All Forum Posts by: Jose Trujillo

Hey everyone ! I am currently in the process of purchasing an assisted living facility and the property is pretty old. We are talking about a 6 bedroom Single Family Home. I am already planning on doing some basic improvements like paint, new doors, landscaping etc.. This is not a flip, so a full renovation is not needed. I know it depends case by case, but i wanted to see what many of you would do in my case as far as what to improve in the property. Everything works and there no major issues, i have a budget of $10,000 to improve the home a bit. What would you throw this money into ? Thanks in advance to all who reply !!

Hey BP !! This year has been a tough one. I started my first deal back in February as a Flip. Many things have gone south as expected from a rookie investor. Today, I am currently sitting with no money left and a flip at 90% completion. I am still missing a small roof leak that appeared last minute, landscaping, and some small adjustments to close the electrical and plumbing permits, which I have someone working on. I am at a point where all I want is my invested capital back to implement the truck load of knowledge I have gained through this Flip on to the next deal. The main reason for this post is to ask for advice and tips on how to get out of a deal of this type. I was thinking on driving around neighborhoods looking for properties under construction and potentially find investors willing to take it off my hands at Price. The deal has $40k-$50k in equity and the house could be market ready with less than $10k, which might be very appealing to investors looking for a quick and easy buck. Also, the reason why I am so focused on investors is due to the open permits, I know the house can be sold way easier if it were a cash buyer. Guys, what are other ways I can find local investors that could potentially be interested in this type of deal ? Also, in you experience, are there any other tips or solution you guys might have for me for this situation ? All advice is greatly appreciated. Thanks in advance !

Hello BP !! So it happens that an inspector walked around our current flip and looked inside through the back windows of the house and took pictures (front windows were covered from the inside with curtains). We were told by the plumber that was working behind the house and he was also asked if he had permits to do the plumbing work. Plumber said he did not know and that he was not the owner. 

It is the first time i face this issue, what can i expect to happen next and what can i do to get ready for what is to come ? Should i keep working on the house or stop all work ? 

Any recommendations, advice or similar stories would be greatly appreciated.

Thanks to all in advance !!

@Jay Hinrichs Thanks for the input ! I have some experience due to some flips I have already completed and yes I am licensed. I am not trying to get rich out of wholesaling but instead trying to get my feet wet and learn about it by doing a couple of deals. Fortunately in my market there is ton of opportunity for wholesaling due to how hot the market is (Miami) everyone buys and everyone sells.

Hello BP !! I am starting to look for my first deal to wholesale and I have several questions...

1) Is it appropriate or smart to disclose yourself as a wholesaler to a potential seller ? Is there a better way to say it other than a "wholesaler" ? Wholesalers usually market themselves as a cash buyer, at what point do you let the seller know you are not the end buyer ?

2) Is there a specific "Wholesale Contract" or is it a simple buy and sell contract that allows it to be assigned and then have a separate assignment of contract when the end buyer is identified ? Do I as a wholesaler have to put earnest money up front ? What about the end buyer ?

Like i said i am already analyzing deals and on the lookout but i feel insecure on these things i just asked. Thank you all in advance for your input !!!

Hello BP !!

So I recently hired a floor polisher to polish a Terrazzo floor i have on my current and first flip deal. We agreed to pay $2000 for the entire job. Midway through the job he asked for a partial payment. Considering what he had already done i gave him $600. He "finished" the job a week ago, but when i went to inspect what he had done he did not correctly repair some damages the floor and he did not even try polishing the edges around the house. I told him i would not pay until what we had agreed was fulfilled, he then went to "fix" what was left and he did a mediocre job and called it done. I still have not paid him the remaining $1600 even after several conversations and arguments over the phone. On our last conversation he mentioned "if you are not going to pay me then i know just what to do", I am at a point where i cannot afford going to court if he decides on taking legal action. So guys the question is the following.

I will pay him $1000 for everything he did plus the other $600 i already paid, but how can i retain and keep record of this in a legal way so he does not get to me later on ? Would a simple notarized letter stating what is going on be sufficient in court ? Is there any type of legal form i can seek online ? Do you guys have had a similar scenario in the past ?

Thanks in advance !!!

Hello BP !!!

I just came across a deal and I am thought abut seller financing but this is something I have never done before and I am a bit confused about.

This is the situation, this a condo that was bough back in 1995, the loan was under one person name and the title under another. The person on the title is a non resident alien and she recently arrived to the US to find out the property is in pre foreclosure due to the other person not paying the loan. The current balance on that loan is about 30K and the max I can pay is about 120k for the condo.

I am currently working on a flip and I was thinking if owner financing would be a good idea, but I would not know how to structure it and how to take care of the 30k loan balance. Any suggestions or advice on how to approach this deal and what a good owner finance structure would look like would be very much appreciated. If owner finance is not a good option please let me know as well.

Thank you all !!!

Hello BP !! I recently bought my first flip and I already starting doing some work on it. Yesterday I went to the city to inquire about permits for the construction and I was told I already had a violation due to not completing a RE-OCCUPANCY INSPECTION prior to acquiring the property. The penalty is simply $300 which is no big deal, but once they inspect the property and see that some work (kitchen, Bathrooms) has already been completed, I am afraid the outcome would be way worse than a simple $300 Penalty.

Have you guys encountered this issue in the past ? what should I do ? thanks in advance !!

Hello BP !!!

I wanted to ask around for recommendations on small community banks in Miami or South Florida. I am trying to find a good one I can build a relationship with and possibly work with them in future deals.

Thanks in advance !

Hello BP !! I am currently shopping for hard money lenders or any small community banks willing to lend for a rehab in Miami Florida and willing to place themselves as 2nd lien position. I am having a bit of trouble finding this due to most hard money only willing to put themselves as 1st lien position.

If you have any referrals please let me know, Thanks !!