All Forum Posts by: Kwame Knights

I’m looking for recommendations on an investor friendly agent in the western PA region that specializes in Brrrr and Airbnb. Looking for someone that would service areas between Pittsburgh, seven springs and Somerset. Tried doing the agent finder in BP but  only found two agents both of which pretty much won’t go as far as seven springs.

Hi Alexander,

Thanks for your feedback and perspective. I'm looking at it as an additional tool to add to my tool box, almost like another creative financing option. I'm running into older home owners, and estate sales etc. whose properties are priced too high and investors are submitting alot of low offers as no one wants to overpay for dilapidated properties. These properties tend to sit on the market for months vacant and are prone to vandalism or if they are living in it and don't have money to maintain it correctly it will eventually deteriorate further and then they eventual accept the low offers. 

So yes I would have to convince the owner to look at the bigger picture and accept the lower price sooner than they are comfortable with, and a promise of a bigger payout. And my job is to come with the vision, rehab funds and contractors to make the necessary improvements in a short time frame so the property sell at the higher valuation. 

And I agree with you, TV always make things really simplistic and leave out the details. So I'm hoping to find someone who has successfully done this in real life. 

Has any seen the show "Unsellable Houses" on HGTV? The premise of the show is basically the investor partner with homeowners who are having a difficult time selling their "UGLY" homes by helping them renovate/update it before putting it back on the market fully updated and getting full market value for it. Once the home sells the investor subtracts their rehab cost, the sales cost and then they split the profit. For example property listed for 250k (what the seller wants) but its not selling, the house needs about 50k of work and the ARV is 400k.

400k New sales price -(30k sales cost) - (50k in rehab) = 320k (gross)-250k (minimum seller wants) = 70k overall profit.  The 70k is then split between the seller and investor. So seller now gets 285k. The investor gets 85k with a 35k net profit. 

This concept appears to be a win win for both the homeowner and investor. The homeowner makes way more money than they would selling an "Ugly" House and the investor makes atleast a 50% return on his money spent and doesn't have to worry about buying the house and all the other associated cost.

I've heard this concept being referred to as split funding, profit split or Equity partnerships. Have anyone actually done this model, what are the cons?

Any banks out there doing HELOC on a rental property?

hello BP,

I'm trying to build my rental portfolio but don't have the time, contractors or patience to go through the headache of a rehab or full construction. Is there anyway to do the BRRRR method by buying into a new construction or going through a turnkey company?

@Bob Lett lake/water front ideally and close to some sort of attractions. 3br 2ba or something with value add play.

I started researching municipalities but that task got a bit daunting. So I figure I'd see if there's any investor minded agents out there that already did the research and can find me a property.

Any agents or short term rental (STR) companies in South East Michigan area?

May wife and I live in MD and we are Looking for a second home in Oakland or wayne County. Something faily close to the in-laws who live in West Bloomfield. Area that allow STR is preferred so it can be rented out when not in use.

@Dave spooner thank you very much for that info.

Good afternoon BP, In need of advice getting financing for a property overseas. My family has land in the Caribbean (Guyana) and was curious does anyone have any experience getting a loan from a US bank to fund the construction. Would hard money or private money touch such an endeavor?

@mark 

@Mark F. wow i will definitely have to use that little nugget on comparing fees in future due diligence