All Forum Posts by: Maxine Kunimura

@Mike Cumbie @Charlie John

Thank you for the insight.

I was running into a lot of that - many contractors aren’t even answering. Which I understand, getting the ball rolling is always the hardest.

I don’t necessarily expect them to accept the offer, especially without negotiating first. I figure I should just get on with making offers in general. I’ve always heard on BP that investors typically only get a small percentage of their offers accepted.

I was also motivated from one of the latest podcasts where an investor offered $1M on a $2M deal and it was accepted right away. Definitely not the norm, I know.

The home is in extremely rough shape. Mildew and urine smells throughout, water damage throughout, list goes on. It will be a lengthy rehab if it happens, but we’ll see!

Thanks everyone. It had crossed my mind to offer to pay for a detailed quote, I will definitely pursue that route now.

@Jim Goebel thank you. There is plenty of other work on the interior for us to do ourselves, and we have some help with grading. I’m definitely open to the idea of smaller projects to begin with. You’re spot on with why contractors won’t want to come out, I’ve been told directly that they don’t like doing bids for investors because they rarely get the work.

@Deonte Ademiluyi

A recent BP podcast guest did a deal with as little as $500. Lots of good advice here!

Advice needed on my ‘Smelly Mansion’ please!

I’m having a hard time finding contractors willing to come out and give quotes this late in the season. I’m a new investor and I’m just beginning to work on building these relationships. I’m currently looking at a house as a live-in flip while renting the lower level (with my back up plan being a regular flip or multi rental).

It's listed for $365k but my offer will be closer to $210k due to the extensive repairs. I wanted to include add'l documents/quotes with my offer, that illustrate the cost of these major repairs. ARV would be $490k (conservative estimate, may be closer to $540k). Sellers have already moved, lots of ‘junk' still in home, and it hasn't been taken care of at all. On the MLS for 2 weeks before they dropped $15k from listing price.

What are some alternatives I can use to illustrate to the sellers the extent of the repair cost? Specifically, roofing, siding, gutters, and grading. Grading may be more complicated because we’re unsure if the foundation has the water proofing on it.

I don’t have the experience (yet) to estimate these in my head. I was thinking of writing a letter that details all the major concerns and then moving on and not letting this become a time suck before even having it under contract.

Any and all advice appreciated. Thank you!

@Alex Deacon what are the negatives to an online lender? I've started the VA loan process with Veterans United, they had a lot of positive reviews. Thank you.

@Benjamin John Dyson

The first RE book I read was David Greene’s Long Distance Real Estate Investing. It’s a great walk-through and his process works for local RE as well as out of state. Highly recommend!

@John Neshiem

I am also on this street :) small world.

There is supposed to be a meeting in November but we’ll see. The county isn’t going to make any moves/offers until they’re 110% ready and then they’ll try to proceed as quick as possible. I highly recommend consulting with an ED lawyer - Jon Morphew is local and met with me.

Until then, my understanding is the best thing home owners can do is prepare. Take photos of your views and surrounding trees before winter comes and everything is bare. Meet with attorneys to get a better understanding of what to expect and decide if you’d like to retain a lawyer. If you have a home business, ensure your paperwork and tax records are in order.

I found previous posts by other BP members on ED that had some great advice too. Basically, he recommended to create site plans that illustrate the best possible use in regards to your zoning.

@Sharlene Burch

I don’t have advice but hello to a fellow new investor in MN!

@Anita Anand

I’m also starting out and agree that it can be an emotional roller coaster! I’m looking at a “Smelly Mansion” (as I have dubbed it) as a live-in flip. Try to remember to trust the numbers and your homework, whether that calls for walking away or putting it under contract. As BP has said time and time again, only a very small percentage of offers are accepted and lead to a deal.