All Forum Posts by: John Otradovec

I'll try to keep this short, but I wanted to share how I came across a new property that I just signed a contract on. A neighbor of  mine stopped by the house when he was driving by just to chat for a minute or two. During the conversation he mentioned that a lady who is the administrator for the estate that owns a mobile home  located about 1,000 feet from my driveway was getting ready to sell the property.  The next day I decide to go to the mobile home to meet the lady and to inquire about the home. 

I knocked on the door and stepped back a little ways so she would feel more comfortable coming to the door. I introduced myself and told her that I live just a couple houses down from her. I explained that another neighbor had told me that she might be thinking about selling the house and asked her if that was correct. She said there is no thinking about it, I'm selling it. She then showed me the property. After looking at the home she said I have to tell you something...(paraphrased)

/before you knocked on my door I was praying and something told me to cancel my appointment I had with a realtor today, get a glass of wine, and take it easy for the afternoon. Right after I cancelled the appointment, got my glass of wine, and sat down you knocked on my door and asked if I was selling the house./

At that point this nice 72 year old stressed out lady started to cry and said it is amazing how God works. She lives several hours away and has been here at the house going through its contents, trying to sell what she can, and then sell the house. She said she has been missing her medical appointments back home and was overwhelmed by everything. This home needs some rehab and she was concerned it was going to complicate her effort to sell it. Then I knocked on the door and I specialize in distressed properties. 

I would be interested to hear if others have had similar situations occur. 

I have had too many water heaters fail before the end of their warrantee.  I have been switching over to the electrical anodes.  It is a little early for a verdict, but so far it has been good.  Obviously they require electrical near by. I have a few water heaters that are in exterior cabinets that do not have power. 

The electrical anodes are available on Amazon. 

By the way, use a quality impact wrench when switching anodes.  Otherwise their removal can be very challenging.  

Good luck. 

Hello!

I found a great deal on my first investment property (besides the home we live in), and I need help with 2 things:

1. Should I first create a LLC to purchase the property to protect my personal assets? I spoke with the lender we used for our home mortgage, and he recommended against it, but I feel it is because he does not offer loans to LLC's and is obviously trying to keep my business. He said it is "nearly impossible" to get a good interest rate by purchasing through an LLC and that it will take an "arm and a leg" to get the deal closed. Thoughts?

2. I want to shop other lenders- should I use a broker to assist? Pros and cons to brokers, please! 

THANK YOU!

Hiya! I am very new to bigger pockets and excited to learn and talk with you all!

I have been in real estate for 4 years now and going on to my 3rd year as an agent. RE has changed my family's life. In a matter of 1.5 years... my parents bought a duplex from wholesalers, we accumulated an airbnb from wholesaler, finished first fix n flip from off market seller, and now wholesaling a couple deals my self. I have created great friendships and contacts in the industry that have truly helped me create wealth in ways I did not think was possible, for me. I am now continuing to focus on investment properties while also helping clients buy and sell traditionally. Im always happy to talk RE so don't hesitate to reach out. 

I’ve read countless times that residential lenders will only loan on properties in good conditions. How do investors get loans on value add deals? Are commercial loans more lenient?