. 2. Move on and live to fight another day.

Hey Ryan,

I have ran the BP rehab calculator based on quotes I've received from numerous contractors in the area. A safe estimate is about $67k for an extensive rehab while $35k would get the property to an acceptable long term condition. 

Mr. Kelly, perhaps this is a topic for a different thread, but what is your long term outlook on the market in Waco. I am intrigued by the new amazon plant being built as well as SpaceX's decision to move a testing facility to the region. Additionally, I'm curious about the appetite for nicely renovated antique homes in the area, some of which are selling in the high $200s even apparently C class neighborhoods.