All Forum Posts by: DeWayne Mann

along with a million other people.  dang it!!

man thats so awesome!!  thank you.  cant wait for july 24th!!

Huge question...well at least for me it is. I will be performing most repairs (carpenter) on my flip houses under my new LLC. Can i do this without having a contractors license? if i cant, then how can i buy and flip houses while avoiding getting my contractors license? I am a carpenter by trade and do not want to deal with L & I. this is in washington and oregon.

thanks everyone for your replies.  

all the research i am seeing about the property is that its borderline tear down.   the neighboring complex has recently been torn down, and it appears this one is next.   the community wants change and is banding together.  the schools are going through serious change and its working.    making a place that people want to stay and truly believing in that process is a mission.  my mission.  

without looking at the complex and walking every unit, its hard to base what costs are involved with the rehab.   lots are boarded up.  interior damage might be irreparable or just plain stupid to try and rehab.  won't know until we look.  

 do any of you know if  grants are possible in this situation, to help with revitalization? 

to vague for you guys?  

to good to be true?  out of state investment.  lender owned.  high crime area neighborhood, but holds good income to low income  households and going through revitalization through 2020.   low income renters at the moment.   poor management.  low occupancy rate, below 10%.  high unit count.  90+  .  in need of rehab, but sound building.  very cheap, under 500k.  in negative cash flow presently.

management is taking a huge cut and double charging for maintenance and landscape.  

these are the steps im thinking to take, please be critical.  

LOI, investigate property, due diligence, inspections,

if we want it, get in contract, investigate new management 

buy, Implement new management and rules, tenant screening, rename, start rehab

evictions commence ASAP for underperforming units.  police patrol and pm security in complex to show change and keep rif raf out.

new marketing and face lift and landscaping.

property stabilizes with occupancy and rent increases

purchase and rehab costs 1 million.  future value if all falls into place 2.5-5 mil.  

goal:  to make it a safe place people want to be,  and raise children.

if you plan on buying the property anyway, can you approach the bank and offer current market rates, but assume the balance?  that way its not tying up your cash.    I mean why else would they call the loan other than it being under market rates?

interesting

still a new investor here, but am getting close and gaining courage every day with learning what i can on what interests me.  my question is this:

 with all the  posts about "subject to" deals, i still can't seem to find any info on ones done in washington state.   at this point, i cant even tell if its legal in washington at all.  If there are any washington members who have followed through with subject to deals, please post below.

what i want to know specifically is, 

1.  is it legal?

2   how to transfer or attain ownership if the lender is still holding deed of trust?

3.  i understand the due on sale clause, but what are, if any, the loopholes for taking over ownership of a property with subject to without alarming the lender and keeping it on the downlow and it still being legal?

4.  How have you dealt with insurance companies holding policy on the property?

 I know seeking an attorney is default for most of you, but lets leave that out of any answers that you have.  what i want is to hear from those who have been in the trenches and know first hand.

just another reason we love living in such an over regulated state like washington.   why do i continue to live here is the question to myself....why dewayne....why?