All Forum Posts by: Daniel Raposo

@Yolanda Smalls

@Charles Huthmaker runs a Rehab U program where he meets with people at his property once a week and goes through a rundown of project and teaches about the various aspects of the job and stuff. He's not very active on BP and has yet to approve my colleague request even though we get together at least once a week to talk shop.... But anyway, you can find more information about that on his profile and also on Meetup.com just search for Rehab U

Hi @Lorranne Jimenezwelcome to BP!

I think what @Steve O'Meallyshould have said is that Waterbury is a difficult market. I don't know many investors working in that area, but that is mainly because I don't work in that area and most of the investors I know work or network in the same area as I do. The biggest feedback I get from Waterbury is that people don't know it well enough to feel comfortable investing there. It is no secret that Waterbury has some of the lowest values, highest vacancy, highest crime rates, lowest incomes, etc in our state. Anytime someone makes a list of cities in CT it tends to pop up on the bad end of the list. That tends to scare away a lot of investors. However, most investors will also agree that C and D class neighborhoods tend to offer opportunities for high returns because they are riskier. So, if you can use your knowledge of the area to your advantage you could find yourself with an opportunity to get high returns without much competition. Just make sure you educate yourself well and proceed with caution. Just my 34 cents. Good luck!

I find this thread kind of interesting because it seems people are making this way more complicated than it needs to be. Typically, security deposits are transferred as a credit to the buyer at closing, not turning over a check or transferring the accounts so I'm not sure why you would have been counting on those funds. Also you would typically receive copies of all the leases as part of your due diligence and closing documents, and the owner would have to account for the security deposits listed in those leases as I mentioned above. If he claims they were used to pay for items, then he would need to have and show a legitimate accounting of that to be used at closing along with the credit for the balance. The estoppel letters from tenants have also been mentioned previously. This is all pretty cut and dry.

Would you be looking to build the house to live in or as a spec build investment? If owner occupied, you should be able to find financing pretty easily assuming your qualified and such. Although spec builds have been tough to finance. Good luck!

You would need something in the Purchase and Sale Agreement that allowed for it to be assigned or the purchaser is an LLC to be created, etc. More importantly, I think you would really want to have buyers lined up for it before you put any earnest money at risk. Good luck!

Are you trying to wholesale or are you looking to buy properties for your own portfolio? If you're trying to buy for your own portfolio, you could actually try and use that to your advantage when making offers on homes, by creating a time frame and sense of urgency with the sellers. Let them know that you are always looking at properties and make offers on multiple properties as you find them, but can only purchase X number of properties in the next month, or year or whatever. I'm not suggesting you lie or deceive the sellers, just be honest with them about it. If that is the case it is also that much more important to be rock solid when you make an offer, knowing that if they accept it you are going to want to buy it over another property you are looking at or analyzing. Getting an accepted offer should be the goal, worrying about what happens if you get multiple accepted offers tends to be what I call a good problem to have. 

Most banks will require you to season the property before using a value other than your purchase price. Typically this means you would need to wait 6-9 months, sometimes a year before they will use an appraised value for a refinance, but this is different depending on the lender. There is no way to know for sure what the ARV will be, so you should be confident and conservative when determining this value so you can be sure the property will appraise for at least that amount when you're done. Just remember, you'll be looking to finance 75-80% of the ARV in order to qualify for most loans and you'll want that amount to be equal or greater than the 63K you've put into it to make the BRRR strategy work. I hope this helps. Good luck!

Hey @Michael L.

BP has a list of Hard Money Lenders under the marketplace Tab at the top of the site. You can search by state to find companies operating in your area. Good luck!

To be honest, I tried going the probate route but found it wasn't a good fit for me. This was just a personal choice on my part to focus on different types of properties and it also helps that a wholesaler in my area focus almost exclusively on probate, so I'm getting good leads on them anyway. But I would start with obituaries, then search the names for real property using the tax records and make sure there was equity in the property. From there I would check the court records using the party name search, which would lead to the probate attorney/executor. I would also send letters to any property owned by the person, in hopes that someone was checking the mail and such. It's a process. Good luck!

Hey Benjamin Cooper Welcome to BP, glad you found us. It's always nice seeing other local investors on here. There is a ton of info on the site, including the blogs and podcasts. There are also quite a few good local meet ups if you're interested in finding like minded local investors in this area. Search for local meetups to find more info or private message me and I can send you some info. Welcome and good luck! Dan