All Forum Posts by: Garhett Langer

@Tchaka Owen, Thank you for sharing your stories.  I personally wrote a check to this homeowner for $250 (with an additional $250 promised after handing over the keys) and gave him 2 additional weeks to move.  Gave me a thousand thank you’s and handshakes and I felt like a saint.  He called me the day before the deadline and said things hadn’t worked out (money, place to stay, etc.) and that he just needed one more week.  I asked if I could still view the property and he agreed.  Not one. thing. in a box...  Week later same story.  Told him out of my hands and would begin eviction process.  Cut to yesterday evening, the date ordered by judge to vacate.  I notice vehicle gone from driveway and lights off so I (with some backup) investigate.  Well come to find Mr. homeowner is nailing up blankets in living room and claims heat and power turned off.  We live in ND so that’s serious stuff this time of year.  I talked with him briefly and said we would be arriving with sheriff in two days.  Gave some line about how he’s gotten a lot of different information (didn’t believe me) and said he wanted to talk the next day.  Unbelievable.  Oh, and called utility company, nothing turned off...  Seriously, wtf?

@Angie Williams, Thank you so much for sharing your story as well.  Hearing that makes me feel like I’m getting off wayyy easier with this guy.

@James Wise, Thanks for not sugar coating it! Ha

Clearly I was too idealistic and emotionally involved.  As Tchaka said, I’m happy to help the ones who help themselves, but the others have chosen their fate and it’s not my burden to worry about them.

Can’t thank you guys enough!  Weight lifted.

Hey guys,

I’ll share more about my first deal and how I found myself here in another post, but I wanted to make a specific post about something that’s been on my mind.

I work with a partner (he has the money, I have the time and hustle) and our niche is sheriff sales.  I’ve had a particularly challenging first deal.  The owner did not vacate after the redemption period (2 months here), OR the 3 day notice, OR the date set in the eviction hearing.  We are physically removing him tomorrow.  I did everything I could to help this man and he more or less lied and strung the whole thing out.  Our next property is also currently occupied, but I’ve managed to remain faceless and nameless so far, so hoping for less drama and heartburn.

While scoping out a potential property today, I noticed a child in the window as I drove by.  As I type this the image makes my eyes water.   Thinking about the possibility this kid and his family could be homeless in a few months.  I can’t help but feel somewhat heartless looking at this home as a commodity even though someone’s going to get it one way or the other.

To the others out there that deal in foreclosures (specifically sheriff sales or pre-foreclosure), do you have any advice on ways I can help these people or ease my conscious?  Should I make it my concern or just consider this business and be satisfied I can create a comfortable home for someone else?

Sincerely,

Garhett

@Kevin Dong  Thank you.  I like the idea of giving them an incentive to move out.  Gets the thing moving faster and hopefully with less holes in the wall.

Just to confirm, when you say “termination of lease” are you saying if they’re renting?  Or are you talking about owner occupants?

Great thank you both!  The sheriff answered a few questions and it sounded like we’d have to wait the 60 days before filing for eviction.  I’ll dig into that though.

I’ll definitely see if we could “pay them off”.  That would probably be ideal.

Thank you!

Hey Guys,

So may update with questions as I go, but first a little background and then on to the questions.

First off, no I wasn’t crazy enough to do a sheriff sale as my own first deal.  The short story is I found a partner who has purchased about a dozen himself and is just too busy to research the properties and manage the rehab.  That’s where I come in.  He basically needs me to figure out as much as I can on my own.

There property is currently still occupied by what we assume are the (previous) owners.  My questions is what’s the best way to monitor the property and know when the occupants move out?  Do I need to drive by every day for 60 days (right if redemption period)?  It’s been a cold winter in ND and we’re concerned about winterizing the property.

Any other advice about what to expect between now and the rehab?

Thank you!

If you’re talking about private money as in from friends, family, etc yes of course.  It’s whatever they’re comfortable with.  If you’re talking about hard money from a lender it’s more about the deal itself and your qualifications.

Hope this helps!

@Lee Ripma, hey great points thank you!  And yes I have a lot of confidence about it and assume I’ll have a similar experience as you did.  Thank you so much for your advice! 

I certainly understand and appreciate both your points of view, but in all fairness I’m not at the same point in my journey as either as you.  Knowing that I wouldn’t meet any of the requirements for other forms of funding (no previous deals & recently self employed) I would consider myself a much higher risk investment then either of you.  With that in mind I think a substantially higher return for my investors would be justified.  Risk=Reward.

@Lee Ripma, thank you.  I agree its ultimately up to me and the investors what a fair deal is.  I was just curious if anyone else had tried this approach to get their first deal done.

Also you’re probably both correct on the close-to-close time, but I feel there’s no way this deal would go past 6 months (unless it didn’t sell) because of the limited SOW involved.

@Lee Ripma  Thank you!  I was planning to finance the deal and then once it’s sold use the profits to repay my investors with interest or like I said a portion or all of the profit.  Is this considered acceptable or would most want monthly payments in the interim?

We’re planning no more than 3 months close-to-close.

Hey all, first post so please show mercy!

I've been researching for about a year now and analyzing deals for the last few months. I'm interested in BRRRR, but need to grow some capital first by flipping. I feel confident I know what a good deal is now, but have to admit I'm in no position to fund any portion of it. I believe I've got the hustle, intelligence, and time to make up the difference. I also have some advantages (Realtor's license, a father and brother who are great GC's, and you guys!)

So I’ve found what looks like a great deal and has plenty of room for error.  My only option is private money.  I think I can raise the cash, but I’m curious what I should offer the lender(‘s).  I see 12% mentioned often, but I’m curious if I should just give them a portion or even all of the profit?  The way I see it, I’d make some money on my sales commission, but most importantly have my first deal in the bag and a potential blockbuster that would allow me to attract future capital.

Your thoughts?