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All Forum Posts by: Dell Schlabach

Dell Schlabach has started 10 posts and replied 872 times.

Post: New member from Ohio

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Corey Hostetler:

Hi I'm Corey and I am from Coshocton and currently reside in Knox county. I am interested in getting into flipping and/or buy/hold. I work as a salesmen at a hardware/lumber store. Before working there I was with a general contractor for 5 years will I was going through college for my bachelors in accounting. We bought our first house through HUD and our current residence through a sheriff sale. Mainly looking to be a smart investor and the risks to watch for.

 Welcome to BiggerPockets, great resource. Years ago we used to flip some houses in Knox and Cochocton Counties. 

These days we are focusing up north further. But have a lot of good memories from down there.

Wish you the best in your real estate endeavors. 

If I can be of any help let me know. 

Post: New member from Northeast Ohio

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

@Robert Lytle welcome to BiggerPockets.

We flip quite a few houses in NE Ohio, If you have any specific questions about flipping houses, ask away. 

Post: Recommendations on SEC/Securities Attorney in NE Ohio?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Josiah Barkman:

Thanks Dell, I definitely need to get a list of my questions together to talk to someone. What are some key questions you found that are good to discuss with them?

In summary I was told, don't borrow from people who don't understand the risk, no amount of disclosure will protect me if I do. 

Don't lose money.

Always pay my people back.

Keep my lenders happy. 

Don't put more then one lender per property. Give them a mortgage, promissory note and Name them.as an additional insured.

Post: Recommendations on SEC/Securities Attorney in NE Ohio?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

Only you know what your questions are, the answers are only as good as the questions you ask. 

My questions should have been along the lines of what's the best way to structure a private real estate loan. 

My local real estate attorney was more them capable of answering that as well as my primary private lender who had done literally hundreds of private loans.  

Try describing your real question, including your real objective on biggerpockets, I suspect you will get much more practical advise then you will get from a securities attorney unless you are planning on pooling money or doing a syndication here's a good source of advise...

http://www.syndicationlawyers.com/about-us/jillian...

Post: Using auction.com or hubzu

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Morgan Carmichael:

Looking to buy properties on auction.com and hubzu.com, any suggestions on which to go with or how the process went?  Any information would be appreciated, thank!

We buy from both, I suggest you buy where the numbers work.

You can also search top right hand corner,,there are a lot of threads discussing both of them. 

Good luck

Post: Recommendations on SEC/Securities Attorney in NE Ohio?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

I have interviewed a couple, I was told by my local RE Attorney that I need to go with one of the big firms, Buckingham Doolittle and Burroughs, or Shottenstein Sox and Dunn out of Columbus to get the securities questions answered that I was asking, and I had a lot of them after attending a couple private money seminars. 

I met with both firms top securities attorneys, interesting conversations and conclusions.

Today we don't use a securities attorney, although we have a couple million in private loans.

I just make sure we dont borrow from little old ladies who don't understand the risk, there is no amount of disclosure that will keep you out of trouble if you do that, even with the best written disclosure signed and acknowledged by your lender. 

We do all our loans, one lender per property, only from people who have a reasonable understanding of risk. They get first mortgage, promissory note, get added as additional insured, pretty much what a bank would get if they funded and carried the first mortgage. 

Sure simplifies things. 

Post: Going for my Real Estate License soon. What should I study?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Troy Rocha:

Hi everyone, I am getting ready to go for my Ma licence next month. Wondering if anyone has suggestions on what I could study before the classes to prepare myself better for the course?

The best thing to study is the materials for the course. 

If you want to start studying early, sign up early, get the books and start studying them.

I am in real estate classes right now, most of the students dont even read their msterials befire they come to class, according to a hand count the other day by the instructor it eas less then 20% had read the chapters we were going to cover that day. 

Good luck with your study. 

Post: Money is IN THE LEAST EXPECTED PLACES!

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474

@Cory Woodruff reminds me of one of my private lenders. I was walking through a local coffee shop, sitting at a table with some relatives was an acquaintance I hadn't seen for a few years, couple minutes of small talk of what we were doing, I mentioned our rehab business, and kinda joking said he should invest some of his rusty money with us. Gave him a one minute summary of what it looks like. I wasn't expecting anything from him as hes known as mr frugal conservative, and we said our it's been good to see yous.

Later that afternoon I get a call from a 20 something girl that was sitting with him at the table, she asks some more questions, said she and her husband had saved up some money to build a house, but they aren't going to be building for about a year, if they could get their money back within six month they would fund a rehab for us. 

Many times money comes from unlikely sources. 

After people fund one deal and they get paid back in agreed time or a bit earlier, they tend to fund again and again and ask you you need more money,and then they tend to tell their friends.

Post: Foreclosure before Foreclosure

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Carol Mthimkhulu:

Hi, my name is Carol (27) and Im from South Africa. Yes, way in Africa and I came across BP during an enjoyable read of The Book on Flipping houses with J Scott.

Even though Im in a different continent altogether, I still believe that real estate basics/concepts should remain similar globally, with the exception of the big L “Law” and this I have taken into account.

Real Estate experience: I have owned a single 2 bedroom home since 2013 which ive used as a rental property. Currently im in the process of expanding my portfolio which will include flipping single family homes undergoing foreclosures.

My question for today is, have you ever approached a foreclosure –home owner before the auction date?

Well im currently considering this route wholeheartedly, thinking if I can approach someone whose home has been listed as a foreclosure before the auction date, negotiate with them to pay their outstanding fees provided that they will sell their home and in turn split the profits.

  • 1.But what does the law say about this?
  • 2.What sharing ratio would you suggest for this kind of strategy?

The way I think of it, is that the advantage would be as follows:

  • 1.Eliminating competition by avoiding the house to be auctioned.
  • 2.The owner will get some profit, unlike their home being foreclosed and they are left with no money.
  • 3.During reselling phase, the owner would still be occupying the home until the purchase date.

And many more, but basically both parties will win.

What is your take on this strategy? 

Do you have educational readings that i should consider? 

How do i approach people facing foreclosures?

Awaiting your responses 

Unless things are different in Africa, the biggest problem with the strategy is, most of the houses going into foreclosure are underwater, the owner owes more, then the house is worth, otherwise they would just hire a realtor and sell the house before auction. 

Post: Am I in trouble down the road?

Dell Schlabach
Pro Member
Posted
  • Investor
  • Canton-Akron, OH
  • Posts 915
  • Votes 474
Originally posted by @Eric Neal:

That's true, ....

 In which case you can click the dots on upper right hand corner, then click quote, and delete anything you don't want and just leave the @name