All Forum Posts by: John Woodrich

The only wood subfloors I have seen were put on top of concrete....  Placing wood right on the ground (especially OSB) would deteriorate relatively quickly.  

Are you sure it isn't a wood subfloor such as a dricore over a concrete slab?

You will want to talk to an attorney on this one - you didn't mention which city but I presume you don't have a rental license also?  You may want to tread lightly here and do what you can to get them out without causing them to get PO. If they went to the city you could be liable for fines, misdemeanor, etc.

I would recommend going to @Brad Schaeppi's website and paying to setup a half hour phone call to discuss.

@Mitchell Rusten I found the property you are talking about and am going to message you privately to keep your deal a secret.  

@Brad Schaeppi is an expert and was setting up a forms subscription but not sure if he works with wholesalers.  I would recommend you go to a couple networking events to connect with wholesalers and see who they use.

@Ashanti Payne an attorney is the only one who can give you legal advice.  You could try to find someone on here but unless they are an attorney their advice offers you no protection.

@Mitchell Rusten you will need an engineer to conduct a soil test.  If it is build able it may need land improvements to improve drainage, etc.  As mentioned, you will want to see what the cost of similar land is in that area.  There would also be costs involved in splitting the lots and your mortgage company isn't going to let you sell the land and keep the cash.  If the property makes sense for you without selling the land it may be worth pursuing.  If you think the land value is pretty high you could pay to get some testing completed but the seller is unlikely to share in any of the cost so that is your risk.

Financing new construction is a little different and it wouldn't be an issue for a reputable developer.  If there is a new development connected I would be surprised if the developer hasn't already considered that lot.

I disagree with Joe, in the beginning the only option for some people is hard money lending.  It isn't the cheapest source of financing but it is a way to open the door when there aren't any options.  They also aren't going to finance a deal that is going to lose money so some of the cost relates to the due diligence.  I would connect with @Sean Blomquist if you want to discuss hard money options.  You could also reach out to @Tim Swierczek to discuss any other creative financing options.

That being said - you mention little skin in the game.  Owner occupants have some options but it is hard for an investor to jump in without getting very creative.

@Mark K. sending contact via DM as I can't post emails on here.

@Yonah Weiss thanks for the mention

@Jarvis Naylor we work with quite a few local and national real estate investors.  Feel free to send me an email if you would like to setup a quick call to discuss. 

Figure out who you would like to use to run a background check and use their form.  That will have all the required information you will need to get going.  Then you can expand on that as things come up.
You will also want to get a lease form ready.  There are several out there, I personally use the MN Bar lease with added verbiage my attorney recommended.  Several MN investors use the MHA lease or other varieties.