All Forum Posts by: Jose Lira

Thanks for that one @Joel Owens! I am still trying to figure out how much info on the project should I give to the investor before starting to ask for referrals. Or at what point. In your opinion, which are the "steps to follow" when approaching an unknown investor to offer a deal?

Is there a way that you prefer (in which to approach to investors that you don't know to offer deals)?

I don't know if I am asking this correctly, though.    

Hello BP's!

So, I came across a member of the BP community that answered to a proposition of a deal that I posted on the MP but resulted to be a total SCAM. I found that out by searching for posts about his lending company throughout the forums and learned how he tried to scam other other BP's members.

Anyways, as a newbie that I am, I had a hunch during the conversations I had with this pseudo-investor that pointed me to verify his identity. But I know that there are more things than a hunch to determine if an investor is a real investor or just a fraud. 

Could you guys please help us (the newbies) know what things we should ask to an investor to verify his/her identity or what proofs should we get from them to know if they are for real?

Asking for referrals and that kind of stuff could be (sometimes) a difficult conversation between a newbie and the prospect investor. But how can I make sure that the person that is looking at my deal is legit?

Thanks!

 Awesome Brandon! Just what I wanted to hear! LOL.  Thanks!

@Jaysen Medhurst and @Thomas S. Just wanted to add that the duplex is stick built, that the experience I have with MH's come from me previously living in one and maintaining it (it is my family's house) and that I've been educating myself a lot on the topic. This property is in a neighborhood that could say I am acquainted to and all expenses where double checked with the corresponding service providers. 

I would like to ask you guys if you are able to properly view the report? I'm asking this because when I open it it looks like it is missing information and I see a couple of almost blank pages. I would like to know if you guys are seeing the same that I see to fix it.

 Hi Thomas!

A property management company in the area told me that the average rent in my area for MH's is $1,200. The lowest I've seen is $800. These are 50, 42, 40 and 36 years old MH's. 

The duplex is stick built though and the average rents are around the $1,200 per unit. 

And I am considering almost 65% for expenses excluding P&I. 

And the repairs are going to be mainly on the land, not the MH's. These ones probably are going to stay as they are and have some new buildings after some years. 

Sure Jaysen! There are 4 single MH's and a duplex in 2 parcels that make 27 acres. The MH's were built in 1969, '77, '83 & '79. All of them are in poor condition. The duplex was built in 1971, in good condition, with a total of 3,000 sq f. It has attached fireplace, wood deck, patio and garage. All units are on well and septic. 

The $250k of value comes from the renovations AND from a big discount that I am asking on the property. And the reasons for this discount are:

- the property is being sold "as-is"

- that the MH's are very old and in bad shape, 

- it's been very hard to find an insurance company that wants to take the job,

- the same happens with the financing, not a lot of institutions will lend leaving the property mainly on the hands of developers,

- but the property has already failed at least a couple of feasibility studies,    

- It's been on the market for over a year,

- In a couple of months the county will start a tax sale,

- The maintenance needed is mainly demolishing 4 standing structures, clearing all the junk in the property plus landscaping (this is what I am considering in my repair costs as for now),

- There are no records of maintenance jobs done on any of the units, owner will not provide any information about the property neither will do any diligence to provide such, no environmental studies (although the county said that is potential home of an endangered species), 

- the only fact provided is that it is zoned R-4,

- although the property has a wet land area, and 1/3rd of it is forestry.    

- the ARV considers comps in the area once the place is in good shape for a regular sale

NOTE: the offer I'm making of course contingent to inspection on all units and a last thing to add is that the owners just want to sell and are not interested on anything concerning this property.

My intention is to hold the property and probably add some other structures after a few years. The refinance is just to get rid off the balloon loan and probably get a lower APR. Since I am newish on this business I will love to do joint venture. Actually I am thinking on posting this deal on the BP's Market place! What do you recommend me Jaysen?

Hi everyone, 

I would love your input on this numbers. 

Thanks!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP's!

This question has been drilling my head for some time and I would love your expertise.

Can I (the buyer) approach the seller directly to make the deal even though the seller already has a listing agent?

The reason why I want to do this is because I want to submit a deal way under the listing price. Probably around the 8% of it. If it makes any difference to the answer, the listing agent is also the property manager and the house is under a living trust from which the grantors have passed away.

Hi everyone,

I am analyzing a deal in Washington State and I am curious about the following fact. I've been working with this real estate agent for over a month (at least) on a weekly fashion on this deal, but we haven't signed anything yet. I am in the phase of funding the project and the agent knows that.

Anyways, sometimes I've felt that the agent is been pushing to close the sale but I haven't payed much attention to it since for me the numbers have to make senses first and foremost. Then I met this other couple of agents and asked them to check at the same property because I didn't agree with the comps that the first agent gave me. I sent them the MLS# and they contacted the other agent to check that out.

For my surprise, the next day I received an email from the last couple of agents that I met saying that they contacted the other agent and that apparently the property has a pending cash offer contingent to a Feasibility Study that the buyers are conducting right now. While just one day before I received an email from the agent that I am working the deal with where she is asking me if there is any questions that I still have regarding the property.

Question: Can an agent hide to a client the fact that someone else has already a hold on to the property? 

BTW, I am not the buyer making the feasibility study and, kindda like a disclaimer, I am new on how REA deal with negotiations.   

 This makes more sense to me! Yeah! Instead of the bank and insurance suggestion. Cool! I appreciate this Jack!