All Forum Posts by: Mat Lewczenko

Looking at a property right now, everything above the basement works within our formula making this a good deal. The basement, however, has some cracks, has been piered, but shows new evidence of new water.

At what point do you all just pass on the deal, or compensate the offer according to fixing it? Asking for a price reduction of 4-8k to repair the foundation?

Right now we are using short term (6-9mo.) funding, so we just want to move it quickly and are worried about holding on to it.

My concern is that even if fixed by a professional company, anytime I saw epoxy injections and piering (as a buyer) I passed on it. How are you all handling this situation and how do you counter the buyer's concerns.

Thoughts? Thanks in advance.

Congrats to the whole fam. That's really great! I figured it was about that time, didn't see you here very often.

All the best.

Ok. That was pretty much awesome. I think I can run with that.

On a side note, (I'm pretty sure I can hijack my own thread) has the Scott family added another deduction yet?

So, (not asking for legal advice) what types of clauses or information would one want to definitely include in the partnership agreement.

What are some issues that others have encountered in an agreement when things unraveled?

I know we all get into partnerships with people we know, like and trust. I hope that, more often than not, this agreement never needs to be referred to, but I also understand that things can and do go wrong.

I am interested in things I should look out for when drafting up this agreement. Or am I thinking too far into it and just need to keep it pretty straightforward in regards to duties and percentages?

Ben and ReMan touched on it. Go to a list company or to Title company.

Before spending time putting together a list make sure your state or county has those records available. For instance, KS does not share certain docs online, the records are "available" just not "public" = go to the courthouse. I tried using listsource but was unable.

Easiest way is find a good list.

What are you planning on doing with the info once you get it? Call? Mail?
Also, what's your strategy?

I wanted to get an idea of what docs everyone is using when you put together a partnership-J/V deal.

Example:
I have cash partner who will be paying for downpayment and holding costs. We will be taking out the hard money/financing and running the renovation. Plan on spliting the net profits 50/50.

What are some of the contracts you put in place for all involved?

Cary Welcome!
Kansas City is fairly well represented here in the forums. You will be surprised how many out of state investors like our inventory :)

As always feel free to ask away for advice.

Are you a member yet at any of the local REIAs?

Shoot me a PM for more info. You will find many like minded there, as well as tire-kickers.

Enjoy BP!

Why does the "title" matter to you so much?

If you admire and respect his finacial position then great(I admire his position, and hope to be in a similar position too).

I follow Buffet and Gates, for their insight into business and finance, but I'm not trying to be a "Programer" or "Fund Manager", I'm just trying to be the best "Me" that I can be.

I think Will has a great point, you can be involved in many different things, the titles matter least. I'm sure your uncle could care less what you call him.

He probably calls himself "at ease".

I guess the question to ask yourself, is what does "RE investor" mean to you, personally. This will be very important in setting your goals ahead, especially if you want to be a full time investor yourself. If your uncle doesn't fit in that definition, does that weaken his accomplishements? I would think the answer would be, no.

I think this post is good, especially for you to be able to find out your big "why".
Just my opinion though. I would pick your uncles brain for all the things he did right, and especially for what he thoght he did wrong.

I am interested to hear some replies to this as well. Good post.

Mark makes a good point. Aren't we all trying to convert all our calls into qualified leads?

How many times have we kept out signage for a property "3bed 2 bath must sell fast" in order to build our buyer's list? Only to answer the phone, "Oh, yes, sorry, we just got a contract on that home, but I have others that you might be interested in."

Granted, having a license forces you to play by a different set of rules. So without more info I'm not sure if I would call this steering, i.e. "don't buy in that 'ethnic' neighborhood, I have more properties for people 'like' you". Sounds more along the lines of lead generation and trying to convert another lead/sale.
Again, without more info it's hard to tell if there was any wrongdoing.