All Forum Posts by: Randy Charboneau

@Brandon VanTuinen  FYI the appreciation rate in City of GR is around 6% right now, so you're making around $24,000 a year just living there.

I agree with this.   It's important to get to know your team and trust them before moving forward.  A great team can save you so much time and hassle.   I've personally helped many OOS investors here and they've been very happy with returns.  I've talked with some other investors who had bad experiences with other agents and reading some of the stories here makes it even clearer the right team is paramount.

If you decide to look at West Michigan feel free to reach out and I'll give you any data you need.  I also have a list of contractors and PM's I can recommend  for this area as well.

Well I kinda asked it already.  How exactly did it all work?  Typically, Wholesalers get a property under contract and then remarket the property while it's under control to investors looking to make their spread and then assign the contract and get out of the way.   They really don't have the power or right to place any kind of lien on the property while they simply have it under contract and aren't doing any improvement to the property.  So, what exactly happened?   You mentioned you know SEVERAL who placed liens?  Like how many have done this?

That's quite a claim.  You know SEVERAL that have placed liens on properties?  How exactly did they manage that?  Did they have a clause in the contract or something?  I've not heard of this happening so I'd love to hear the details.

Hey Mark!  Battle Creek area is one of my home markets.  I have a couple of property managers that I work with over there that might be a good fit.   They'll want to know what your future plans are and if this is a one off, or the start of a portfolio that could add on in the future.   What are your future plans over there?  Shoot me a message when you get time and I'll see how I can help

Hey Allison!  I've got quite a network of wholesalers in my circle of business that generate properties across West Michigan including Muskegon.  Is there something specific you're looking for?  Shoot me a message sometime and let's chat and see if I can help.

Negotiations during the due diligence period can be a tricky ordeal.   If there were competing offers you could risk losing the property if you ask for changes depending on how the contract was written.   Assuming it's just you and the seller and no other pressure or competing bids then you have an advantage since you have something the seller wants (money) and he can't get it unless you give the okay to move forward.  

In Real Estate, if a seller is aware of an issue with his home, he needs to disclose that to future potential buyers.   If you discovered something he wasn't aware of and inform him of it, it becomes part of the disclosure process going forward now.  So, even if he won't fix it for you, other buyers are going to have the same issue with it so he knows he'll have to either address it with you or someone else.  He doesn't have a choice.

Basically you need to decide what is fair and form a plan. Inform him of the issue and decide what needs to happen in order for you to proceed to closing. Give him a path to the finish line. (i.e. 50/50 on the repair or drop the price or whatever). You can exchange ideas with your agent and have him work something out with the other side through conversations but once you all agree on a plan you MUST GET IT IN WRITING so everyone is legally bound and your EMD and interest are protected. An addendum to the agreement is a common tactic for this that everyone signs

If I was the agent here, I'd advise my client to just ask for the repair to be completed to 100% satisfaction and see what they come back with.  If they agree, then done.  If not, then they'd need to come up with a plan we'd be happy with like:  Have us get 2 estimates and get a credit at close equal to the lowest one or something.    If they 100% refuse to deal and its take it/leave it, then you need to decide if you're willing to buy the house with that issue.  If not, then you walk and find a more reasonable seller.

Hello Kyle!  Welcome to BP!  Real Estate investing can be very exciting and a solid path to wealth building!  I hope your appointment with your loan officer when well!  What kind of properties are you looking to purchase in the near future?

Hey Caleb!  There's certainly quite a few of us around but things have been kinda slow since the interest rates jumped up and BP is doing a revamp of their website and overhauling the different premium tier packages and I've noticed its been messing with notifications and keywords and such so some people are just missing posts they would normally see.  I'm sure things will get better as we go through the year.  I'm over on the West Side of the state so wouldn't be able to do a meet up in Detroit but I know there are some Detroit agents around so just keep monitoring this thread and I'm sure you'll get some participants soon

Hey Matt!  Welcome to BP!  Looks like you're in West MI and that's an area I cover.  I'd love to be a source of info for you if you need it.   West MI is a great place to invest and we've had some crazy good appreciation numbers in pockets of this area that are really making a lot of investors some great returns and positive equity positions.   I also have access to contractors if you need some help with a flip or such.   Let's chat when you have time and I'll see how I can help!