All Forum Posts by: Frank Geiger

Does the home have a sump pump? That's some pretty bad cracking. My guess would be all the pressure on the concrete is forcing it to shift and crack. Walls are a lot harder to fix than the slab. I paid 3k for a slab repair with pump installation but that's on the cheaper side. I believe the area was 20'x15'.

@Jaron Walling then the government forgives the remaining balance after 20 years adding to the national debt...

You agreed to a 20% DP but he is covering 100% of the purchase and rehab? That is contradicting. Do you have a personal relationship with this person or did you find them on a website? If they are a "professional" private lender, this is normal. If you have no skin in the game, I would say 15% is reasonable.

Seems like you need to network more if you have 200k cash burning a hole in your pocket. That's no small amount and like @Joe Villeneuve stated, you figure out how to employ that cash you aren't far away from your number. You need a system then repeat.

I'm in the middle of Shoe Dog. The book is a captivating read. Phil Knight's initiative and ability to outwork everyone else is super motivating. Guy didn't take no for an answer.

@Heidi Kenefick don't blame you for running! Inspections are well worth the money when it saves you from a devastating loss like that. Probably not too late to submit that low ball offer. In my mind, its worth a try. Owner is probably overwhelmed with the inspection results. Asbestos isn't really that bad/hard to eliminate. But when you stack them all up those are some huge expenses.

Rent to own? Access equity with HELOC and put into another property? Section 8?

Some wholesalers do that. It's not the most comforting and I don't suggest it for your first deal. If you do, make sure to have plenty of reserves. They want to lock in your escrow money.

A mentor once told me not to dabble in RE. You're either in or out. What others have said about finding a partner would be a good idea. You may want them to manage most of the RE process and you front the money. Taking part of a syndication may be another option. The entire BRRRR process is tough and takes a lot of time and management. There are ways to position yourself into a more "passive" role.

@Justin Kane thanks for the response! I sent you a PM.