All Forum Posts by: Sarah S.

@ Marcus Aerbach The Seller who is selling it inherited it all from his father last September. His father obtained the deal from auction w intent to develop entire street but took sick before he could do anything w it. 

I have met Seller and he admittedly says real estate is just out of his scope of knowledge or interest. He shared he has a troubled past dealing w addiction and was a drop out in 10th grade. I am one who encourages people so attempted to tell him to find someone to help him learn what he can do with the streets potential but in honesty I personally see his concerns. Title check has been done and it is clear. Seller gave me Probate Attorney info and he confirmed son is only legal heir and nothing can uphold the sell if I choose to buy. Only unknown is why the city condemned some buildings but I will know that later today. I am on alert when I see the word condemned but have randomly picked brains of some local investors and all 4 do not run from condemned homes esp when their plan is ro rebuild but these guys have experience vs mine of no condemned properties.

My go getter attitude says grab the opportunity and ensure I have resources such as experienced developers, investors, etc. I can draw knowledge from as I go and make this a learning opportunity once I feel confident about the potential and my ability to handle such a task. My "I am too new to do this" attitude says wholesale it and walk away with pockets padded a bit but dang instict says believe in myself and put in the work and make it happen. Ugh...decisions..lol. I appreciate your unput, more for me to evaluate. Thank you.

A Broker brought a package deal to me to see if I had any interest since I had been hunting properties near a military base. Pricing is good but then there are these facts:

Lot size for the entire street is 4.3 acres and in the past the street resembled a mobile home park except with small homes. 40 rental units consisting of 24 houses, 6 duplexes and one four-plex. Each unit is a 2bd-1ba except for one 3bd unit. Currently 5 units are occupied with the balance of the units having been condemned by the City. 

What I had initially considered was to go in and rehab each property and rent out each home but then after evaluating, I figured there may be more money made by Owner Financing the homes or outright flip a certain number and keep a few for myself as rentals. Currently the homes were tiny so invisioned a tiny home community which would be the first in the area or tear down and rebuild as many nice affordable 3/2s and 2/2s as will nicely fit on the street along with a 6 plex. I have never done anything of this magnitude and wondering if my thought process that the street has great potential of what can be done and find a mentor or partner to do this deal with or do I get the entire street with all lots and wholesale as a pkg deal or wholesale per lot and keep one lot and build a home to show potential to other investors. I enjoy wholesaling but enjoy rehabs as well and hard work indeed but almost excited about the potential of this deal. I just want to be sure I am not thinking too big.

City has street zoned for Residential or Manufactured use. I welcome any and all feedback. Asking price is currently $600K (15K per door) which I intend to negotiate down.  Seller is willing to 100%  Seller Finance the deal which is one of 2 offers I made her with no pre-payment penalty. 

Keep this deal, run from it, wholesale?

Thank you for writing this article. Just recently I begun the multiple options strategy with my offers and amazingly have more contracts. I do find that when they agree to a zero down Seller Financing option that they request I pay closing costs. So far I have dodged that but how often do you pay the closing for the Seller? I am thinking maybe it is not a big deal and I need to stop being so frugal in that area considering Seller took an offer I myself was embarrassed initially to make...lol.

I only wish I knew the multiple options strategy much sooner.

Recently seems I have been receiving more Sellers calling with Commercial Properties and one is under my radar currently. It is not a huge commercial deal so wanting to get feedback on it. The building is an old church in very nice condition and the layout provides many options for it to function as something else. It has been well kept and $20,000 of repairs needed. Value is $185,000 and Sellers recently dropped price to $75K after being on the market for over 180DOM. Property is located in a small town but in a high traffic area there and right next to the regional hospital. I negotiated the deal down to $50K and exit strategy is to Wholesale it. I do have a 27 day due diligence period. 

I have been studying and watching videos and have seen many Wholesalers contacting NTs (National Tenants) and getting them into a lease in order to add even more value so the Wholesaler now can ask for a higher fee from their Buyer because of added value. Has anyone done this and is it worth the time vs just a straight commercial wholesale deal? I have spoken to hospital admin and other businesses on the street just to get a feel of what residents could benefit from and hospital says they all wish there was a CVS, Walgreens or Rite Aid nearby or even a rooming house for families to stay when a family member is hospitalized, or a nice restaurant accessible which causes me to think maybe a small NT may sign a lease but I am not sure.

I feel the price makes it a good deal but just looking for feedback. This would be my first commercial deal so before signing contract later today, would like to hear from those who deal with commercial properties. Thanks!

Hi. Where are we standing as far as our 1st meet up? Looking forward to it!

I have a very unique in which I have an international trust fund but can not use it much for investing at this time. I secure very profitable deals of which I have been wholesaling but stepping away from that in order to pursue exit strategies that are more profitable. Most my leads come from Probate and Divorce attorney referrals, vacant homes, and some outside the box avenues and lately I have passed up so many simply because of funding. Today I had an investor of 33 years who is now retired advise to find partners and give a good split.

Some of the deals require catching up payments and assuming the note, I have been wholesaling these but would love to fix and flip or owner finance. The majority are good for any strategy. I am willing to do the legwork from finding, analyzing and putting deals under contract that have profit potential and willing to manage the project. I simply need someone to fund the deal. I have no problem using hard money and doing the interest payments until home flips but in that case, I just need a partner to pay the cash at closing and I will cut the partner in a certain percentage of the profit as well as pay the cash as closing back however we agree and same goes on straight cash deals. I am sure quite a few on BP have experience on partnerships and can guide me in how they desire a partnership to be structured when they are equity partner therefore while this is new to me, I hope to gain a good partner and also good experience.

Partners are valuable so looking for someone or individuals willing to partner up! Currently I am looking for a cash partner for $29K which I need at closing. Even if you can not partner, I would love feedback on how to structure an equity partner deal.

Thanks

Congrats!!! Did my first closing today too and learned alot...so similar to your experience. I was not aware either we paid Agent  but thankfully it was 10%. Also was unaware how much would be needed for closing. Closing was a day early and we did not even have a statement yet to know what, if anything to take cashwise to closing. Nonetheless deal DONE! CONGRATS TO YOU TWO!

I restarted my RE investing journey on Election Day 2018. I am fighting brain cancer and been difficult at first controlling my negative self talk but I got passed that. I have asked the most trivial and basic questions on here at times but someone has always stepped in to help and encourage me. I have not invested in Houston and still trying to find my place in this city so at 1st was going to settle for being a wholesaler but then got encouraged to network, study, research, ask questions and try out other areas of investing. I have always dreamed big so made a goal to buy my 1st property to fix and flip by Feburary and have a MF or Commercial property before summer.

Guess what?!! I got a property and we are on the way to close right now. Title company is 40 miles away and it is raining but so be it...we are in route!!! So this is what it feels like, huh? Both me and hubby dressed up just to sign papers and ahhhh....sorry for such a lengthy post but I am proud of myself and thankful to you all for being here.

Next phase is bugging you guys to help me navigate rehab phase but I look forward to it!!!

THANKS EVERYONE!!!

@Fred Sams Believe it or not, I am just now about to pursue crowdfunding options. I will keep you in the loop. It has been years since thus post, have you had any successes with crowdfunding?

@Anthony Dadlani. Thank you.