All Forum Posts by: John Burke

@Zev Jankovic I just got off the phone with them in a phone call before submitting the offer and that was indeed what they wanted. Thank you!

I'm about to put an offer in to a wholesaler for the first time. They said they need an "offer" by a certain time. Does that mean an offer letter or just a price? I'm unsure if this is as simple as texting them a number or as complicated as there being state specific forms that I need to locate, fill out, and email over to them.

@Adam Schneider That is perfect! I can't thank you enough for this information.

@Adam Schneider I haven't mad either LLC yet. So you are saying when the articles of incorporation are drafted, I just need to specify that either party can close on property for the LLC? If so, this is going to make my life much easier.

I'm trying to start real estate investing, but Covid has kept me out of the US for 14 months at this point. I can get a POA made, but it takes two months for the POA to arrive once mailed. I've found a way to make an LLC with my wife and I as the members. I just want to be certain that she will be able to close on properties before I go through the process and pay for the creation of the LLC. We live in and will be investing in North Carolina. The company I'm working with to form the LLC told me to reach out to a closing attorney to confirm, but my attorney was already out of the office by the time I woke up for work. Any information would be appreciated.

I have an out of state property that a cash buyer is reaching out to me over. I owe about $100k on the property and a rough ARV is $120k. I told them that I would want around $15k to sell it. I told him that I doubt the price I want would work for an investor. They said they want to move forward with analyzing the deal. They want me to send them my latest mortgage statement. Is that normal? Should I be wary?

So I spoke with PennyMac, the company that I have my personal home loan through, and they said that they can setup remote closings at an embassy for me. I'm sure if they can do it, other companies will as well. Where there is a will, there is a way. Thank you everyone for your suggestions.

@Marcus Long

Honestly private lending is not something I had considered. I'll have to look into it more and try to strengthen my network a bit.

@Tchaka Owen

That's along the lines of what I was thinking. My little brother is local. I guess i could give him a POA to sign for me. That would allow me to get one or two deals a year if i can find them. I just started reaching out to realtors to get on automatic email lists and BP flagged me for spamming and shut down my messages for a little while. Seems to be resolved now.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,500

My first home. Purchased for too much and taxes have raised too much, so I am now negative cash flowing with little equity gain.

What made you interested in investing in this type of deal?

I was interested in investing in my own property instead of paying off someone else's.

How did you find this deal and how did you negotiate it?

I went with a realtor who was the seller's agent and I barely negotiated at all.

How did you finance this deal?

VA mortgage.

How did you add value to the deal?

I improved the bathroom surfaces. The house was new when I bought it and needed little work.

What was the outcome?

I've reached the point where I either need to double down and refinance the house for better terms or I need to sell it for what little I can make.

Lessons learned? Challenges?

Learn how to negotiate. Just because you are happy with a deal, doesn't mean it's a good deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Century 21 Haggerty, they have been great property managers for me.