All Forum Posts by: Kevin Howe

Thanks for the input folks.  I'll PM a couple of you with some add'l info and thoughts.  I appreciate the input.

A friend of mine has a home in Murfreesboro that he's willing to sell me for what he owes on it $146K.  He's in rough financial shape and doesn't want to get an unexpected "hey you need a new A/C unit" or other such call.  He is unaware of any problems with the house, but he just wants out.  The house is worth $180 to $190, probably with very little rehab.  It's currently rented and has been for half a dozen years or so.  Here's my question.  If I buy it from him directly I figure I'll end up with $2000 in closing fees and figuring roughly $5000 for new carpet and stuff to make it tip-top for resale.  Then maybe another $2000 in closing fees on the sale, plus $11000 in realtor commission.  That leaves about $14000, which seems pretty skinny in case anything unexpected turns up?  Any thoughts on how I could do this more economically.  I'd like to help out my pal, but the reward has to be worth the risk.

I am at a conference for the next three days.  My associate Patrick should be monitoring the generic company email account.  Send an email to [email protected] and Patrick should get back to you within a day.  He has all the contact with this owner anyway, so he's a better source of info than me.  Good luck, I hope it's a golden opportunity for you.  

An owner found us via our website (www.communitybuildingalliance.com) and said she wants out of this property.  She started to put some money into it and then for personal reasons decided she didn't want to relocate.  This is not an area we specialize in so if you're interested contact me.  The owner wants $13K, which is what she paid for it plus some minor upgrades she's done.  I'm asking for a $500 finder's fee from your side.  Honor system.  Not familiar enough with the area to insert myself and feel good about it, so I will just connect interested parties with the owner.  Looks like a beauty to me, but that's for you to decide!

Hi Kathy.  Thanks but that won't help me out for this area.  Be well.

Have any of you found some reliable handymen, contractors, roofers, etc. in this area.  I may have a quick job that needs some local tradespeople.  Thanks.

I will touch base with you early next week.  I'm moving out of my current house as you know and that's eating up a major chunk of my time, but I'm committed to making it happen soon.

@John - Yo amigo.  It's inevitable that you and I are going to meet soon, so maybe we can hook up for a conversation and then organize the meet-up right after.  Maybe next week?

I really appreciate the support and the networking opportunity.  Thanks to each of you.  I am fairly new to the field of RE investing, but I have a boatload of passion and 37 years of marketing experience.  Finding good resources is high on my list of priorities and it appears BP is an excellent resource... as demonstrated by your input.  Many thanks!

@Matthew, yup, definitely open to adjacent areas.  Just getting started in RE investing so for my first few projects I want to stick close to the areas I am familiar with.  I've lived in Altadena for 25 years so the areas you mentioned are all OK.  

@Scott, as I said to Matthew, I am just getting started.  So, if you can assist in procurement and/or assessment of properties that are on the lower end of the cost spectrum for our area (e.g. JPL adjacent, Lincoln corridor, etc.) that are in transitional neighborhood (vs. the plain 'ol bad parts of Altadena) then I would welcome working with you.

Thanks guys.