All Forum Posts by: Louis Hamric

@Kyle W. Thanks just an update. I just happened to run into the owner at my church at an event by chance. Funny thing was she was planning on starting rehab the next week. So it was a no go. But still looking.

I wish there were a a blog about what to say when approaching owners for cash offers. Something like that would be very helpful to newbies.

@Ed Brancheau Thanks for the reply. I've been looking at a house that's been sitting on my street vacant for years now. The house has fallen into disrepair and the owner is like 85 years old. I'm guessing they used to be investor as well but never got around to fixing it up. I hoping to approach her in person and make a cash offer as she lives a block away from me. My biggest worry is how to approach her where I dont sound like every other guy making cash offers on ugly houses. Honestly one of the biggest reasons I want this house is because fixing it will also raise the property value of my house. This house kind if makes the neighborhood look bad. It could be a beautiful home with a little TLC.

Hi am new here. I've been listening to the podcast for the last 3 weeks. I have listened about 10 of them. So much good info. Really got inspired by the Brrrr method. I have a property I currently own and inherited another property with my brother that I bought him out of to rent. I want to buy my first true rental on my own eith cash soon and maybe use some partial line of credit based on my rehab cost and buy cost. Hopefully I can get a good deal. Ready to get my hands dirty.

@Andrew Postell thanks for the reply. The reason I was thinking this way was because all I've read about buying cash. As of now this house isn't for sale. The lady who owns it has been holding it forever. So i was thinking she may not sell it unless I could make a cash offer with only an inspection clause so I could close quickly. I thought that might make her more open to it. The stock was going to get liquidated anyway soon anyway so I was thinking this might be a better investment.

@Ben Sears That's really great tell them to open a branch in Memphis. I could use some extra cash. Surprised I've never seen that high on LTV.

@Ben Sears you're getting 80%. Usually 75% is the best I've seen. What bank are you using?

Hi I'm new to Bigger pockets but I've been reading a ton and listening non stop to the podcasts. I am kind of excited about a prospect on my street. It's been sitting vacant before I moved I to my house and for who knows how long. It is a huge home 6 bed 3 bath, but has fallen into disrepair. It's not for sale but I checked the assessor and the lady who owns it has 19 other properties and is 85 years old. My thought is she is probably an investor like me and just never had the time tp get to rehabbing it. Or maybe she just is sitting waiting for someone to buy it due to the fast appreciation in my neighborhood. Who knows. Point is it seems like a good deal. The last time the property was sold was for 15000 in 1984. So I'm guessing if I offered 60k she would still make 8% a year on appreciation considering she hasn't done anything.

I already have another house I inherited that I rent for 1450 a month which is valued at 175000. I owe my brother 50k for his ownership in the house. So I planned on taking a line of credit out anyway. I was thinking if I took out the rest of the 70% line of credit that would give me 72.5k and then the rest could be taken out of my stocks I own. I am not quite there but I think I could wrangle up another 75 k for rehab. . I may not need that much. But I am just estimating. I dont know my ARV. But in this neighborhood my house is listing on zillow for 210k and is in good shape with a similar size and pool but less bedrooms. So I figured a 200k to 220 ARV would be realistic.

I know this is very speculative. But does this sound like a good deal and am I making good decisions ? Obviously my plan would be to rent it out for a at least 1500k.

My goal at that point would be to turn it into a sober living and put bunk beds in 5 rooms with 1 room dedicated to a pr