All Forum Posts by: Greg Feilner

Is this happening today?

@Basil Kostaras

1) Great question! didn't think to ask that. I defiantly will ask next chance i get.

2) From what i'm reading and understanding the 30% is cash on cash return. so once the one house is built and sold the money plus the 30% will be returned to me and it is my responsibly to do the taxes on it. I will inquire more on this also. He did verbally mention that I could leave the money plus the returns to his LLC if I wanted to do another flip with him. But I don't recall anything in the DOC about that.

3) I'm in Texas if that helps. That maybe what he is supposed to send over next.

Thanks again!

Thank you all for your reply!!

@richard rajatan I guess the none DISS was also a investor agreement if you will. He also said that he will be sending another doc that will "Have all the contact info and details" before i hand any money over.

@Miguel Del Mazo I personally feel like i understand what he is talking about as far as numbers go and what he is doing. what i guess i don't know is the fine details as in payment and how and when it happens. maybe this will be explained later. my wife is the one who is a little more how you say shy when it comes to any form of handing any money over. cant blame her. I will defiantly ask to see more paper work on the liget of his claims. As of the comps they look right to what he says. Thanks!

@Enrico Angella Thanks for the input i will keep that in mind.

@Julius Chinn Chicken not 100% sure what you mean. would love to hear more on your thoughts. I always try to keep my partner in the loop and listen what she has to say. She doesn't have a great knowledge on real estate but she will always listen to me yap about it.

A old coworker has started a RE investment group recently. Basically asking for money in return of a 30% ROI. My partner says that she does not trust it and thinks that he might just take the money and run. He has a LLC that I was able to confirm that is real and registered. I signed a none disclosure agreement already that seemed pretty straight forward and basic.

He definitely talks the talk and walks the walk of someone that has a understanding of RE. He showed me the numbers and the area that he wants to flip houses in. I did a little research and found that the area and the numbers match. He is saying that once the deal is ready that I will have full access to the property and everything that is going on.

His plan is simple. He has found an area that is growing. He wants to buy some land developed it then sell the house. After all is done he will return the money plus 30%. He claims to be in the middle of construction of a house right now and has found another lot that he thinks is good and has the contractors ready to go.

Was wondering if anyone has any good questions I should ask before I hand any money over or any signs to look for that may make it a scam. I personally trust him but you can never be to careful.

Thanks for reading!

I have called 3 different title companies in my area and they have said the same thing. Basically they are the last person someone goes to. And that if said person did go through them they can't really give out any information. 

Thank you so much for the response, encouragement, and direction!

The GIS was a little confusing but fun to play with. I will continue to dive deeper into it.

I was able to find a P.O. Box number. I have already sent out a letter to it asking about ownership and if they would want to sell the property.

So for the previous seller info I noticed it was different people selling to the C. Trust. I did see the one MF home that was a R.C. that sold to the C. Trust. That R.C. has a single family home when I searched for them. I have also sent a letter about the property to the address of the single family home.

I will try to get in contact with a title company asap. I think that would probably be my best best.

Thanks for reading! Fair warning I am not a writer at all so please forgive me for the many mistakes I will make.

Quick note. This would be my first deal ever.

My partner and I where walking around our neighborhood a few days ago and happen to take extra notice to a MF that had very overgrown grass. I remembered a spinet from "Bidding to buy" that said something along the lines of unkempt grass can be a sign of a foreclosure. I made a little joke to my partner about it (it being my silly knowledge of this little fact). Maybe a week later we where walking once again by it and the grass was cut. I make a joke about it again. She happened to notice something that we both did not the last time around. There where boards on a window and what looked like papers attached to the front door. We decided to take a closer look. Low and behold it was papers for condemnation. We made some more jokes about buying it and how it would be perfect to move in one side and rent out the other. Well I thought about it more and more and it dawned on me. WHY NOT?! So we went back to take a closer look. The duplex was totally empty and in great shape. According to the papers on the door it had been condemned since 2018. The papers did not say much. Just about the grass and a few windows had been boarded up on one side (other side seemed perfectly fine). We called the number that was provided on the papers. It was to a sheriff. He sounded very confused how we got his number plus had no idea about the property. He was kind enough to give us a number to someone that he claimed would be able to help us in this matter of finding the owner/any history on the building. Alas all this kind lady could tell us is that it was condemned because of the tall grass and she had no info on the owner.

Luckily my partners sibling just started being a realtor. We asked her and she had no idea or even a clue. She did let us have access to her MLS where we were able to look at the property. It said it was owned by a C****** Trust (I don't want to put the persons name because I have no idea where that could lead) looking on the MLS we found that C Trust had a few other MF homes around our city. Feather investigation also showed that C Trust sold a few of there MF to a R****** C (C being the first part of the Trust. So it appeared to be a last name).

Not sure what to do with all this information or where to go next. Googling C Trust or R.C. got us no where useful. I would really love to talk to the owner and find out if they are willing to sell because of the blatant abandonment of the MF home. Any advice or direction would be awesome. Thank you so much for reading.

Side note. This MF duplex is in great shape other than the windows on one side. The fences is neglected and falling in on parts. The "good" side looks perfectly fine. The "bad" side looks fine except the windows being boarded. Very confused why someone would leave such a nice looking investment to rot.