All Forum Posts by: David Pierce

Hello all, My wife and I recently moved from Germany (back to WA state). I am active duty military, but we are ready to take on a property to flip or maybe better BRRR. We attended the Olympia meetup last month and met some good folks, but it was pretty small - may try to make it out to the Tacoma meetup as I think it would yield better results. My wife and I have done some real estate deals in the past and have renovated our current house in Johnson Point. We are looking for people who want to partner on a flip with more experience in the area. I like Olympia and Lacey, but obviously am open to Tacoma. If anyone is interested in sharing the wealth/responsibility let me know..... Thanks! Dave

Message me on here

Let me know if you want to partner on a project

@Chris Clothier  I have emailed Taylor back to see if he can put me in contact with a portfolio consultant.  I definitely would not be comfortable with a large margin of uncertainty with appraisal value, but if you can minimize that in some properties, I would definitely be interested.  Hope to hear back soon.

Thanks

@Chris Clothier I was in no way attempting to attack your company - in fact, my conversation with Taylor was very pleasant and he was a good guy to work with.  In my research of turn key companies, I had never come across this as a contingency in the contract.  I understand the problem with appraisals, and I guess that is how companies have to get around potential problems.  I think you have a good thing going for you, just trying to find the best fit for my investment options.  The biggest problem I foresee is if I have a set amount of money for down payment/closing, and then the appraisal comes back low (but within your "range").  At that point what are my options?  Lose my earnest money and appraisal cost?  Just want to ensure I totally understand what I can expect if we move forward. I want to ensure all sides are happy with the transaction. Whatever company I end up choosing, I plan to do multiple deals with, so I like to fully vet prior to choosing.  Thanks for your time.

So I have been researching Turn Key companies for about six months (most of the more reputable ones). I like MemphisInvest and their markets, not to mention everyone seems to have a good opinion of them. I talked to one of their employees yesterday and became quite concerned when I was introduced to their model. Everything seemed fine except when I was told about how they do ARV and appraisals. If the house doesn't appraise at what they are selling it for, it apparently is on the investor to come up with the additional cash (downpayment) to meet the asking price... This seems crazy to me, as in my opinion, this should be the responsibility of the seller (not the buyer). Am I missing something here? This may put the brakes on me working with them, as it doesn't seem like a sound business practice (heavily favors company vs. customer).

Someone please help me understand this,

Thanks

Buy, Rehab, Refinance, Rent, Repeat

Shirley,

Also ping me if you have other multi families in the area.

Thanks,

Dave

I second that - the private lender part at least

I will also be bringing another friend (total 3 seats)...... please mark it down!  See ya there