All Forum Posts by: David Roe

I'm looking for recommendations, What would you do? I thought this person was of quality and a friend in the REI sense... I have always referred him people both local and out of state. But with my current dealings with him I have been crushed at his actions and have no clue what to do...

May 2020 purchased a Duplex on a hard money loan 3 points 12% rate, I had 5 deals done before and a 750 credit score. 

I finished the rehab in November, Asked the lender to do the bridge roll over into a 30 year. He talked me into looking into having a bank do it for a lower rate. I searched for a lender but since the house is in an LLC name no-one would do it. I asked a lender I have worked with in the past to do it for me and they ordered the appraisal and it came back hirer then I expected at 120k Great news! But with the new credit pull my score was lower at 680 and since COVID they would only do 60% LTV with the 680 score. My score decrease was a result of using my personal credit cards to do rehabs with and ran my cards up, lowing my score. I asked the hard money lender currently on the loan and he said he could do 70% at that score. This was in December. From December to today the same hard money lender has drug his feet collecting his interest only payments and dangling me along to keep his 12% interest income. Every week I would call or message him with comments like, "I'll have it done Friday, I got swamped and trying to catch up, I'll have it done over the weekend..." I since went with another lender and waiting on Title now and should be done in a week, but because of the current hard money lenders actions I will have paid 3 months of additional payments because of his unethical actions. PS I do have my

What recourses do I have for this lenders Unethical practices?  

@Chinou Xiong

Sure I would

@Victoria Khalfin

Let me clarify something here. An appraiser will have discretion as to the value added by being in the District vs “the house next door”. But if there are nothing else to Comp it to they will use them. If they are closer than the next available comp outside the district they will most likely use them.

Appraisal will be different than what it may sell for. I recommend you have an appraisal done before the rehab with the assumption all the rehab was completed. (What’s it worth if XYZ was replaced and new)....

Then if your post appraisal is off you have something to argue with.

@Victoria Khalfin

Yes long as the house is basically the same concept.

If you have changed jobs or retired you may also convert your 401k into a self directed IRA and buy homes with you're IRA

DAVE-

Hello, 

I'm currently looking to gauge interests in OOS investors looking to have a POC (boots on the ground) project manager from Acquisition to BRRRR or Sale of a flip. Seen to many botched jobs, over priced sales and just train wreck of deals for OOS folks and feel I can help put a stop to it. Message me if Areas of responsibility would helping locate deals through my list of Whole Salers, MLS, Local groups etc.. doing inspections, running the numbers, managing multiple contractor bids, managing work performed, payments, post inspections, appraisals, listing agents or placing a property manager in control post rehab and more.... IF something like this is of interest to you message me.

I have 21 years in DOD/USAF, 7 of which was doing Logistic, Test Management, and Program Management of Multi-Million dollar acquisition, product support, and integration/modifications of a vast range of different Programs for the USAF. I've been doing REI now for 2 years and have 7 doors now, few of which I have posted here on BP. Although I am still working my own deals I also wish to grow and see where the Lord leads me. At the moment I feel God has me helping people make their deals function better.

Here's my Linked In: https://www.linkedin.com/in/da...

@Michael C.

Roof was 12,000 material&labor

Windows were 7,000 labor 6200

Exterior paint was 4800

Drywall/plaster repair 3200

I painted the inside 600 material

Bear Interior/exterior floor paint 500

Kitchen and bath room floors 700 material I installed it @ 1.00sqft LVP

Used cabinets and sinks were 1500 for both units couldn’t use the counter tops

Counter tops 600

4 new toilets, resurfaced 4 tubs, 2 tub surrounds 4 vanities 3500

Electrical 3,000

Misc hardware 1,200

Misc labor 5-6,000 if I remember right.

No dumpster since I have a 2008 f450 dump truck

Might be missing a few things but that’s pretty close to everything.

I had house hacked my homes walk out basement and after 14 months the City sent me a letter claiming I'm in violation of Code and referenced the use of "Bed and Breakfast" establishments not being an approved use of R2 residential homes and to stop or I would be fined $250 a day.  They also claim anything not listed in the Zoning Code is not approved use.  Has anyone had Luck changing Code with their city or have had luck in court with being able to use your personal property for this?  The city basically wrote this in with out it ever being voted on and they will not vote on it now even though I have requested them to vote on it.  

I have 4 kids, 4 dogs and a big house to keep up on. I work full time as a Contractor at WPAFB making 100k +. Current contract ended and I'm on the job hunt again, I was considering doing REI full time but don't feel like I'm set up to switch to REI full time and don't think I would come close to the salary I was making. From 2018 to today I have completed 5 rehabs, 1 owner finance deal, and have one stud up rehab 90% done and house hacked my personal property. Due to the city changing their stance on STR I can no longer House Hack. But I have extensive knowledge on STRs and had a great success with mine when it was in operation.

At what point do you decide to switch to working for an existing REI group and or going it alone? As far as education I have a Masters in Business Leadership, have listened to 200+ of the BP pod casts, have read Rich Dad Poor Dad, Cash Flow Quadrant, Never Split the Difference, Quit Like a Millionaire, The Richest Man in Babylon, The Book on Investing in Real-estate with no money down, The Seven Habits of Highly Effective People, The 8th Habit, Mind Set, You are a Bad ***, Un**** Your Self, **** Your Feelings, Third Circle Theory, How to Win Friends and Influence People, The Heart of a Warrior, The Book on Rental Property Investing, and the 3 Day Effect. (probably a few I'm missing in there.) Normally I go through each book about 3 times on Audible before moving on to the next book. I know how to manage and lead people, I can do electrical and plumbing, drywall, paint, trim, flooring (except Tile but I bet I can if I ever tried it). Never done siding or roofing before. And I have all the tools to do all those things.

I feel like I would be in a better position to do it on my own in another year from now, when I started I used a personal loan to do this, I still pay on that loan.  Once this flip is done I could pay it off but then I'm back at square one with no money to do flips.  If I was single and didn't have a house and car payments etc.. I would 100% go for it.  

I have some Native American friends that I get to once in a while.  Next time I see them I'll see if they ever heard of this!