All Forum Posts by: Logan Vierstra

Makes sense, thanks for the input guys!

I came across a house that would make a solid flip. It just has one unique characteristic I haven't come across before, it right next door to a funeral home. I'm curious to find out if anyone on here has bought a property like this before, and if so is there anything to know about buying a house next to a funeral home? 

@Patti Robertson 

Thanks for the info Patti! 

Our inspection turned up a whole lot of issues that weren't foreseen, so we're reentering negotiation. The foundation is pretty tore up, do you think getting that repaired would be grounds for removing tenants?

If so, is the process to remove someone taking any longer than usual right now? 

I'm under contract on a duplex in Norfolk Virginia. We are intending on letting the tenants stay, but I still want to get an idea what the process would look like if we decided we wanted to remove one or other of the tenants while Covid restrictions are still in place. 

It is my understanding that it's pretty much impossible to evict a tenant in Virginia for late payment, but that if a lease term comes to an end, that I could ask a tenant to leave. 

Is that true? 

Or would I be stuck with these tenants if they became a problem? 

There are plenty of lenders out there who would lend to you on a flip. The fact that you don't have a track record (I assume) does work against you a bit as far as getting low rates. I would say the trick is, find out what financing is available to you, and even if it is at a higher rate, just work that into your numbers, and make offers that reflect it. 

How skilled are you in the various types of construction involved in flipping? 

The simple answer for me is networking. Meeting the right people makes all the difference. 

I second @Nicole Heasley Beitenman. The webinars are a great resource to learn how to plug numbers in and use the calculators. 

Jerry Norton also has a ton of good videos on youtube showing how he estimates value on a property and talks with sellers. 

Old post, but it's carried on for over a decade, might as well add to it. 

I loved the rich dad books. I would recommend most of them to anyone. So I thought how bad could the coaching be? The coaching was a total scam. It was no more information than you could get from the books, they charged me $3,000 to sign up, another $3,000 to set up my LLC. I didn't know what I didn't know. But looking back I would never do it again, and I'd never recommend it to anyone else.

They told me all the same things that Jim Zimmerman mentioned:

1 They will help me create a plan
2 Personal one on one coach
3 Accountability
4 No option for failure
1 year of coaching (6 month free)
Written warranty - plan - implementation is an acquisition. If it doesn't happen they will extend the coaching for up to a year.

What I got was nothing like that. The closest thing to a class was like 1 hour a week you would hop on a call with your coach and 15 other people, and he would say some **** he was reading right out of a Kiyosaki book, and then leave us to talk about it amongst ourselves. Any time I tried to get one on one time with the coach they directed me to the hotline, telling me the coach was on another conference call. The hotline people had no idea what my particular situation was and had no way of providing specialized guidance to me. 

No accountability whatsoever

Never followed up with me once 

Total garbage. 

Not to mention, they completely lied about the LLC they set up for me. They told me it would be the type of LLC that you can open many sub-LLC's under. Doesn't even exist in California.

So I'm talking to a owner of a couple duplexes in Carmichael California. He no longer lives in the Sacramento area and wants to sell what he has here and 1031 into properties closer to the Santa Cruz area where he currently lives. He owns them free and clear so the idea of either doing a JV or a seller carry is something that was brought up.

My question is, how does a JV partnership or a seller carry deal affect his ability to 1031 into other properties?

You bring up a good point. The government shouldn't be throwing billions at property owners either. Low interest federally backed loans are just as evil as eviction moratoriums, or rent controls, or any other thing that inhibits grown adults from freely trading and entering into contracts with each other.