All Forum Posts by: John Van Der Merwe

Hi Scott, thank you for the input. I see my question could be understood two ways. What I meant to ask was, if it is reasonable for me to contact the seller about this, not that the PM requested it from me :) You're right, at the end it would be the guy in the mirror having to pay if no other solution is found.

Unfortunately the PM did not elaborate on the cause of the damage. They are the experts with a lot more experience than me, so I went with their recommendation and reached out to the seller.

Hi Everyone

I bought my first rental property in Dec 2020. The roof was replaced completely in Nov 2020. During a snowstorm in Feb 2021 the roof was damaged and the ceiling partially caved in. The seller said he would come by with his roofer and repair the damage. After that my property manager could not get hold of him again.

In the meantime my property manager had the damage repaired. Now they are requesting my assistance in contacting the seller for a reimbursement of the repair costs. Is this a reasonable request? I am not sure what kind of warranties come with a new roof, is this covered?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

3 Bed, 1 Bath in Memphis. Newly rehabbed

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

I realised I needed to take my pension security into my own hands. I struggled for months to get any sort of financing. Because I live abroad I was not able to find a lender willing to provide a loan. They all said I needed at least one asset in the US. I came across this property that I could purchase outright, so I jumped in. Now I have my asset in the US and am ready to refinance and leverage my money.

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

Found it through the Jason Hartman network. Offered $5,000 below asking and requested a new roof with cash sale. Seller accepted

How did you finance this deal?

No financing

What was the outcome?

Purchased new rehab with tenant already in place

Lessons learned? Challenges?

A lot of questions were answered in my first deal. Main takeaway is the deal was not complicated and have someone you can ask when you're unsure.

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

Carrie from the Jason Hartman group led me through the whole process, found the property and answered any questions I had. She really gave me confidence in my first deal.