All Forum Posts by: Elizabeth Seiferth

@Elizabeth Seiferth, this is a cruddy situation.

I personally have not found penalties is either easy to enforce or effective.  Even if you have penalties available in the contract, given your "small payment" left, you may basically be telling the contractor to work for free from here on out (they won't).  And they very well could argue that your change orders due to inspections are what slowed it down so penalties are not applicable, anyways.

I have offered INCENTIVES to finish when I have been in situations closer to yours.  "I will give you $2,000 MORE than I owe you if you finish in the next two weeks, with full C of O". Yes, it costs you more, but at this point, firing them and getting a new person in will very likely cost you more than you owe the current guy, and anyone that is available at the drop of a hat is not likely to be someone you want working on your property, anyways. 

For future reference, I have basically started working with contractors that a VAST majority of bill is due upon completion.  These contractors often cost a bit more, but they tend to be more professional across the board because they a) have a bigger carrot at end and b) have better financial management skills.

Hey everyone! 
I've had my eye on real estate investing for about a year now, particularly interested in starting with house hacking. However, after recently relocating to California for personal reasons, I've come to realize that the market here is quite challenging for beginners like myself.

I'm contemplating shifting my strategy to out-of-state investing. I've managed to save up a decent amount for a downpayment, but I'm feeling lost about where to even begin. Learning about various investment approaches has been overwhelming and taking that initial step toward building passive income streams seems daunting. Ive read books and listened to podcast but cant seem to find the strength to take that first step.

If anyone has been in a similar situation, I'd appreciate hearing about your experiences and how you overcame the fear and uncertainty to take that first leap into real estate. What motivated you and what were your first steps to dive in and not let fear or lack of knowledge stop you from making progress. 

Thanks in advance for any advice or insights you can offer!H

I am looking to purchase my first flip. I am currently negotiating with the sellers. I have been in contact with a few lenders, and hard money lenders. I am curious to know if anybody has a good lender they would recommend for a first time investor? The deal I am currently looking at is purchase price between 50k-60k. Rehab between 75k-90k. ARV 205k. The goal is to flip it, but alternative exit strategy would be to refi into long term hold.

Ideally the lender I am looking for needs to work with first time investor, and also okay with the amount of rehab needed. (a couple lenders have told me it is to big of a rehab for a first time investor).

I have 25k in reserves, and need a lender that is okay with that. 

Any advice would also be appreciated!

Hi all. I have a wholesale deal under contract, but I'm seeing that title incorrectly shows 2 beds when there are really 3.  Seller claims all 3 beds are original & from my inspection, they appear to be original as well.  My buyers will still need some documentation though. So the question is- if title's wrong, where can I go next to get the docs that prove the 3 beds are original?  I'd guess that I could go to the county- but isn't that where title gets their info from anyway?  Seller has their purchase docs but they don't say anything about the number of rooms. Thanks in advance.

@Elizabeth Seiferth if you DM me suburb and scope size I will connect you with one or two people we have worked with.  

Hey There @Elizabeth Seiferth - Congrats on getting a flip under contract!  Which Chicago suburb is the property in?

Your general contractor in my opinion is one of the most key members of your team especially if this is your first flip.  The thing I have learned through flipping many properties is that slow is smooth and smooth is fast.

Make sure you vet your contractors as thoroughly as you would vet a tenant - I have learned vetting is one of the most important things I can do as an investor.

Hi Elizabeth, two reputable GCs in my network focused on the greater Chicago area are (i) Real Restoration and (ii) Construction Cycle. Happy to connect you if you still have a need.

 So how do you put an offer in without know the reno? So, you are tying the property up and may not close as you do not know the numbers. HMM all due respect, not cool to the seller. Seller is an idiot for even accepting your offer. You should always have it walked by your GC BEFORE you put an offer in. This could be a waste of time for everyone. I literally right now have my GC walking 4 props today, in one now. Once he tells me the number, I then make my offer. I will get at least 3 in contract today and close AS IS, ZERO contingencies in 10days /2 weeks. Get your team in place 1st. KNOW all the numbers 1st, then move forward 

All the best