All Forum Posts by: Chris Riggins

Looking for a referable, smaller management company in the Memphis TN area who specialize in 5-20 unit multi-family buildings.  Id love a  PM with any info someone might have.  Thank you

Hi Tyler, please add me to your buyers list.  Thanks

Chris Riggins

Total asking price?

Hi Sean, all of our projects are in Newport Beach, Huntington Beach and Seal Beach.  Is this project anywhere near these areas?  Shoot me a PM.  Maybe I can help.

PP= Purchase price.  Sorry I tend to abbreviate a lot.  I wasn't sure why you were planning on pulling more $$ out of the property, but to fund another deal sounds good to me.  Good Luck!

Hi Shaniqua,

If everything pans out this sounds like a good deal for you but I would consider the following very carefully,

1)  Why, if this property is assessed at 100K , Is the PP 15K?  That's an automatic red flag to me.  Run comps in the area, find out number of days on market etc, form an exit strategy just in case

2) If the PP is 15K and estimated repairs are 30K, then why refi 60-80K?  That just drags down your potential immediate cash flow.  You may want to  keep it simple and collect the cash flow for another project.

3) Lastly, I might reconsider converting this back to SFR. Think of it this way, if one tenant moves out of a duplex, your vacany is 50%. If one tenant moves out of a SFR your vacany is 100%. Why take away an extra rent check?

As far as a Section 8 program goes, I don't have much experience with it but good luck.

Send me a PM.  Lets Chat.  I have some deals coming up which I will be looking for funding for.

Hi BP community.  I am a Residential Contractor in Southern California.  Im considering a move to the Dallas area of Texas.  Id like to partner with an investor who is currently flipping houses in the Dallas/ Fortworth area and who would value the partnership with a experienced residential contractor.  Any interested investors in the community?

Hi Anthony, Thank You! I appreciate the feedback.

As a contractor I can tell you that the only way you will know is by having a third party do an air quality test, no this is not something you can do yourself. Remediation companies, (at least here in California) are required to use a third party to test. The technique of sealing with a primer is generally used for fire (smoke damage) and applied to framing members, ive never heard of or seen a remediation company seal in mold with primer so I would say be careful on this one, it sounds like it could turn into a mess