All Forum Posts by: Account Closed

They showed me the city inspection report for rental units @John C S. 

So as I posted the other day I ran across a 4 unit multi family building. I met with the sellers yesterday and the property is solid on the inside as well, I was only able to see the outside before. The meeting went well I was asking questions and playin the role of a veteran investor until it came time to talk numbers...... The seller wanted $40k I was planning on low balling for 25/30k with emphasis on the 23k seeing that they were eager to sell. Well as the sweat started to develop on my forehead I reached for my phone to shut the ringer off because my son was calling and in the progress as I was telling them my offer I dropped the phone and my iPad both at the same time. How?? I have no idea but it happened!! Smh... Anyway we settled on a price of 35k which is excellent as that price is even under the SEV of $37 ($79,000) so so far I'm winning! I hope at least. Also after the phone and iPad flipped out of my hands I lost confidence in closeting the deal with a contract. But we shook hands and agreed on a very modest non-refundable deposit and agreed to put everything in writing Monday or Tuesday. Also the seller provided me a look into their records of profits and expenses, also they showed me their inspection report which expires middle of next year. So far I'm excited and will keep BP posted on my progress and potential first wholesale deal of a mfr. Thanks for reading!

@Josh Cunningham

I've had limited experience dealing with inspectors, but I dont think they are that bad inmy area, at least not to that degree. I may be wrong though so I will get a  chance to see hopefully if I'm able to get the property under contract. Thanks for the tip I will be on the lookout for how the process turns out. 

Bruce Scannell Yes it's in Flint where I'm located

Yes it's in Flint where I'm located.

Thanks a lot for your responses Matthew Vitlin and Bruce Scannell The seller and her husband are 74 and 75 and expressed they had no desire to continue to drive through the snow and care for the property. She mentioned that their health is declining and wanted to cash out some of their properties. I definitely will have it inspected myself as well. I'll get a chance to look at the property inside tomorrow. The units rent for $380/month. She covers water they all cover their own heating and electrical. She knows a she could charge more for the rent but since they are long term tenants chose to keep rent at a reasonable rate for them.

Great job James Syed glad things worked out for you with BP!! 👍🏿

Property details: 4 units 2 bdrms each, each unit is being rented one resident has been there since 2002 others have been there at least 3 years or more. Newer roof, newer Windows, good curb appeal, good furnaces and water heaters. Seller is asking $40 but will accept a lower offer. Estimated appraisal between $75k and $95 Your thoughts on me moving forward with this deal. I plan to wholesale it as I'm not handy and could use money to fund my future investments. Thanks

I am meeting with a seller tomorrow and wondered if anyone has tips for exit strategies on a property that is up to code and has passed inspection, before I meet to put under contract. Anything in particular I should put in the contract to help in case I dont move the property in 30/45 days. Please and thanks

Hooray For Me!!! 

Hello BP I'm meeting with a seller and plan on getting my first multi unit under contract. Per our conversation she is very motivated to sell as her and her husband are up in age and don't live close to the property, actually they live in a different city. Her asking price is Very good and is also negotiable. A lot of new updates and best of all long time tenants are living there, one has been there since 2002!
I will keep everyone informed and reveal more about the numbers after I get the property under contract. I would also appreciate any tips on exit strategies for a property that is in mint condition up to code and passed inspections.. Any help or tips would be GREATLY APPRECIATED!!

Thanks for all your knowledge BP and stay tuned!!