All Forum Posts by: Owen Dashner

Unless you are partnering with an experienced investor, I would pass on this deal.  Taking on 8 properties at one time is a tall order even for an experienced investor, plus the numbers don't look great.  Pass.

Have an attorney draw up the agreement. Depending on your state, you will likely need either a Deed of Trust or a mortgage, a promissory note, and potentially a personal guaranty (if the seller requires it).  Once the docs are drawn up, you get them signed and notarized and have either the attorney or title company record the financing instruments with the county recorder.

Are the hot and cold supply lines reversed? If gas, is the pilot light lit? Is the shutoff for the hot water supply line turned on? If it is an electric water heater, the heating element(s) may have burned out and needing replacement. Those are the first things that come to mind.

Nice deal! How much do you have it rented for?

Where is your property located and what advertising methods are you using?  Are you doing Zillow, Facebook Marketplace, etc?

Sounds like your broker should stick with brokering instead of giving rehab and insurance advice.

You asked the question about finding deals. You need to look at more properties and make more offers that work for you. There are still deals on the MLS, but you also need to get in front of motivated sellers. Networking, driving for dollars and marketing are effective methods for sourcing leads. Also foreclosure auctions can be potential deal sources.

My advice would be to rip off the bandaid and sell the property. Don't keep it as a rental only because it was a failed flip unless the ROI/cashflow make sense... If you are going to buy and hold rentals, you should buy them because the numbers and location make sense, not because you went over budget on a rehab or paid too much for a purchase.

As Theresa said above, the seller likely didn't get the price they wanted.  

Why not try getting ahold of the owner and see if they'd sell to you while off market?  

Wasn't expecting a Hawaii resident to drop knowledge on ice issues!  Thanks very much, this is good stuff!

I had a not-so-great start to the new year - frozen pipes and flooding at one apartment complex, and a fire in another building.

As I was fumbling through what to do with the aftermath of the fire, it got me thinking that I cannot be the only one out there who doesn't really know what all I am supposed to do in these unfortunate situations.  

Has anyone out there put together a playbook or a quick reference/checklist guide on what to do in fire (or flooding) situations?  If so, would you mind sharing it?  I would be most appreciative!

I have never paid for any of his training stuff, but John Martinez puts out some phenomenal sales training content related to dealing directly with sellers.  Check out some of his Youtube stuff so that you get the idea.

Pace Morby has good stuff as well.  I know he has Subject To/Seller Financing training out there, I'm not sure if there is anything of his that deals with more run of the mill negotiating or not.