All Forum Posts by: Nicole Walley

@Christopher Phillips thanks!

I have an opportunity to purchase a multi family property from my landlord. I have an investor lined up but he said he needs a signed purchase agreement before he proceeds further. What is the cost/process to have a purchase agreement drawn up?

@Jason DiClemente how did you get started?

Through a bit of reading and research, I am gathering that it is much easier to break into RE investment if you already own a home. I would like to know what your thoughts are on this, and also how some of you were able to get started! Thanks 😊

@Josh Cuthbertson the more investors I find for the deal the more money I make. This being said I really want to be able to invest in the deal financially to earn a greater return. If it’s not possible I am ok with that, because at the end of the day this is a learning experience for me being the very first deal I am involved in so to say that I facilitated a multi million dollar deal and had a major hand in putting it together is helping me build my credibility so I see this as a major stepping stone.

I have been working with an investor who is a friend of mine, mentoring me in my journey to break into real estate investment. I recently came upon a deal and connected him with the seller of a property that is zoned for new development. He and I discussed the hypothetical situation of what my role would be in the deal, as I have no ability to play part in the financial part of the deal, is there any way I could possibly come by some cash, basically just asking for help thinking outside the box here.

@Chris Mancini very helpful, thank you! There is one meter for the house, LL pays everything, all good things to consider. I’m going to have a more in depth conversation with him, and see where I need to go from here. Looking like hard money is going to be the only solution as far as I can see...

@Adam M. Yes I need to find out more details, BUT without opening a can of worms with the city. My landlord has owned these properties for 30 years, the last thing I want to do is have the city on him. However it could work out in my favor, but my guess is that he would sell as is and someone else would come along and either tear down due to the home being older, or possibly put money in to fix it. I need to find out a few more things before I can see what my options are, thank you!

@Khaled Helmi yes the numbers still look great. However, my concern isn’t getting a slap on the wrist, my concern is that the work to make the main house four instead of two units wasn’t permitted. What kinds of fines could I potentially face, and could it turn a great investment on its head...

@Nathan G. No, I don’t believe it was permitted, that is the problem. What kinds of fines would I be looking at if the city discover that? The positive side of this is that this area is zoned for both commercial and residential. The home is listed as a duplex though so I don’t exactly know what hoops I would have to jump through if it somehow comes to light that there are 5 units not two.