All Forum Posts by: Brett Holmes

@Peter Lee I would second everything that Kelly said. You don't want to make a purchase based off of vacation rental numbers, just to find out that the city, county, out neighborhood won't allow it. 

What is your favorite pricing tool for vacation rentals? am looking for a good dynamic pricing tool, but a lot that I see will only work with Airbnb.

@Monika Kelly check out reinvestorgroup.com. We meet the 3rd Thursday of the month at the Hilton Garden Inn, which is this Thursday. Networking from 5:30-6:30 and meeting from 6:30-8:30. First time is free. We would love to have you come check it out. We also have other subgroups that meet throughout the month if you can't make it on Thursday (Dates and times can be found on the website).

Hi @Jordin Boyd, I am a local buy and hold investor/ wholesaler in Springfield and there is a lot of success to be had in this market. As with any market,  there are good and bad pockets and it pays to know where those areas are, as home values can drop off quickly if you get in the wrong area. 

Let me know how I can help.

Brett Holmes 

Hey @Casey Mericle you can shoot me that list too 😉

I have a commercial property and the business owner/tenant called me last week and said he had a busted pipe and that the city came out and shut off his water.  The busted pipe was fixed, but now he has a $1400 water bill, where he usually only pays less than $30.  The bill is in his name.  My question is who is responsible?  The tenant said the guys that shut off the water told him to pass on the bill to the landlord.  Would the city be likely to make an adjustment?  The tenant said he had a pipe freeze 2 winters ago and the bill came to $900 and he didn't pay it.  He said the city just said it happens.  Any insight or advice on this is appreciated. 

Thanks for the incite everyone. I will have her contact an attorney regarding Medicaid and all that. I kinda thought this thing was dead in the water, because I had not heard back from her at all, but apparently she has been in Jamaica. (I wouldn't call back either.) I guess she told the bank that they were willing to let the house go into foreclosure, but had an investor, me, willing to assume the loan, which the bank was fine with and even agreed to discount the property (not sure how much), since many of the doors and walls are torn up for her wheel chair. I have never worked with a bank in this manner. There is $85,000 owed to the bank on this house that might sell for $90,000-100,000. Should I shoot them a low offer, $60,000 or even lower, and see what they say? How willing is a bank , generally, to reduce the amount they are owed? I think I mentioned earlier that rehab cost would be around $10,000. Thanks again.

I am needing some advice about a potential deal and to see what options I might have.

My aunt, by marriage, is trying to get rid of her mother's house, because she is now living in a nursing home.  She does not want to deal with it and just wants it gone.  She does not want to go through with a conventional sale, because of the time and money involved and a profit cannot be made, or else her mother will lose her Medicaid.  The current mortgage balance is $85,000, which is right about what it is worth, however it will probably appraise closer to $100,000.  The house probably needs $5,000-10,000 worth of work to get it fixed up to sell or rent, but with the current mortgage balance, there is really no money to be made on a flip and would not be a good rental, because it would probably only rent for $800-900/month.  

My aunt has said that they are thinking about letting it go into foreclosure, because the house is only in her mother's name and at this point they are not worried about her credit.

What other options are there that I am missing here?  Is there a way to work out a deal with the bank to purchase the house for less than what is owed?  Should I wait and see if I can scoop it up after the bank forecloses?  I know that there are a lot of people on here that are a lot smarter and more creative than me with this stuff, so I appreciate your help in advance.

Wow, thanks for the knowledge bomb there. That is very insightful information. 

Forgive my ignorance here, but when you say I might want to negotiate here, what types of things could/should I ask for?

One thing I forgot to mention earlier, he did say that he would make interest only payments of 7% to me, until the refi. My HELOC rate is prime + 0.5%.

Thanks again for all the info. 

Thanks @mitchcoluzzi. This guy does not have just a ton of experience, but has done some wholesaling and a few flips. The reason that I am open to a partner, at this point, is due to my inexperience.  This house has renters in place and needs few, if any repairs, at this point. Like I said previously, purchase price is $32k and arv is $50k+. He can't do bank financing up front, because it is an all cash wholesale deal that has to close in 25 days. 

I will keep all of your other questions in mind when hammering out the details of the partnership. We have already discussed having a real estate attorney draw up an llc which will define each of our rolls. 

I also plan to do this just on a deal by deal basis, at least at first, so that if things don't work out, I can take my money elsewhere. Thanks for the advice. 

Hello all, I am needing some advice on a partnership structure that I was just presented with. The potential partner here is a local wholesaler/agent and he is bringing the deal. This means I am bringing the money, which is coming from a HELOC on my primary residence. The intention is to buy the property, all cash, for $32,000 and refinance, pulling the $32,000 back out. What he has proposed is setting up the partnership where equity will be split 60/40, with him getting the 60%, but splitting cash flow 50/50. He will be in charge of managing the property, where my role will be more hands off.

With this being my first real estate deal, I am looking for any advise that you all may have.  Is a 40% equity stake normal, or a good or bad deal?  What are some tips or pointers to look out for?  Since I am the money man, what happens if something falls through with the refi or we run into a money issue early on?  Is it all on me and how do I protect myself?

Thanks in advance for any input on this topic.