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All Forum Posts by: Christopher Janney

Christopher Janney has started 7 posts and replied 55 times.

Post: Overcoming Flipper (poor) reputations

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

What issues are you having?  I haven't had any issues, yet.  I am also very transparent with everyone.

Post: No Money Down on Investment Property!!!

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

like @Luke Anderson said, finding a partner is the #1 way to solve the lack of down payment.  #2 is find owners of rental properties who are willing to do seller finance, where they carry the note.  For some, it's better to be getting a monthly payment from you, with no expenses than from a renter, and still having property tax, cap-ex, etc deducted from said payment.

Where are you looking for your deals? You are not going to find a no-money-down type deal on the MLS or loopnet. You will need to invest in some list sources, (propStream, listsource, foreclosuresdaily to name a few) to look for out of state owners with high equity.

Another avenue is start wholesaling to build up the capital to start funding your deals.  I haven't put any money, even down into any of my wholesale deals, but that's because I have a buyers list that responds quickly, and takes over right away to put the down in escrow.

If you are looking at rehab, know the down is not the only money you need to come up with.  You will have monthly holding costs too, which included things like utilities, property tax, insurance, maintenance (lawn care and pool, if there is one). Most, if not all of these are covered in the calculator.  You should run a couple deals a day through that calculator so you get used to the numbers.  You can submit your calculator for people to comment on as well, learn what you missed, over estimated, under estimated.  Buying right is the most important, followed by making sure you budgeted the project correctly.

Good luck.

Post: 1st-time OOS BRRR Success!

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

Inspiring and well documented. $1600 left in the deal for not only first BRRRR, but first out of state BRRRR, well done.

Looking forward to hearing about your future successes.

Post: Realtor Ethics / Duty to your Realtor

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

I'm not seeing the issue with working with multiple agents on multiple properties.  I do this frequently, and I'm in CA.  I don't have an exclusivity contract with any of them (and nor should you, even if they ask for one...if they do, ask them for an exclusivity contract as their only client and see how that goes).  Now, if you had agent B make another offer on your behalf on the same property you were working on with agent A, that's a no, no.  If you couldn't pursue opportunities brought to you buy multiple agents, you're real estate investing would be greatly limited.

Post: Quitclaiming one person off joint tenancy- family

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

Not sure if this would solve your problem, but putting the property in a trust, then you make the beneficiary anyone you like.  Again, like @Brian Larson said, talk to a good CPA that understands real estate.  This is important, because not all CPAs are versed in the legal and tax issues with real estate, just as not all doctors are podiatrists.

Post: Replace or have roof certification prior to selling multifamily?

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

I would tear the roof off.  20 years is a long time for a roof.  Look at your market.  What is the competition doing in your area?  Did you do a full rehab on this house?  If it's a turnkey house, in my area, a 20 year old roof is a no-brainer.  Rip and replace, because the rehabbed, turn-key homes I'm competing with in this market have a new roof.

Post: Almost a year in and up to 4 properties 10 units!

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35
Originally posted by @Aaron Harren:

@Christopher Janney yes I am investing in MN. Up in the Alexandria area! Have you made your trip out here yet?

Not yet.  I was hoping to do so end of this month.  We'll see how that cookie crumbles. 

Post: How do I video cast with multiple people?

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

@Scott Johnson You're vary welcome. 

Post: Do you carry a gun when visiting your C-F class properties?

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

@Benjamin Tighe that second paragraph is the point here, and you hit the nail on the head. If you need to carry a weapon to make money, maybe re-evaluate your choices. Well said.

Post: Just Completed First Wholesale Deal

Christopher Janney
Pro Member
Posted
  • Flipper/Rehabber
  • 91103
  • Posts 56
  • Votes 35

@Travis Moe, that's a great story on a great deal.  I'm really glad that turned out well for you.  Congratulations.