All Forum Posts by: James Stevens

@John Verdier Thanks for the info.  It is more than just smoke damage and, luckily, I already know and am on good terms with a couple of the local inspectors.  I hadn't actually considered asking their opinion on what all was expected, but that's an excellent idea.

@Junior Salters I am currently attempting to purchase a fire damaged duplex right now.  I was actually planning on, possibly, fixing and holding it, but the idea of wholesaling it had crossed my mind also.  

@BA R. Nothing that you said makes any since at all.

Ask a realtor that deals in commercial real estate.  They can give you that.

@Guy Gimenez broke it down pretty good there for you.  He and I deal with Texas laws and you have to deal with Missouri.  I don't know what might or might not differ between the two, so you need to check that out.  Legal advice is NEVER a bad thing.  Sometimes, especially when you're starting out, it seems expensive.  But, the consequences of not having it can cost a LOT more.  I wish you the best of luck on this, potential, deal.

@Brant Richardson  is correct (and I do have some experience in wholesaling).  Once you and the seller have agreed on a price, get the property under contract.  Basically, you will fill out, and have them sign, a contract for you "and/or assigns" to purchase the property at the agreed upon price.  Then you do an assignment contract between yourself and the buyer to get your wholesaling fee.  I use the Texas TREC contract between myself and the seller (obviously you should use one for Missouri) and the assignment contract I use I either got from here on fileplace or from another friend of mine (I can't remember).  If you would like a copy of it PM me.

Are you looking to buy and hold, wholesale, or what?

@John Verdier those are some excellent points.  I am currently attempting to buy a burn out house here in Temple and I'm trying to make sure I cover all the bases.  I have done a lot of work in the pas on burn-outs as the contractor but this will be the first one that I actually own.  I am a licensed electrician, so that part is covered, but do the other repairs need to be done by "licensed" people or can I do it myself as the home owner?  (This is a duplex that I'm looking to buy and hold, if that makes any difference.)

That is some very helpful and useful information @Brian Gibbons 

 Thanks for the link.

I, personally. don't see a problem with that idea but you might want to consider another option.  Instead of living in an apartment (and paying rent) while buying investment properties, why not by something like a duplex, triplex or quad and live in one of the units?  That way you still have income and it lowers your personal expenses at the same time.