All Forum Posts by: Jason Duet

Quote from @Devin James:

2) Find Stale Listings:
Properties sitting for 90+ days. Find out why it hasn’t sold and offer a solution:
- Seller Financing (My 3rd deal) – Help them get their price while securing better terms.
- Subject To – Take over their low-interest existing loan.

Are you still finding success on-market?

Devin, I'm curious about your success with creative financing. It's been pretty tough to find a good deal here in Baton Rouge, but there are listings sitting out there that are 90+ days old that are clearly either going to sell to an investor or not at all. Problem is that the numbers don't even come close to working for even a traditional loan much less a HML. I feel like there has to be some opportunity there, it's just that I'm not seeing it.

When you have worked out creative financing, did you approach the seller with that option first, or did you make an offer and then suggest some creative financing options when the seller rejected the offer?

We are starting out with flipping because, as @Mohamed Youssef stated, we would like to build up a bit more capital. But our long-term plan is buy and hold.

Thank you for the quick responses to my post. It is good to know I'm not completely out of line for having the doubts I have about the "just get started and fail your way to success" mindset.

@Patrick Roberts to your point about risk tolerance, I think that pretty well describes me. I think I have a healthy risk tolerance, I just like to have a game plan when I take action. I have a number in my head after the showing I went to today, but the wholesaler's number and mine are not close. If I gave my number and got it accepted I'd still be nervous, but I'd definitely pull the trigger on the deal.

I feel I'm being reasonably cautious without having any recent comps and because the one house in the neighborhood currently on the market is about $15k below his estimated ARV despite being slightly larger. It's just that I see how far off we are and, being inexperienced, am naturally inclined to think I'm being too cautious. But I will stick with my gut on this one and keep networking and looking for the next one.

Hi everyone!

Longtime member of the BP Forums, although it's been several years since I lasted actively participated. We're finally in the position to be able to move forward with our goal of running a fix and flip business, but as anyone reading this surely knows, building up the courage for that first step has stopped so many would-be investors before they ever got started. We've taken the time to try to educate ourselves as best as possible, but know that nothing can happen without eventually taking action. We have our first inspection of a potential investment (deal from a wholesaler) today, so I feel like that is a step forward. But as someone who tries to be as prepared and have as many questions answered as possible, I just cannot get past the doubts regarding the deal (there are just not any real comps, which in itself also causes me concern).

For all of you successful investors out there, how many deals did you have to analyze/inspect before you finally ended up pulling the trigger? I've heard a lot of investors on podcasts describe the considerable amount of risk/leveraging they undertook on their first deal. Although many investors never get started due to analysis paralysis, considering that even the most experienced investors have had a deal or two go south, I wonder how many investors also end up never finding success because of a mistake on their first deal.

Hi everyone!

With everything starting to open back up again, I was wondering if anyone had heard if the local RING meetups would be starting back up again.

My wife and I would love to attend and have the opportunity to talk real estate with lenders and other investors!

@Terrell Garren, glad to give you the opportunity, lol. But I do agree with you. My father was a carpenter, and the level of skill he developed in his craft was something that exceeded anything I managed to learn in my college career. I try to look for that same obsession with detail when seeking out contractors.

I'm looking for a plumber in the Baton Rouge area, around Denham Springs if possible. Anyone have a recommendation(s) on plumbers they've had good experiences with?

I've been meaning to reply back in this thread. Kelly Olivier came out and inspected a home for me last week, and I can't say enough about his work. Very thorough (we were out there over 3 1/2hours). I've been through my share of inspections, and I still learned a lot from Kelly. Would HIGHLY recommend to anyone else.

@Amy Verges. I have heard similar recommendations (leaving the tile in place and covering it), and that's what we are planning to do. But since it is under carpet, there's bound to be a ton of dust on top of the tiles, and I don't want to just assume that it's dust from the carpet and not from the tiles, especially if they look worn or damaged. We fully intend to do whatever is safest for us and future homeowners, including disclosing the presence of asbestos and what we did to mitigate it.

Since we will be doing a lot of remodeling of walls, possibly electrical, plumbing, etc, I want to know if it's present in the walls, insulation, etc. We accounted for the necessary updates/upgrades in our offer, but not for mitigating for asbestos. I feel that I need to address the risk of possible mitigation when we negotiate the removal of the inspection/due diligence contingency. I should be receiving a quote on an asbestos survey in a day or two, will figure out where we go from there.

Thanks for the info!

Hi everyone,

I am in the inspection/due diligence part of the transaction for a Baton Rouge home that was built in the 1960's. This is the oldest home that I've considered purchasing, so there have been a few things pop up that I haven't dealt with before (lead-based paint was all I was familiar with), one of which is the possible presence of asbestos in the home. My inspection isn't scheduled until tomorrow, but I have done a little poking around and was trying to see what was under some old (and poorly-installed) carpet because we plan on removing it. I could see tile underneath, and from the appearance I believe it may contain asbestos.

Since I haven't dealt with homes this old before, that then triggered the thought that there may be other materials in the home that contain asbestos. I know that it isn't supposed to be harmful if left undisturbed, but we would be doing quite a bit of rehab on the home, so I'd definitely like to know if it's there.

So my questions are:

1. Has anyone in the area dealt with an asbestos testing company?

2. Is there anyone who has dealt with these issues in rehabbing homes, and what issues did you face?