All Forum Posts by: Michael Waite

Hey Brian. I just started working with fund and grow this week. A friend confirmed that they are the real deal. He successfully received $250K+, unsecured, 0% interest for 18 months funding from them and has been using it to aggressively highly discounted deals. It's free money. You can't beat that. I'm excited about receiving my first round of funding. I'm anticipating that'll be in a few weeks. I'll keep you posted. What has your experience been with them?

No. These are two different things.

Wholesaling real estate is when a real estate wholesaler puts a distressed home under contract with the intent to assign that contract to another buyer for a fee.

A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. The agreement we are discussing is for partnering (or joint venturing) with another investor to buy properties. The two parties are partners an share the agreed upon percentage of the net proceeds.

Ex. I find the distressed property and JV with a financial partner who puts up the funds to purchase the property. The net proceeds from the sale may be shared 50/50.

Hope that helps.
 

Hey @Ana G. Thanks for your comment. I'm working on 3 multi-family deals in the Bedford-Stuyvesant section of Brooklyn, NY. Your JV contract will come in handy. I'll DM you.

Welcome to Bigger Pockets. I'm looking to sell a lot in Lehigh Acres. Please contact me if interested. Thanks.

Hi Kyle. I'm looking to advertise for bird dogs. I like the way this was worded. I was wondering how successful it was for you. I'd love your feedback and any advise you have on working with bird dogs locally and nationally. Thanks.

I have a contract on a NC property and it appears that the probate process hasn't started. I haven't done a probate deal before and I'm not sure what to expect. I'm assuming my next step is to locate a local probate attorney who can move the process along. 

My seller, the son of the deceased homeowner, showed evidence that he is executor/administrator/fiduciary of the estate. Court docs appear to show that he is the sole living heir to the owner of record listed on the deed. I signed the contract with the son who currently lives in SC. My contract says that due diligence starts after probate has been finalized. 

The son has been to court to contest a fake will submitted by a woman who also claimed to be the father's current wife. I turns out the father and his estranged wife (mother of the only son, the man I contracted with) had never been divorced. He presented me with the court orders that rectified these issues. He had addressed these issues without a lawyer so the probate process has not started. I'm hoping that process can be expedited since he has court orders granting him the sole heir and the administrator of the estate. His mother died during the process of clearing these issues up and gave him power of attorney prior to her death. 

The son lives in South Carolina and doesn't know if anyone is living in the home or what condition it is in. I had a friend drive by the house and confirmed that someone is in fact living in the home and took pics of the exterior for me. I'm wondering if he can start eviction proceedings. The court orders are from 2017. I'm assuming whoever is living there probably has been living there since then. Should I wait until the attorney gets involved. Does he have the right to evict now and take possession? Someone has been paying the taxes.

I would appreciate any and all advice on next steps and referrals for a good probate attorney.

Thanks.

Hi. I have a contract on 43 Van Wagenen Av, Apt.# 2B, Jersey City, NJ. I need to know if my numbers are correct. I currently do not have a listing agent in this area so I am looking to interview for the right person. That person should have proven experience listing properties in this area. I will likely be listing it within the next week or so. My contract allows me to start marketing it right away. Any help you can provide as far as where I can go to locate the best agents in this area or if you can reccomend a specific agent that would be good also.

Thanks for your help in advance.

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Here are the details on the property:

Condo Unit #2B, 2 bd, 1 bth, 795 sf, $475/mo. Condo Fees

The unit has old appliances and has never been updated. Here are photos of the actual unit:
https://www.dropbox.com/sh/oem...

Please note: I'm NOT looking for a CMA. Just your opinion of what you believe you can sell it for in 30-45 days. Please provide the following:

  1. How much can you sell it for in AS-IS condition in 30-45 days

  2. How much can you sell it for Rehabbed in 30-45 days

Rehab will consist of new stainless steel appliances, new kitchen cabinets, new bathroom vanity, mirror, toilet, bathtub, refinished hardwood floors and new paint throughout.

Hi @Gene Guarino. Thanks for your comments. My apologies for the delayed response. 

To clarify, she is approved for 12 beds, not 16. That was a typo. The facility was only approved for the 6 beds until May 2019. She was at 100% capacity. She received approval for an additional 6 beds in June. The 2nd half of the house was NOT being used as an ALF.

She is now marketing for new residents to fill the 6 new empty beds. She agrees that she could get more than the average $2,129 per bed that she currently gets. With new management and cosmetic renovations, I have conservatively estimated the business could get a minimum of $2,500 - $3,000 per bed for a $30,000 - $36,000 gross monthly cash flow. That's based on my limited research and I think that consistent with what you are suggesting focusing on private pay residents. 

I based my deal analysis on a more conservative $2,500 per bed average. The property needs about $30k for mostly cosmetic renovations to bring it up a condition to compete favorably with other ALFs in Miami and attract tenants willing to pay higher monthly rental fees.

The owner's husband is her partner in running the business and recently had a stroke and is hospitalized. She has been considering selling for a while and as a result of her and her family's latest misfortune, she has expressed a desire to move on from running the business.

My interest in the deal is to either to broker the deal an individual or corporation for a fee or partner with experience in running ALFs. I see that you are an expert in the business of establishing and running Assisted Living Facility businesses. I visted your site at https://residentialassistedlivingacademy.com/ . I see you help people get certified as Residential Assisted Living Specialist (RALS). I would love to follow up with you to discuss this further.

Michael

Please disregard the following paragraph. We're not able to make edits to a post after 15 mins.

"Centrally located in the heart of Miami, on the edge of the affluent Coral Gables neighborhood. It is situated on a large corner lot on the well-known Calle Ocho, which has experienced significant commercial development and tourism growth in recent years."

This property is actually located in North Miami, FL

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Price includes real estate and ALF business. Manager in place for 9 years. Current year results reflect transition to a more attractive tenant base, approval for an additional 6 residents and compliance with certain regulatory requirements.

The company is owned and operated as an assisted living facility that operates 6 of its 16 licensed beds. At this time the company primarily serves adults with limited health needs. Nearly all of the residents receive public assistance, with their rents being paid through a combination of SSI payments, Medicaid and Waivers (subsidies from financial providers).

The company has operated continuously as an ALF for over 9 years. Built in 1952, the facility underwent extensive renovations over the last 3 years and has been maintained in accordance with both Florida and federal regulations.

Centrally located in the heart of Miami, on the edge of the affluent Coral Gables neighborhood. It is situated on a large corner lot on the well-known Calle Ocho, which has experienced significant commercial development and tourism growth in recent years.

Purchase price includes the operating business of the licensed 16-bed ALF, as well as all real estate, furniture, fixtures, equipment, and intangible assets, which includes license, goodwill, referral sources and other assets.

More detailed information memorandum available to qualified buyers.