All Forum Posts by: Jared Lichtin

I am selling my rental in Akron, Ohio for $225,000, but I would be open to a lower offer from an investor, as the home is tenant occupied for another 13 months. 

This house was my principal residence from 2013-2015, then I rented it out to a super nice couple in their 50's for $1,700/month until June, 2018. I purchased it in 2013 for $183,000, but the market in this area, Fairlawn, has exploded. There's barely any inventory. When I put the house for rent online, I got 40 inquiries in a couple days, and multiple offers to rent the house. I would contact an agent there to confirm, but it certainly seems like you could rent the place for $2,000+/ month, considering there is no inventory, and a ton of families wanting to live in Fairlawn for the good school district. Property taxes last year were approx. $3,600. Any questions, feel free to email or call. [email protected] (440) 840-4382.

See listing here: https://www.zillow.com/homes/for_sale/35330660_zpi... 

Hi, I have been seeing a lot of posts about tenants applying for a lease through a property manager, and getting denied for a low credit score. Whether its for a rental property or multifamily, I assume investors meet perfect tenants sometimes but their credit isn't great.

I am an attorney running a real estate practice in Houston, and my credit repair company I use has been fantastic for protecting my clients' credit through consumer fraud transactions. However, he only does b2b accounts for protection & repair.

Anyone know if property management firms might be interested in his services? I know credit repair is a shady area, but he's quite successful at cleaning up my client's credit in 60 days. (collections, judgments, liens, foreclosures, bankruptcy, etc) Sorry hope this is the right place to post this.

I am a real estate attorney, and recently I started using a small company to do credit 'block & repair' to delete items off my clients credit reports, and block property developers from hitting their credit. 

It’s pretty amazing.. I have had 95% of my clients blocked from property developers and other fraudulent transactions. The other 5% have been cleaned up after the fact in 30-60 days. It’s actually not that expensive either. The CEO of this company has been in credit repair for 25 years and has generated millions of dollars in credit repair revenue since the late 90s. He has expanded his business, and asked me to reach out to my network of real estate professionals to see if anyone would be interested in working together.

Are there any brokers, realtors, or attorneys who would be interested in cleaning up their client's credit reports? I imagine there has to be a lot of you in the mortgage industry who would love just to try this product out. There is no volume requirement, and you could probably get a free trial on a few people if you are serious. 

Again, here's the basis of the product. They put a trade-line block on the client's report, and send a fraud notice to all three major credit bureaus (if there is fraudulent activity). They send a letter to a property developer informing them that a block has been put on the report, a police report is filed, and a complaint has been filed with the federal trade commission. On the repair side, they have any negative remarks or disputes deleted within 60 days. 

I'll even pay a generous referral fee if someone knows someone (maybe a bankruptcy or tax attorney) who does a high volume of clients and would benefit from this kind of product.

If you are interested I'd love to hear from you. Also, any thoughts on who might be interested, or maybe some niche I'm missing? Thanks for your input.

I would think running Facebook ads are a really undervalued space. Run the ads to their kids, age 40-60 and only focus on your local zip codes. You could probably flood a small facility with dozens of leads per week. I am seeking a property to run a facility for people seeing my chiropractor long-term. But also as a new resident of Southern California, networking w ppl who are in the rcfe space. I'll definitely experiment w fb ads, as I already know how to run them myself.

Dante Devine messaged you. Curious to know your thoughts.

I started a brief discussion of this in the BP Pro area, but would like to post it here for a serious private investor interested in splitting profits on a legitimate vacation rental in Huntington Beach.  See below :)

Bit of an unconventional project that I am seeking to jv with someone.

Purchase price: 800,000-900,000, Cash down: $160,000-$180,000

Profit Split 70/30 to 50/50 depending on capital & financing ability

Monthly Expenses (Mtg, Utilities, Insurance, Chef, Cleaning, Driver, Groceries): $8,000-9,500/month

Rent Price: ($120-140 per night, 4-6 tenants) Ability to bring in $15,000-$30,000 per month

I injured my back last year, and multiple doctors said I needed spine surgery. Long story short, I found a chiropractor in Huntington Beach that saved my life over the past 7 months. His practice is thriving, with his strong internet presence, he sees over 150 patients a day, 6 or 7 new patients. Almost all of them have no idea where to stay, and either opt for an awkward Airbnb situation, or a full on hotel without a kitchen. This is really counterintuitive, because most people find out about my chiropractor on the internet, so 2/3 of his patients are not local to LA, many international.

I realized there is a huge opportunity to purchase & operate a 'short-term vacation rental' to these patients, while they heal at the chiropractor. This term is what the city calls it, not me. I see it as a natural healing facility with all the amenities are available to patients. A driver to drive them to the chiropractor twice per day, pick up groceries for them, and a person to cook healthy meals and clean the home. While some patients are there for a week, the majority stay 1-3 months at a time. These are mostly people with neck & back injuries, but they do not need help bathing or grooming, so this does not need an RCFE license... I already confirmed this with the State of California. It does not need to be wheelchair accessible.

I also spoke with the city of Huntington Beach, and the planning commission told me the only codes I would have to abide by is to make tenants sign a lease for at least 30 days. As short-term airbnb's are technically illegal, as these chiropractic patients come into town for a significant amount of time, I could easily comply with local zoning codes by making them sign one month minimum leases.

My hope is to provide a home in where 5-6 patients at a time can stay, a driver can drive them to the office, and someone can cook, clean, and get groceries for them. I would like to close on a place by February 1, 2017. I already have a few booking requests and secured a few down payments to lock in a spot. I know a lot of patients who stay there, and as this progresses, I will set up a nice looking one-page website that the chiropractor's office can send people to if they are interested in booking.

I am seeking an investor who has some experience partnering with financing rehab projects. I have some experience flipping, but I used my own money because I was in a much cheaper market. Now that I am in Orange County, things are significantly more expensive. So, the ideal investor would be located in Southern California, and can qualify for a conventional loan though a bank. The homes I am looking at are listed at $800,000-900,000, so I would need someone with $160,000-$180,000 liquid cash to put down. I can possibly put in $20,000-$40,000. However, I just want to feel okay working with the investor.

The numbers work, but I am curious what you guys think. If you are interested in investing, please PM or email me.

My Experience: Most of my experience is in fix and flips, but I do hold two rental properties in Ohio. I also did a podcast last year called 'Flip'.

I run a law firm in Irvine that focuses on real estate matters, mostly timeshare law, and I live in Newport Beach.

Thanks! Super excited to get this off the ground.

I started a brief discussion of this in the BP Pro area, but wanted to get everyone's take on this. 

Bit of an unconventional project that I am seeking to jv with someone. Interested to hear your feedback. Brief specs for the quick reader, and more in-depth story below.

Purchase price: 800,000-900,000, Cash down: $160,000-$180,000

Profit Split 70/30 to 50/50 depending on capital & financing ability

Monthly Expenses (Mtg, Utilities, Insurance, Chef, Cleaning, Driver, Groceries): $8,000-9,500/month

Rent Price: ($120-140 per night, 4-6 tenants) Ability to bring in $15,000-$30,000 per month

I injured my back last year, and multiple doctors said I needed spine surgery. Long story short, I found a chiropractor in Huntington Beach that saved my life over the past 7 months. His practice is thriving, with his strong internet presence, he sees over 150 patients a day, 6 or 7 new patients. Almost all of them have no idea where to stay, and either opt for an awkward Airbnb situation, or a full on hotel without a kitchen. This is really counterintuitive, because most people find out about my chiropractor on the internet, so 2/3 of his patients are not local to LA, many international.

I realized there is a huge opportunity to purchase & operate a 'short-term vacation rental' to these patients, while they heal at the chiropractor. This term is what the city calls it, not me. I see it as a natural healing facility with all the amenities are available to patients. A driver to drive them to the chiropractor twice per day, pick up groceries for them, and a person to cook healthy meals and clean the home. While some patients are there for a week, the majority stay 1-3 months at a time. These are mostly people with neck & back injuries, but they do not need help bathing or grooming, so this does not need an RCFE license... I already confirmed this with the State of California. It does not need to be wheelchair accessible.

I also spoke with the city of Huntington Beach, and the planning commission told me the only codes I would have to abide by is to make tenants sign a lease for at least 30 days. As short-term airbnb's are technically illegal, as these chiropractic patients come into town for a significant amount of time, I could easily comply with local zoning codes by making them sign one month minimum leases.

My hope is to provide a home in where 5-6 patients at a time can stay, a driver can drive them to the office, and someone can cook, clean, and get groceries for them. I would like to close on a place by February 1, 2017. I already have a few booking requests and secured a few down payments to lock in a spot. I know a lot of patients who stay there, and as this progresses, I will set up a nice looking one-page website that the chiropractor's office can send people to if they are interested in booking.

I am seeking an investor who has some experience partnering with financing rehab projects. I have some experience flipping, but I used my own money because I was in a much cheaper market. Now that I am in Orange County, things are significantly more expensive. So, the ideal investor would be located in Southern California, and can qualify for a conventional loan though a bank. The homes I am looking at are listed at $800,000-900,000, so I would need someone with $160,000-$180,000 liquid cash to put down. I can possibly put in $20,000-$40,000. However, I just want to feel okay working with the investor.

The numbers work, but I am curious what you guys think. If you are interested in investing, please PM or email me.

My Experience: Most of my experience is in fix and flips, but I do hold two rental properties in Ohio. I also did a podcast last year called 'Flip'.

I run a law firm in Irvine that focuses on real estate matters, mostly timeshare law, and I live in Newport Beach.

Thanks! Super excited to get this off the ground.

Jake Knight thanks man I appreciate it! Do you know of anyone that might be interested?

Bit of an unconventional project that I am seeking to jv with someone. Interested to hear your feedback. Brief specs for the quick reader, and more in-depth story below.

Purchase price: 800,000-900,000, Cash down: $160,000-$180,000

Profit Split 70/30 to 50/50 depending on capital & financing ability

Monthly Expenses (Mtg, Utilities, Insurance, Chef, Cleaning, Driver, Groceries): $8,000-9,500/month

Rent Price: ($120-140 per night, 4-6 tenants) Ability to bring in $15,000-$30,000 per month

I injured my back last year, and multiple doctors said I needed spine surgery. Long story short, I found a chiropractor in Huntington Beach that saved my life over the past 7 months. His practice is thriving, with his strong internet presence, he sees over 150 patients a day, 6 or 7 new patients. Almost all of them have no idea where to stay, and either opt for an awkward Airbnb situation, or a full on hotel without a kitchen. This is really counterintuitive, because most people find out about my chiropractor on the internet, so 2/3 of his patients are not local to LA, many international. 

I realized there is a huge opportunity to purchase & operate a 'short-term vacation rental' to these patients, while they heal at the chiropractor. This term is what the city calls it, not me. I see it as a natural healing facility with all the amenities are available to patients. A driver to drive them to the chiropractor twice per day, pick up groceries for them, and a person to cook healthy meals and clean the home. While some patients are there for a week, the majority stay 1-3 months at a time. These are mostly people with neck & back injuries, but they do not need help bathing or grooming, so this does not need an RCFE license... I already confirmed this with the State of California. It does not need to be wheelchair accessible.

I also spoke with the city of Huntington Beach, and the planning commission told me the only codes I would have to abide by is to make tenants sign a lease for at least 30 days. As short-term airbnb's are technically illegal, as these chiropractic patients come into town for a significant amount of time, I could easily comply with local zoning codes by making them sign one month minimum leases.

My hope is to provide a home in where 5-6 patients at a time can stay, a driver can drive them to the office, and someone can cook, clean, and get groceries for them. I would like to close on a place by February 1, 2017. I already have a few booking requests and secured a few down payments to lock in a spot. I know a lot of patients who stay there, and as this progresses, I will set up a nice looking one-page website that the chiropractor's office can send people to if they are interested in booking. 

It would be a bit easier to pitch this to an investor if I had a full booking schedule. So, if you are interested I can provide you with all the patients who have pre-committed to the facility and understand the price of approximately $120 per night is likely.

I am seeking an investor who has some experience partnering with financing rehab projects. I have some experience flipping, but I used my own money because I was in a much cheaper market. Now that I am in Orange County, things are significantly more expensive. So, the ideal investor would be located in Southern California, and can qualify for a conventional loan though a bank. The homes I am looking at are listed at $800,000-900,000, so I would need someone with $160,000-$180,000 liquid cash to put down. I can possibly put in $20,000-$40,000. However, I just want to feel okay working with the investor. 

The numbers work, but I am curious what my BP friends think about this. If you are interested in investing, please PM or email me.  

My Experience: Most of my experience is in fix and flips, but I do hold two rental properties in Ohio. I also did a podcast last year called 'Flip'. 

I run a law firm in Irvine that focuses on real estate matters, mostly timeshare law, and I live in Newport Beach.

Thanks! Super excited to get this off the ground.

Jared

Dennis Canon can you pm me? I just moved to Orange County and am seeking a private loan for an unconventional buy & hold project.