All Forum Posts by: Patrick Roane

Hi Robert,

Good question. I echo what Kurt said and would only add that you are now one day closer to getting your first wholesale deal! Keep plugging away and before you know it, you'll be the next guru giving tips to us newbies. 

Peace,

Patrick

Jason, 

The numbers may make better sense to flip it, if we simply fix it up on the cheap .. one of our contractors said he could do it for $20 plus/minus .. after everything we still stand to make a bit of a profit on this, a minimum of 20k atleast. Not bad.

Hi Theresa,

Good idea. I know for sure that other condos in the complex can be rented .. but what I thought was interesting was something the Realtor said having to do with "ratios" . I didn't quite understand what she was talking about but the association has some kind of ratio having to do with the total number of units that can be "rented out" or something. She'd let us know.

Hey Kyle,

Great response. Thank you for that! 

Yeah, this particular Realtor left us a couple of "all business" messages that made her sound like she's been to a few of these rodeos before. That is why I laughed when you said "experienced Realtor". We'll definitely check w/the HOA for rent restrictions.

We have a couple of hard money lenders that we are communicating with so we'll see how it all shakes out. If nothing else, it'll be a learning experience!

Have you lived here in Northern CA for some time?

Hello out there from the San Francisco Bay Area! 

Happy Friday everybody. 

We are new to the game and need some wise advise on how to best prepare to make a cash offer on a 1 bd/2ba condo unit (1st flr) in Stockton with a focus on obtaining funding for a cash offer. We plane to either flip it or BRRRR it, preferably do a BRRRR.

Details below:

• We are not dealing with an owner in this instance. Instead, the property is being listed "as is" and there is an open house tomorrow afternoon for anyone willing to make a cash offer. 
• The place is in a state of disrepair to the tune of 30K plus/minus. 
• Asking price: listed as "investor special" at $75,000
• ARV is around: $150-160K (recent comps are coming in around 150=155k)
• HOA: $350
• Rents w/in the condo complex range between $1,195 on the low end up to $1,400

Do compete w/other investors who will probably be chomping at this bit for this place, we'll need to contact a hard money lender who will help us with the funds needed.

Any tips on the best way to proceed here would be most welcome!

Thank you.

Respectfully,

Patrick 

Greetings to everyone in the real estate investment world! My partner Mirela and I are relatively new to the game with a focus on buy and hold (BRRRR deals), wholesaling and fix/flips.

Looking forward to working with you all!

Peace,

Patrick

We are relatively new to the game and don't know much about investing in notes but would be interested in learning and eventually getting something going for sure! The question for the community is where to start?

Hello Sylwia

I'm in the N/W burbs .. I've been a creative investor for just over 1 year. I got my 1st deal several months ago and working towards my 2nd & 3rd. So, I've plugged into a system that helped me and I may be able to pass some wisdom along your way.

Please let me know if you have any questions and I'll be happy to help.

Hey everybody,

I just registered as a member here and I'm excited to contribute all I can. I'm a Sub2 investor and so far, my experience has been great. I am prepared to file my own taxes this year and was wondering about the schedule E. I have (1) investment property (the only money I put into this was for the marketing- which amounted to all of maybe 500.000) that I bought sub2. Technically, since I lease optioned the property to a tenant buyer- who gave me a non-ref option deposit (not a renter) .. is the schedule E the best form to use?