All Forum Posts by: Chris Fayling

@Nate Miersma awesome! Thanks for the reply! Your brotha and I did dm back and forth and I gave him my number so I look forward to hearing from him. It’s nice to talk to people that are on the same page.

Yes @Paul Doty definitely cash flow from day one is what I’m looking to do. But with that being said my properties now are in a C+ blue collar neighborhood, with the majority of residents owning their homes. So the appreciation is inevitable, and the icing on the cake. I don’t think I would buy for solely cash flow alone. The lower the class of the neighborhood the more turn over and repair. So to fully answer your question i guess it would be a mix of cash flow and appreciation is what I’m looking for.

Hey bp!

I'm looking for investors in my area to connect/network with. I'm not a newbie investor but I'm not a veteran either. I've been investing for 3 years and completed two successful BRRRR deals and I am currently working on another. I want to hit the gas with my investing but there are a few bottle necks holding me back, as any investor comes across.

My problem is the investors that I have connected with, lack the knowledge of strategy, and investors basics, they all have been the mom and pop kinda investors. So here I am with not as much experience but more knowledge. Goes with the old saying “if your the smartest person in the room, you’re in the wrong room.” So I’m looking for a new room.

If your in the area or invest in the area I would love to talk, Bounce ideas, help where I can, and possibly build a business relationship.

Thanks for reading

Chris

@Tom Gimer thank you for your advice!

@Tom Gimer

I was 100% honest with the title company about the wholesalers, as I stated my private money guy had his legal team look at the contract with the illegal wholesalers. In addition the title company and their legal team looked at the same document from them, all before my private money guy would move forward.

I understand it could have falling in the “gap” and I do believe that is what happened. I had no idea the so called wholesalers filed anything with the county, and to my knowledge neither did the title company.

@Russell Brazil

I was 100% transparent to the title company, my title rep even talked on the phone to the the illegal wholesalers to keep them chasing their tales. As I stated the contract was never legally binding.

Hey bp!

I’m having an issue and I was hoping someone has experienced something like this and could get me some advice.

Long winded backstory...

I had a property brought to me by wholesalers, I signed a purchase agreement with them. My private money guy looked at it, and didn’t like it. He had his legal team look at it and they said it was a worthless contact and there was more holes in it that Swiss cheese. I later found out their practices were illegal, and just trying to make money a sleazy way.

So I did the real estate investor thing and I hustled! I tracked down the owner and worked out a deal with her and we closed.

The weeks leading up to closing I kept these so called wholesalers on the hook, keeping the deal “alive” at least in their eyes. Just to keep them busy, you know slide of the hand.

The owner and I closed the deal back in April of 2019. I paid for title insurance and received a warranty deed. I renovated it got it rented, seasoned it, and then did the BRRRR thing and started the refi process. Jumped through all the hoops and finally got the clear to close, and then 3 days before closing the title work came back with those "wholesalers" showing interest on the title dated a month before I originally closed.

My questions are; first off how was I able to close the first time? And second title insurance and warranty deed should cover me so I shouldn’t be dealing with this issue. And third how do I resolve this? I highly doubt I could ever get into contact with the wholesalers again, and if I could I’m sure they wouldn’t be to willing to help me out after I kept them from gettin an illegal pay day.

I thank you for any advice in advance!

-Chris

Thank you gentleman! All very good information. 

thank you @Jasonbott I was guessing more than double that. The house at full market value would be around $65k so hopefully I can get it insured for around that $500 range and it will cashflow even better.

     hello bp I hope everyone is having a great day. I have a single family 2 bed 1 bath that a wholesaler has brought to me. It meets the 1% rule at about 1.5%. All the other numbers are working in the calculators, except I'm basically guessing on insurance. I was wondering if there is a rough idea of what I should budget for without having to get a quote from my insurance company. As you can tell by the question I am relatively new to this. The home is located in kalamazoo, mi it is city certified and has a newer roof, there is a tenant in place, its turn key but is under market value. Im just curious how other investors come up with a number to run for analyzing? Any advice is appreciated, thank you for reading.

-Chris