All Forum Posts by: Doug Crenshaw

Hello Keenan... Although I am not in the immediate area... Who am I kidding... I am not in your area at all!  RE Investing is ALWAYS a risk! I don't care if the cows come home, Corona is in the air, or if the stock market took a dump... It is all risky... Do what you do and have done and things will work out in the long run! As long as you are doing it right... Buy Right and Sell Right... 

After God created Adam and Eve... he stopped making dirt... He who buys the dirt is always the winner!

Hello Ronald...

Well first off.. I hope you did not buy a property "Sight Unseen" in that you never saw the inside of the property! I work with MANY investors and I would never ask them to buy a property you can't get a look at first! I don't care if you pose as an Insurance Adjuster or a pimp wanting to put up poles in every room... You should always take a look at a property, even if it is via YouTube or in person. I take videos of properties that I want my investors to look at. If I cannot get a video then I don't even waste their time or mine!

Now as far as Pros & Cons to having tenants in place... Let me ask you this... If you knew that a particular horse would win the race... would you place a bet on that horse? If you said yes.... then yes it is GREAT to know that your horse will win! If I showed you 2 different properties... The first property was already rented out and has been for years... and secondly the property has no tenants... Why would you go with no occupancy? If there is NO Occupancy, the first question should be why not? I would never want to buy a property that has 0 Occ... two reasons... Why... and Why Not? Even the worst of MF will have a couple hangers on that LOVES the property, because grandpa lived there or whatever! The ONLY way I would even suggest for one of my investors to buy a 0 Occ property is because we are waiting for it to be built!

Hope that helps your decision! Good luck and stay safe!

Well the best way is to ask the lenders... not the Realtors... LOL Being a Lender you know more about that part than I do... Good luck getting the details you are looking for... (I politely bow out!)

Hey Derek... Sounds like you are a Hard Money guy trying to test the waters... Great place to start for sure! I would say that in this particular time we are all having to adjust... If nothing else... buy more toilet paper! Just in case! Seriously though... if you are wanting to loan money, then I would say do what no one else is doing and allow a different perspective. Maybe you go with adjustable rates, lower down, lower interest... what ever it takes to bring the deal down. Typically as investors we are looking for nothing more than to use hard money for the down payment, repairs, and closing costs for a short term rental of the money... Why not make it a longer term? Less Interest? Better terms? The worst thing you can do is to manipulate any numbers to make you the beneficiary...

An ARV is and ARV... you start playing with that... then you start losing credibility... lose that and you are out of the market!

Food for thought!

NNN is like the Unicorn... hard to find and don't believe it when you see it... HOWEVER... they do exist! If I had a choice between the two... I would go with NNN anytime! Less overhead, less headache, and a better bottom line... Just don;t be ready to reel in the big one without a few getting of the line first!

Hello Trevor... Sounds like you need a good Mortgage Broker that can find a multitude of financing options... All of your questions are mortgage related... Find several near you or try some online versions as well... That would be my my advice!

Have not seen any slow down here in Tampa area... For SF or MF...

Hello Reagan... Well I have to say you are NOT alone! There are many new investors out there with the same type of questions! 

I have been working in the investment world for almost 20 years now... It is always great to see new people joining the ranks! Hang in there and you can make that $40K seem like a drop in the bucket later!

The BEST and easiest way to get the ARV and MAO numbers is through an Investor Friendly Realtor! I not only say that because I am one, but also because the field that we play on is more evenly matched. A lot of investors that start oiut try using Zillow/Trulia and other such sites to get the ARV & MAO. The biggest key to Real Estate Investing is to Buy it Right... and Sell it Right... If you don't have the ARV right or the MAO right you will fail...

To get the right numbers I would suggest getting with an "Investor Friendly" Realtor that can get you the correct information to be able to buy a property. Ask them how they evaluate a property, what forms do they use, how long have they been working with investors, and what investments do they have? Just to start... If they do not answer these very simple questions then move on. I am not familiar with anything above the Florida border so I cannot assist you... other than on general questions about RE Investing. If you have any questions I will be happy to answer... just give me the specifics and I will be happy to respond!

Good luck out there and stay safe with all the Coronavirus thing going on!

Thanks,

Hello Susie... Well it sounds like your draw amount may have been too large to make them second guess finishing the project. More than likely they have another project that they are moving on to instead of working on yours. You have two choices to make - 1) continue to allow this one contractor to delay everything or 2) Move on and count your losses. I don't know the numbers you are working with, but you have to ask yourself if it is worth hanging on.. or letting go? I had the same thing happened to me early in my investment endeavors... Sometimes you just have to say enough is enough... and move on!

Any agent in this case, the full commission is not fair for you to have to pay if the agent is not doing their job. However, if the contract was written and you agreed, then the commission is part of that contract. If you feel like the agent has not done their job, then contact the broker and not the agent and let them know you are not happy and why. You would be surprised at how many brokers are unaware of what their agents are doing. The broker is the one the contract is written by, not the agent. There are other measures you can take if the broker blows you off, but I would start there...