All Forum Posts by: Dan McCluskey

Worst outfit I've ever dealt with.  Amended contract 3 times due to system they require for appraisals.  Buyer could never get the loan approved on time.  Client had to source a local appraiser for COGO, due to scarcity of appraisers belonging to "Appraisal Nation."  COGO never seemed to know what's going on with the deal throughout.  Finally, emailed the L.O. saying I hated to interrupt him, but how many more Amendments will be needed to close this deal, or whether there's any plan to close at all.  Buyer paid his "fees" COGO charges, so I guess that was sufficient for COGO.  I will NEVER work with another client who even mentions that lender's name.

Since we're on the subject of project management, does anyone have a standard agreement form they use and would mind sharing?

I have a client/investor from NJ wanting me to oversee the rehab of a house he just purchased in St. Louis.

I'm trying to prepare a project management agreement and fighting for ideas of how to structure one.

Thanks in advance for any help anyone can provide.

Where's your property located, Jon?

Warren Popp and Tristan Walker at Heritage Properties STL are great.  I'm sure they'd love to talk with you and help you out. 

Hope it works out for you.

Dan

Mercury,

I'm an agent with Invest St. Louis.  Let me know if I can ever be of help.

Regards,

Dan

Ivory,

I work with a couple of investors who are active in real estate/property management.  They're honest, upfront, professional, and committed to the St. Louis market.

Feel free to contact me and I'll be happy to provide you with their contact info.

There's nothing worse than being an out-of-state investor and be left hanging when trying to obtain information on your investment.

Dan

Dov,

Hook up with an agent, it's the best working relationship you could ask for as a wholesaler.

If you're ever interested in properties in St. Louis. 

Dan

Shawn,

Where's the liability coming from?  Properties involved are all As-Is, right?  Everyone knows what they're getting into from the start.  If the buyer doesn't hire an independent inspector and knows it all already, that's his shortcoming, not yours.

I deal with wholesalers/rehabbers, too, and remind them of the "As-Is" conditions with any property they put a contract on.  Most want to know about the lateral, so they hire an inspection with sewer video.

If they don't, I did the best I can do.

I just don't use any of the contracts thrown around by "wholesalers."  Those would be the kiss of death in a legal dispute.

Dan

Is anyone an active investor in SFR's in Lanett, AL?

I'm trying to get an idea of the level of activity in this area.

Thanks for any replies.

Dan

@Steve Vaughn.....you're house languished on MLS and didn't sell for months on end because it was overpriced....plain and simple.

Any house will sell if it's priced right to start with.

Most times it's not the agent's fault. Once it's on MLS, the entire real estate field gets notice, then Zillow, Trulia, and the rest. Everyone sees the price and can see it's seriously overpriced for what it offers.

I doubt wholesalers and FSBO's get the same depth of market reach with their "marketing" methods.

Had a package of 7 properties under contract, after 7 months of going back and forth on price, properties, etc.  Buyer is an attorney and missed a loan commitment date.  No loan, no response, or anything.  I thought he nailed the financing and he thought he had another day to respond to the loan commitment.

GULP!!!!  Now we're in a breach of contract, with only $3,500 deposit at stake on a $333,500 package.

Gave an extension of 2 weeks to hammer out some type of deal agreeable to all parties involved.

Cut 2 properties from the package ($160,000),  Buyers came back with half-down and Seller agreed to finance the other half for 1 year with guaranteed monthly income.

The Buyers will have enough time to finish repairs, get all units occupied, obtain permanent financing, and everyone comes out a winner.

Hard to make up 7 months of your life.