All Forum Posts by: George Sass

You're a couple hours late for a meet up. One happened today in Middleburg. As far as reia's go, I'm a member of Great Lakes REIA which is a member of National REIA. I recommend joining. We meet the third Wednesday each month out in Independence. As far as investing in Lakewood or RR, there are definitely worse places to invest. Plenty of multifamily houses in Lakewood and a large renter pool. I would recommend talking to Isaac Rowe who is on the site. He would be more knowledgeable on the area and is an agent who can find off market deals. I'd tag him on this but seem to be having a hard time doing so!

Get a partner. If the deals are that good, I would rather have 1/2 of 3 than all of 1! Or, you can try to find some private money. What is your experience level? Can you talk about past success when pitching somebody for money? You can offer them a decent return on their money and pay them off over time when you have rent money coming in. 

As a side note, if you are checking out a property and don't actually own it yet, it might be a bad idea to attach any identifying information for that property. Someone with questionable moral habits may see the opportunity and try to take advantage.  

You could use a HML during the renovation process and get the house livable, then once the place is fixed and occupied and the property is seasoned, you can refi through a more traditional lender and use the money to pay back your HML and, if you have enough left over, use the rest of the money to buy your next property. Make sure you know you can refi before you enter this deal though or you may get yourself in alot of trouble down the line financially.

It sounds like this guy is wasting your time. You should read up more on wholesaling and you will see what is going on. If he can't find a buyer he will use his contingencies to pull out of the deal just like @Shaun Reilly said. You can ask for a large deposit and I am about 99% sure that he will back out at that point. Your probably best off to put it back on the mls at the lowered price that you just went down to and maybe pick a different, better agent to list it.

Also, if you think the unfinished basement is the issue, you might want to consider finishing it. You might be able to get your price back up to your original point and it shouldn't cost 25k to finish it, even if you hire a contractor to do the work (unless you have water/foundation issues).

Welcome to the forums Tom. I'm a fellow newbie relatively new in my rei career. I have been a part of a rei club here in Cleveland and have found it to be quite helpful. If you want, you can PM me your email address and you will get sign up info emailed to you. We have a meet up the 3rd Thursday every month in Independence near 77 and 480

You said you have been looking at it for a while now. Has it been sitting on the market that whole time? Can you maybe get it for 70 instead of 80? That will help your numbers. Remember, you make money going in.

Unfortunately, I do not have a family member who served. '

Good work @Travis Christl , just took some time to beat them down!

Care to elaborate @Greg Koepke ?

TD looks like a a strikeout just by looking at their website. I'll give them a call tomorrow just to verify, but it doesn't look good. Looks like my next step is to google local Credit Unions. I should probably try to establish a relationship with a good investor friendly Credit Union anyhow for potential flexibility in the future. I'll also be checking out the marketplace. 

I tried 2 credit unions so I'll continue my search through those and I'll definitely check out TD. Thanks for the responses thus far!