All Forum Posts by: Jonathan Greene

The way I interpret your initial post is that you want to do the bare minimum, spend no money at all because you don't have any right now, and also get free in-person training from someone. What's in it for them?

With what you said, the best thing you could do is offer your time to a local wholesaler to bird dog and get some practice. Also, just go to as many real estate investor meetups in your area as you find and don't ask people for anything, just ask them questions.

I've never heard of an HOA that is not responsible for driveways that they laid and trees that they planted. That seems a little suspect to me and sucks that you had to pay for that. Exterior attachments like decks and stairs are always HOA issues so I can't fathom how the driveway is not.

If there is "still contamination" at any level, I would be concerned about that and pass on the deal no matter what. I am not sure why you are still considering it. Why buy something that is new with active and confirmed contamination underneath it. The county health department may have ok'd it, but that doesn't mean whoever lives there isn't going to get cancer from it and sue you later for knowledge.

I would definitely get rid of it, but I don't think it's worth much more than what you paid based on your updates. If it's a townhome, why did you replace the driveway? Isn't that part of the HOA? HVAC is assumed, as is roof, so that doesn't push up your value much. So it's just the cosmetics and appreciation. Considering you have to do 1 to do STR or MTR, and it's in an HOA as a townhome, I would not even think about it. The only option I see if you have no liquidity is to sell and 1031 into a small investment property closer to home.

Everything in your without permit benefits are either lazy, cheap, or cheating which doesn't usually go over well later. Did you find out how they got a certificate of occupancy when the unit itself was not permitted? Something seems off there. I would not close on the home if the extra income property was not valid. What happens to your value if you close, choose not to get it permitted, and then the city says you can't do it and you lose the income?

That would be a foundation issue to make sure the current foundation is able to hold two more floors on top and also a height issue for the town for the area. How tall is the commercial building or the other ones nearby? If they aren't taller than two floors, you might not be able to go up.

Why would someone lend you money on properties without money for the downpayment? Or all of what @Doug Smith said. What are you giving them if you don't have money? Where is the win for them? It's way too risky.

Are they on a lease or month-to-month? It seems like what you are planning would be in their best interests so I would discuss it with them first and then make that the impetus to sign a new lease and up the rent.

This is the third time someone has tried to replicate the exact forum post in this same General Real Estate Investing group that already has 99 replies.

https://www.biggerpockets.com/forums/48/topics/1220392-what-...

@Andrew Freed can probably help with this. He has a lot of units and is a licensed agent in Worcester MA who knows plenty about single-family as well.