All Forum Posts by: Dominique Pradel-Lewis

Ehab Tadrous Did you request good faith deposit and the money wasn't put in escrow?  If that is in your contract then you may have a point.  Chances are the buyer told you one thing and trying to do something different unsuccessfully.  One way to get out is to read the contract carefully and find where he has breeched it.  

@Tom R.  I have been going to HD for paint for decades without any problem.  When the paint doesn't match they are ALWAYS willing to lighten or darken it to get it closer to my desired results.  Please and thank you will get you much farther than attitudes. BTW how does threatening not to become pro on BP affect us?  If you have project where you are spending over $15k you need to prioritize what to spend time and energy on instead of having a meltdown over $3.  Paint are never an exact match even when you buy several gallon of the same color!

 It was a $2.94 refund

@Ehab Tadrous If I understand correctly you signed a contract with him to sell the property for $27k. When you saw his listing for 53k you thought to yourself "shoot he is making way more on this deal than I am".  In the mean time you lined up another buyer for $32k and tried to find fault with him and the terms to nullify the contract.  Why didn't you raise the issue of legality before signing?  Unless he fails to deliver on closing by 10/2 the contract is enforceable.  You signed a legal document and you should treat it as such.  You certainly don't want the reputation of someone who is not true to his words verbal or written.

@susan 

@Susan Little I agree about staying away from foreclosures as they can hide some nasty surprises from costly unexpected repairs to undisclosed liens.  Better get a property that you can get inspected and have time to do proper title search.  Also foreclosures offer less desirable title (some must be seasoned to resell).  Remember foreclosures are not always the cheapest option

@Brett Wagner I am not sure I understand your question.  Because you refer to people: who are not able to get conventional loans, not wanting to be full time rei and  brrr vs buy & hold.  

From my what I understand Buy Renovate Refinance Repeat is performed to allow you to keep acquiring unlimited number of properties virtually with your one initial investment.  This is essentially a buy and hold system that allows you to recycle your money. Most people put down 20% down (or any amount) using conventional financing, cash or any other financing method on a fixer upper at a discounted price.  Once repairs are done you pull your money (w/wo additional equity) through refinancing or HeLoC and move to the next property.  

You can choose to do this either full or part time, stop anytime you want, refinance the maximum or lesser amount.  Whichever you feel more comfortable with.  I hope this helped but if you have more questions feel free to ask.

@Ryan Keenan I am not sure why everyone is saying not to take money either.  I agree with @David S. when my tenant didn't pay the lawyer told me together with her 30 day notice to ask her for rent again: she paid and the notice was still valid.  Maybe it's different in other states But he told me you should never refuse what is owed to you. 

Try a smaller bank or a credit union

@Ryan Keenan  I can speak from experience with a tenant from hell: Chuck it to a learning experience.  As many posted leave it to the lawyers, do not communicate with them.  If they leave texts or messages save them.  Keep your cool cause this too shall pass. Trust me it will.

 Are you looking at the rental section?  It wouldn't matter if it's in a triplex or quad. Just focus on comparing same type of apartment with similar square footage in a specific area