All Forum Posts by: Paul Volk

My business partner and I are doing a BRRRR and getting ready for the cash out refi. Because there is a limit of 10 mortgages we are wondering if it makes sense for only 1 of us to sign for it. It will be a rental but I want to fully understand the risks involved. We will both be on the title. I trust my business partner fully but want to just make sure this makes sense on the off chance something happens in the future. What do other partners out there do? Thanks!

I would like to have a system in place so that my GC and I are more organized as we make changes to the scope of work throughout the rehab process. Best app/website? I'm looking for a site/app that can list out the initial scope of work agreed upon with descriptions, maybe pics, and prices. As we make changes throughout the rehab process it would be nice if my GC could take a pic with his phone, write a description of the change with cost, and send it via mobile app for my approval and signature. Does this exist? Best ones out there? Suggestions? @David Greene @Brandon Turner I know one of you has a system in place as you guys are the kings of systems

My business partner and I have 2 BRRRR's we are working on right now and we stumbled upon another potential great deal. Whether this property works out or not we want to have private lending in place and ready to rock for the next one as we are close to maxed out on our own funds. We both have great credit, income, and have experience with 6 total deals. Please let me know if anyone has any interest in lending to us. Thx !!

Hello! Getting ready to close on my second rental property and I'm hooked! I feel like I am starting to get the hang of this and I am looking to educate myself more on buying an apartment complex. I don't know much at all about commercial real estate but I know that it is a whole new beast. Any recommendations on great books to get my learning started!?

Hello everyone. This may be a controversial strategy because it could potentially but real estate agents in an ethically questionable situation. 

In an attempt to get a good deal, has anyone ever thrown in low ball offers and told the listing agent they can represent both the selling and buying side? My understanding is that in most cases when selling a home, the seller pays a 6% commission. 3% to listing agent and 3% to the buyers agent. I know buyer protection is important but if I’m able to secure a property well under market, it would be worth the risk of not having a realtor “protecting me” throughout the process.

It might be easier to explain by just giving an example. Say there is a home listed at $200k and that is what it would actually appraise for. I offer $150k and tell the listing agent they can represent both sides.  Wouldn’t a real estate agent be more tempted to convince the seller to take that offer because they could potentially take 6% instead of 3%? Selling agent could make $9000 ($150k x 6%) rather than $6000 (3% of $200k). 

Has anyone ever done this? Have they seen success? Is this unethical or wrong? I’d love to hear if anyone has tried this and what their experience has been?

Thanks!

Hello everyone! My name is Paul Volk, I am a newbie investor in the Grand Rapids area. My wife and I bought a condo in 2014 when the market was still pretty low. We saved our pennies and ended up building our dream home in Rockford, a nearby suburb of Grand Rapids. We rented the condo and we have been fortunate that it has appreciated quite a bit in value and cash flows about $250/month. Now that we are in our dream home we are anxious to try to find another cash flowing property. My wife and I are both in sales in the Healthcare industry which allows for great flexibilty in our schedules. Although we both enjoy our jobs, we both dream to exit the rat race and live off of the cash flow of multiple rentals. Because there aren't really any deals in this inflated market, I am hoping to make and deal and hopefully try out the BRRRR strategy. I look forward to networking with the community and having mutually valuable discussions :)