All Forum Posts by: Carin Kveton

Rick- great idea. Honestly, I haven't been using BP much in the past, although I am a HUGH fan of the BP podcasts! I'm using the BP platform more, and just didn't realize I could vet it out there.... I'm learning more every day! Thanks much

Darrell- Thank you for mentioning that the short sale has to have wording in it. We have used that verbiage in the purchase of a couple REO properties. Our attorney for those purchases was surprised that the bank would all an "and/or assigns", but I suppose the bank didn't care who purchased the property, just as long as they got it off their books! I'm going to review my contract to see if we have that verbiage, as I am not sure we did that this time! (lesson learned-have as many exits possible...) We may, but we may not.

Joanna- Great ideas. We also did request moving up the date for the first house , but their lender stated they needed until 30 June to close. Traditional Mortgage won't work on this house, unfortunately, as it needs a new roof and there had been some water damage in one room in the house, necessitating removal of drywall (it was caught quickly and there is no mold or mildew. But now there is exposed walls and bare flooring in that room).Yes, I think increasing my network is going to be the way to go. It DID however, occur to me, maybe I could wholesale this deal, as it is in a great area, and great price, despite the work needed. I may try that avenue, as a small amount of money is better than nothing! Thanks for the suggestions, and I appreciate your time!

We currently have a SHF (fix/flip) on the market with an accepted offer. Our plan was to close the deal and then take the proceeds to either do another fix/flip, or a buy and hold rental. However, we stumbled upon another fix/flip in a great market, and we threw an offer on it. Since it is a short sale, we didn't think we'd need to do anything with it for at least a few months. Well, within a few weeks, and a little back and forth between the bank and our realtor, we received an accepted offer! Problem is, our money is still tied up in the first fix/flip. It won't be closing in time for us to close on this second fix/flip. I do have some money, but need an additional $$ to start the demo/construction, etc. We've been into real estate investing for a few years now, but not have a really strong network yet (but we are making progress). We have financing in place, but need a little additional cash to get things rolling.

I did reach out to the only contractor I know (that I felt comfortable in approaching), to partner up with on this project, however, he's currently tied up with various other projects. Now, my dilemma is, do we just let this second fix/flip go? I hate to walk away, but I can't use money I don't have yet. (potential cash return after all expenses for us is 90K).

Oh- Also, I tried putting off the closing date for this property until July, however, since it is a short sale at the end of its life, the bank states it will go into foreclosure if we don't close before the end of June.

We've approached family (which I hated to do, since none of them do RE Investing) with no interest to partner on this project.

I'm sure, once my network is stronger, and find other people who understand what RE Investing is about, it would be easier to find others to partner with.

Does anyone have any other suggestions, or have I exhausted my possibilities to pull this deal off?

-Thanks for your time. I'm hoping someone may be able to suggest something I might have missed.

Congrats! It gives me hope that we can do the same soon!

Hi Tony. We've been doing this for a couple years. At the end of the day, you need to tell them, "The rent is paid by XXX. If it is not paid in full, you will get a 5 day notice, followed by an eviction, if they don't leave. Trust me, paying for an attorney (or doing it yourself if you have the time) is WAY cheaper than a tenant that makes excuses. One excuse turns into another. Don't let them do that to you. You have a business to run/mortgage to pay. If he has a lease, don't renew. And make sure you tell him you won't renew, so he knows he needs to be out by the end of the lease. Good luck!

My husband and I have been investing for three years now. Our biggest frustration is financing. We have run into several different scenarios, including a lending company who was working with a 3rd party lender that had "organizational" issues, so, after nearly 3 months of dragging their feet, they were not able to help us (wasted our time, plus the cost of an appraisal). Another company said they could help us with a fix and hold, but, after assuring us there weren't any additional fees.... tried to "fee" us to death. I walked away from that company-bad feeling there. Currently we are working with another company to refinance an existing rental property. They dragged their feet so long, we had to get another appraisal (I think they should have paid, but they said "no"). It too, has been dragging on for a couple months. Is this normal?? I just can't believe the poor customer service! Currently, we are also working on a fix/flip. Our hope is that it will profit enough that we have enough "seed" money, that we won't need initial financing for a property. Any recommendations? Advice on how to interview these companies up front? (I have done initial interviews with them, but, of course, there nice and responsive initially, but later on, they show their true colors...) -Maybe I'm not asking the right questions? Thank for in advance for any in-site or advice. - Carin 

Jeff- 

Thank you for contacting us! We have a SFH in Lindenhurst, and a duplex and a 5 unit in Round Lake area. My husbnd, Cal, is working on closing a deal for a fix/flip in Beach Park, and I'm considering a couple of duplexes in Kenosha. Please let us know if you'd like to meet in person and talk real estate!

-Carin

We are a husband & wife team, focusing on buy and hold rental properties for passive income.  We are also working at doing our first fix/flip property. We hold residential and commercial property at this time, and are always looking for additional properties. We believe real estate investing is a team sport, and we are interested in growing our network and our knowledge of investing.