All Forum Posts by: Josh Malenfant

Thanks for the advice @Brandon Battle

@Marty True it is a single family property. It is vacant, as I stated we changed the locks and put a keep out sign (wouldn't be needed if tenant was living in there). The deceased owner had them in the will. She was a member of both churches, one in Canada, and one here in south florida.

@Teddy Sherrod It is in south florida, single family. Don't want to provide any further details about the specific location of the property.

Hello BP

A friend of mine is looking to acquire a property through inheritance. Long story short, he has 70% interest that will be granted to him through family members that do not want to deal with the property. 

There are 2 individuals that have 5% each, and two churches with 10% each that we have not received their confirmation that they will sign over their interest. We are getting a title report to understand what is going on with property. We know for sure that there are about $20,000 of outstanding tax liens on the property, along with some landscaping violations. We have keys, changed all the locks on the property, along with putting keep out signs.

We planned on trying to reach out to the leaders of the church, and let them know that they are on the hook for their portion of what is owed on the property. If they do not want to deal with what is owed, they can sign over their interest to us, and we will handle the situation. 

The property is located in Florida, and wonder if any of you all have experience working with churches on a similar type of problem. Also if you just have any advice on what other unique strategy or legality we can use to acquire their interest in the property. 

Thumbtack has been great @Account Closed

Thank you for such a detailed response @David O. it is much appreciated.

I saw this a few days ago. It would be revolutionary for Real Estate. It would drastically reduce the prices of homes. 

Hello @Matthew Kuncl. Send me a private message. Let me know what you have lined up and what your status as of now. 

Thanks. 

Hello

I have found that many individuals have had issues with General Contractors whether it is a simple reno for retail buyer, to a full on project for an investor. I have heard several horror stories and wonder if there is any certain strategies that any of you all have installed that have been beneficial in making your deals come to fruition. 

Anything from the way you setup your payment structure, to the way you communicate with contractors. Such as the use of systems like CoConstruct and so forth. I have heard of some investors putting up cameras to see if contractors are stealing materials from the site and so forth. 

In addition, i have heard of holding the majority of the payment to the backend of the project to incentivize the contractor in sticking through to the entirety of the project, or simply splitting profits.

@Nick C. Theres always other avenues. This is just one medium that may have potential in finding the needle in the haystack.

@Jonathan Marcus I appreciate the response. That is a great idea.

@John Thedford I appreciate your very detailed response. I am well aware of not using the wholesalers ARV estimate. The farming market data my team compiled, already has our ARV range for the type of properties we are considering. We use our ARV to determine if it is something looking further into.

I appreciate you bringing up the unlicensed broker ordeal. I will consider that when working with wholesalers. Some of the wholesalers I have received inventory from have licensed brokers on their team. That is something moving forward I will ensure is in place. Thanks for all of the advice.

@Jarvis Frazier Thanks for replying to my post. Please send a private message to discuss further business.

Does anybody have a recommendation for general contractors in the Miami area? I have heard to many bad stories of dealing with contractors and would like to find honest, transparent, and diligent contractors that have experience working with investors.

Any recommendations or advice would help. Thanks!

@Greg Grant I understand that it is not easy to find the deal. However, if you have the systems in place you shouldn't worry about trying to scrape every dollar off each deal. 

Transparency for a wholesale dealer can actually work in their favor. Investors see value in transparency.

It can lead to a fair compromise, that suits both parties. I am actively looking for wholesalers that want to do business the right way. 

The search continues..