All Forum Posts by: David D'Errico

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@Matt Smith

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Welcome 

@William Kerns

Sounds like a good plan with the duplex. Have you considered a tri or quad also. Same financing options, more cash flow if you but right! Be sure to set up your key word alerts to stay connected.

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I think I can finally make it to one!

Ok, so I would like to propose a meet up to discuss a potential partnership with members in this thread. Almost everyone here has said they are interested in Portland and would considering investing there if they had a partner. Gill Holland is buying up property left and right. They recently bought the old metal recycling center as well as other lots in the area. There are a lot of new businesses in the east Portland area.  http://wearepii.com Pii has multiple LLC's purchsing homes, commercial buildings, land, etc. I'm a local Firefighter and I'm in that area all the time. There is even a new construction on Portland ave, I think it is a concept home for their new "shotgun" design or green home. If you haven't been through that area in a while take a drive and look around. Things are changing....with the amount they have invested in that area, I don't see them going away or giving up anytime soon. Here is one possible opportunity http://www.kcrea.com/listing/29834767/2130-Portlan...

I don't have this under contract yet, that's why I'm here. Looking for ideas, thoughts, intersest, partners, etc. I know it has already changed from 18 to 15 properties and the new price is $300k. Scott the agent, has said the owner of these properties does not have an affiliation with Pii, however Scott Howe does. 

Not all the properties are fixed up and rented out, I have minimal info from Scott so far has has been out of town. But before I proceed, I would like to hear what you all think and to see if there is interest in this deal and or partnering on other property in Portland. 

I'm fairly new, we like this package deal. But right now we are getting ready to start a flip and don't have the capital to do this alone. I know there is still a lot we need to know about the properties before anything is set in stone but if anyone is interested lets see if we can get a group together to talk.

Thanks @William R.@Michael Seeker@Jason James@Chuck B.@Marina Sud@Justin H.@Jeremy Jackson@Account Closed

what needs to be removed? Are you asking how much to demo the whole building down to the ground or just demo the interior? What was the building used for? Any chemicals produced there? How tall? What is the building construction material? Is it full of any content? 

thanks @Kyle Jefferson

No my credit didn't seem to be a concern, but I was partnered with two other guys. So that might have strengthened our position. But on the LOC, I don't even think they ran a credit check. I guess $10k wasn't a larger enough loan for them to care

@Kennesha Powell

Thank you!

Here is the info on the financing https://www.biggerpockets.com/forums/67/topics/315...

And as far as contractors go....we did a lot of the work ourselves, but also had some contacts through a friend who just had his house built last year. they were the sub's the GC used

Hey Jeff, are you related to a McMahan that is on the Louisville Fire Dept. I'm pretty sure he has the same last name. Anyway how have things been going for you....are you any closer to your goal, I hope so. Keep at it! 

I would not be worried about approaching investors just because you are new. 

 "So I want to know how and what can a wholesaler do to get your attention and willingness to work with them?"

I don't  mind working with a new wholesaler. The thing that is MOST important is that you have a good deal. So learn how run comps and calculate rehab cost. Look up 70% rule, that's just a starting point.  If an investor doesn't want your deal then it's probably too thin and it isn't a deal. Analyze everything you see; look on Zillow in your area and practice running comps, not zestimate that's junk. 

Here's two link on comps:

https://www.biggerpockets.com/blogs/3539/48938-the...

https://www.biggerpockets.com/blogs/5051/41444-fli...

Look on Craigslist keyword FSBO, investment, investor deal, etc

Just start analyzing anything you can to get the practice. 

Also look in the marketplace on BP or look up other wholesalers near you and see if they have posted any deals. Run your own numbers on those. You get the point. 

 Good luck and don't give up

@Account Closed what do you mean? Are you asking why I just didn't pay for everything out of pocket and just use my savings.....well I guess because I didn't have anything in there. The point of creative financing, is to make a deal happen that would otherwise not have happened, due to lack of funds or not wanting to tie up ones own cash. If this was not what you meant then disregard my comment