All Forum Posts by: Katrina P.

I invest in these types of properties, and they have been nothing but a positive experience for me, so please don't listen to people who speak negatively of these types of investments. It's the easiest way to get in for some, and as long as you have a good team on the ground to get things done when you need them done, it works out very well. The best place to find these investments is in the Mid-West. Happy Investing and Merry Christmas!

Welcome to BP! You'll love it here! And Merry Christmas!

Hey BP Family,

I am looking for a Partner to do a JV on a fix-n-flip property in Takoma Park, MD. I am not set on a particular partnership structure, so we can create a structure that works for both of us. Please see the rough numbers below:

Purchase Price: $330k

Rehab: $302k

ARV: $995k

I am mainly looking for someone to bring some table money, as I have secured the loan.

Message me with any questions!

Happy Investing!

Katrina

First, calm down, it's gonna be okay :). I remember when I first got started how that first few maintenance calls felt - heck, even today I don't like seeing calls/texts from my tenants. But it's the nature of the game we're in, and we want to keep them happy. First thing's first: get it working asap, then fully assess the problem. Have a professional or (preferably) 3 give you a prognosis for that unit. Is it on its last leg? Needs to be replaced immediately? Or do you have another year to plan for it? Determine the cost of fixing vs replacing and how much time fixing it will buy you. And like others said, how old is the unit? If it's over 20 years old, it has probably lived its life cycle. Calm down and act logically. You've got this!

Try Huntington Bank and Kellogg FCU

Hello, I've purchased on Hubzu before...I didn't have to do a title search... they did that, and provided title insurance.  Hope this helps.  Good luck!

Thanks everyone!! I appreciate all the input!

@Gerald Demers okay got it! Thanks so much for the info!  I've already called a couple of contractors to take a look at it next week.  

Cheers!

Hey @Gerald Demers, Thank you so much for your input, kind sir :)!  I will definitely have an independent roofer go out there to give a second opinion, then have that conversation with the seller.  Thanks so much!!  So hypothetically, if the roofer says rip off and replace all the shingles, for example, how do I propose to restructure the deal?  Does the seller offer me a credit at the table for that amount?  Take it off the price of the house?  Or does it even matter?  I guess if he offers me the credit, then I can finance that cost, vs paying it out of pocket, right?

Hey BP!

So, I just received an inspection report.  It's for a small multifamily.  The numbers work fine... currently at 2.79% rent to price ratio...not wonderful, but meets my criteria.  So my question is... got the report, and I'm not too happy with the results.  There are a few things, but my biggest problem is with the roof.  The current owner just put about $4k into repairing/replacing parts of the roof (I have invoice and receipts in hand), but the inspector noted this about it after taking pics, showing other damage:  "Damage, deterioration, staining, moss type growth, improper installation, and repaired areas were found at the roof coverings. A qualified contractor should repair/replace as needed."  So my question is would you guys typically go back and ask the seller to replace the rest of the roof, or ask for a concession so you can do it once you close?  Just curious how you all handle this type of thing?