All Forum Posts by: Adam Pasternack

Thanks for everyone's advice!

I am looking to getting into development, want to start with single family and then start on small multi and work my way up.

@Taylor, building the two single family homes you referenced, are you doing it on already developed lots in a speced neighborhood that just sells lots you build on or did you buy the land and develop from raw, put in utilities, etc....

Trying to find a reasonable way to start gaining experience building/developing 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $247,000

We purchased this property for the location. We got such a large credit at closing that we got paid 5k to take the property!!

What made you interested in investing in this type of deal?

The seller needed to move quick, it was the start of covid and first contract fell through, also GREAT area and building

How did you find this deal and how did you negotiate it?

MLS, checking every day, making quick offer

How did you finance this deal?

traditional mortgage

How did you add value to the deal?

Found what was wrong with the property during inspection, had multiple contractors quote remedies, and leveraged it to a large credit at closing that paid for the down payment and a check to us!

Lessons learned? Challenges?

Take one step at a time. Since some of the issues had to do with water, it was sometimes scary, but we keep taking the next best step.

I am interested in investing in Bethlehem.  Funding as well as securing my own properties.

I was recently reading up on what it means to be bonded.  Facinated by the idea that contractors and the like get insurance to protect those who hire them had me thinking how best can we leverage that safty and protection that comes from that policy.

Any insight and/or advice here?  What exactly does a bond policy a contractor holds cover?  Deficient work?  Increases to the estimate due to newly discovered complexities?  Bad work?  Late work?

Also, what is the process of getting that money, making a claim.  Who puts it in, I can imagine that the contractor and the person who hired them will not always be on the same page if things went south.

Thanks for your thoughts~!

I am looking to wholesale a few deals in Columbus but am having trouble getting sound accurate legal advice to the legal/ethical ways I can do this.

From what I have learned so far there seems to be at least two concrete ways to do this

1) I can do a double closing which requires me to have or borrow the money for the day

2) Contract assignment

I have had conflicting advice from people I trust on the legality of #2 in ohio.  If there is a way to do it legally/ethically I want to do that since it does not require purchasing the property myself.  Any recommendations on an attorney which knows the case law in this area and is investor friendly, best case an investor his or her self??

Thanks!

Thanks for sharing, what an encouraging story!

Hello, is this a new group or longstanding one?  I live in Columbus but am looking to get connected with a BiggerPockets community group.

Michael,

I am interested in learning more and potentially getting into real estate. A friend who is in the business pointed me to this site. Are there any Buffalo area BP meet-ups in the new future or any other networking events for a newbie.

Thanks,

Adam Pasternack