All Forum Posts by: Hattie Dizmond

@Peter M. If the property has gone through the foreclosure process and is now an REO property, there should be little problem other than getting the bank's attention. However, is suspect you're actually talking about preforeclosure properties scheduled for auction. Those properties are generally still occupied by the mortgage holder. The owners are many times in denial and completely stressed. The bank doesn't have the right to show the property. However, you can contact the owner directly. You can approach them directly and offer you buy the property prior to auction.

@Tony Tillman. It's just an acknowledgement that you agree or at least find value in the post. I'll vote for a post, even if my personal opinion disagrees with the post, when the post is well written and logical. (I could be wrong!!) The benefit for the poster is that you begin to establish credibility as a knowledgable contributor to the community. Check out the statistics of people.

@Lance Middleton. If you can pull $30k out, after a year. Then you are only into the property for $10k. Which is the rehab you put in. $10k is a pretty darn good investment to walm away with a cash flowing property! I don't know what the market is like where you are. Those prices, here in DFW, would put you in a D/F neighborhood, which brings its own challenges. Just make sure you're prepared for the realities of what managing this property will be.

@Lilibeth Trevino Maybe a duplex or 4-plex that you could hack one unit of. Either that, or get into BRRRR with a SFR that will rent strong, after you put a little $ into and live in it for a year, then lather, rinse and repeat. Acquire multiple SFR and then convert into a MFR.

@Angela Waterman. I know what you mean, but, when talking about real estate, it's important to be specific, because true Oak Cliff is an up and coming area. Bit, it's much further north and on the west side of I-35. If this property was in Oak Cliff, I'm pretty sure it would have sold quickly at that price.

@Fas McO'nen. If your property was in Texas (maybe not Ausying, but real Texas!), you probably wouldn't have a problem. Than again, if the property was in CA, it might take years to get the squatter out. Someone earlier said, "Squatters have rights." No. They don't, but some municipalities endow them with rights that have no legal basis. Either way, if your PM is handling this, then let them. Bite the bullet and work through the process. You don't want to end up in jail, in contempt of court or with additional legal issues.

@Peter M. Everything Peter just said, plus... A particular property could have been analyzed 100 times and still on the market, because the numbers didn't work for those 100 investors. There are deals I pass on every day that other investors gobble up. My business partners and I have very strict financial criteria, and the criteria isn't negotiable. We all have full-time jobs, so deals have to have enough spread and fast enough turn to make it worth our effort and the risk. Conversely, a full-time investor would rather have $10k in profit, even with high risk, than no profit, because he is relying on the income. There's also the idea, particularly here in Texas, that a property that will cashflow this year might not next year, if the property tax increases, which is likely in A/B neighborhoods. There's just too many reasons to speculate, without having a specific property to discuss.

@Ryan Clevenger BRRRR still applies, you would just have to live in the property for 1 year, before you sold or turned it into a rental. No problem.

@Roberto Melgar I would see if I could exchange one of my current part-time jobs for a part time job with a realtor, contracto, property managerr or local investor. Otherwise, maybe you can find and carve out time for an unpaid "internship" with one of the above. In the meantime, start networking and learn everything you can.

@Pete Bauer It's interesting, because what is fair is whatever both sides agree to. It sounds like maybe you are having buyer's regret here. You said you put up all but $5k of the money, but you didn't specifically indicate who was fronting the cost of the rehab...materials, etc. Personally, if you have funded the JV and argued e fronting those costs, I think 50/50 is skewed towards the contractor, because he isn't assuming any financial risk. Just my 2 cents.