All Forum Posts by: Gunnar Sevart

@Tom Gimer @Brandon Sturgill It sounds to me that at this point the POA route is not an option anymore. I heard that we have an attorney has to submit a package to the courts and wait 45 days for a trial date to see if the seller's son qualifies for guardianship. This will put a hiccup in the timeline for the deal.....Thanks for the response gents!

Working with a seller in DC that is acting on behalf of his mother who has dementia and is in the hospital. Without realizing that his POA was not valid (until our trusted title company informed us of the incorrect documentation) we now have a contract with someone who cannot legally sell us the property. The seller wants to help his mother get rid of the house, but I am unsure of how to proceed if the mother cannot legally sign off on anything. Thoughts?

@Marcus H. I completely agree with @James Wise. I am licensed just starting out, but my boss started his career as an agent. He built his team and invested himself all at the same time. Eventually you get to a point where things start working for you. MLS access is a big bonus plus you can list your own properties if need be. If you are still green and need help definitely reach out to a broker or agent who can help you with your search.

@Diana Baker I attended not Hilary Farr's Rules of Renovation, but rather Elite Legacy Education. There is nothing wrong with Gurus, but they are not some savior from the clouds. There are a lot of good things that come from those especially if you are new and know absolutely nothing about real estate. The deals are where you will run into trouble. People will tell you that if you get a good deal then money will find you, but my counter to that is that you must be able to present and paint a picture for the deal. Then money will find you. 

@David Faulkner I think another issue is that maybe you are going at this alone. You should be networking and finding wholesalers, but go to an agent and map out what you are looking for. Have a couple scanning the MLS for you and leverage their time. Some agents may have the answer for you on how to get better deals. They could help you negotiate deals and give you pointers you may not know about.

@Graham Zomermaand As a lender I see why people use Hard Money as opposed to private money. Hard money is there for you and loan officers will work with you on getting you 80% of the project cost (Purchase+Reno). Hard money lenders offer proof of funds letters and can close very fast. Neither a high credit score nor a income statement is critical. You will have to bring roughly 20% down plus a little working capital. Hard money is a gateway to start your investing career as it'll allow you to start getting a couple flips under your belt. The ultimate goal of an investor is to find cheaper and cheaper money. 

@Terry Dunn @Jeff Sprunger Shaun McLouskey from Lifeoniare said that living debt free is a lot less stressful than continuously leveraging and having to rely on tenants to pay off your mortgage. If you own 12 rental properties free and clear at $1,000 a month you should have enough cash flow every month to cover expenses and such. If you have 120 rental properties leveraged bringing in $100 a month, then think of the all the work to manage them for the same return. 

@John C. When you sign the contract to acquire the property there will be an agreement stating that the renters leases will be honored. If the tenants leases are expiring soon after closing, then you do not have to renew it. That'll probably be one of your criteria when trying to purchase a duplex/triplex. One of the tenants lease will expire soon. 

Welcome to BP @Alejandro Flores. I admire your motivation in marketing yourself as well as getting your license so young. I believe the biggest piece of advice to understand that this business is not a sprint, but a marathon. If you are wholesaling you should not be discouraged if you haven't seen any results for 6 months. Other than that it sounds like you are on the right path. Best of luck to you.  

@Joe Kim I do not mean to offend you in any way, but rather open you up to a new way of thinking. As a real estate investor you have a lot of the control. I do not know the PM's situation nor yours, but your time is extremely valuable as is his. With that said you have to ability to acquire more rental properties and feed the system you have created with your PM. Your "empire" can be much larger than his and you have the choice of who maintains it. The only capability he has is to maintain the system. While 6%-10% may (and possibly is) a lot for a single property, spread that over more rental properties and watch as this will benefit you both over the long run. Use future business as a negotiation tactic to lower your costs per unit. If you bring more volume, then he can lower his prices per unit. 

Like @Ryan Murdock said, you can always look for someone else to learn the system already put in place and begin to phase your current PM out. Usually this could be a newer, more energetic PM who in return for all the business will provide lower rates. Always be talking and vetting new prospective vendors for your properties. I say if you feel they are making to much per property, then purchase more, give them more work and receive the rewards of all the more rental properties you have. Best of luck!