All Forum Posts by: Justin Hammerle

@Sparkle Carlock - If on MLS you should either be first or last. Off-Market you have higher probability of getting a deal due to less on eyes on it but its ofc more difficult to lock in owners.

@Valeria Barriga - Welcome to BP! I spent some time in San Antonio and loved it there, best of luck on your investing journey!

@Josh Wilcox - What property sizes are you looking for?  On the larger commercial scale - CoStar and Crexi are great sources.

@Daniela Adamo - Welcome to BP! If your considering investing out of state, the most important part as you already recognized is having a solid team locally; particularly a property manager. Wish you the best of luck!

@Danielle Hu - Providence, RI and Boston, MA are fantastic rental markets; glad to assist in anyway that I can if these areas peak your interest.

@Gary Neely - You kind of have two main issues trying to rent out the basement of a SFH. (i) you do not have a property that is approved and metered as a MFH (ii) a basement does not have the proper egress to allow for a separate living space. Thinking outside the box, if you look for a SFH with a full or partial walkout, you may be able to get over the egress issue. You would then need to be sure that SFH zoning allows MF use. If it does, you would need to convert the use and get it approved by the municipality (proper egress will be part of that approval).

@Alan Hicks - imo keep, you have an asset you can always harvest down the road that is giving you fantastic cash flow; it may not makes sense now with rates as high as they are, but if and when they come down you can consider pulling out the equity to reinvest into another property with a limited hit to your net income.  

@Motun Ayo - my opinion is no, depending on the size of the home a full home inspection is anywhere from $200-500 depending on size.  I'm not sure what the property eval will entail from the contractor but you could always just get one from a home inspector, pay less, and sub out the work rather than paying a retainer and an hourly fee for the same.

@Christopher Simons - Grit, I'll take that over skill and intelligence any day.

@Christine Hull - I believe in order for the buyer to finance a construction loan against the land with your lien on it, that financing would have to be in second position.  In that case, if you foreclose that second lien gets wiped out and nothing would be able to go to the second lien holder until you are made whole.  

The more likely scenario I think  is if the buyer decides to build, the construction loan bank would want to pay you off on closing so they are in first position.