All Forum Posts by: Quentin Pidcock

It sounds to me like the best idea would be to just sit down and explain this to him. Ask for a weekly progress report and perhaps a monthly summary showing that the project is still on time and on budget. At that point I would pass my contact information and tell him if anything happens that could delay bored increase costs to please contact me. At that point I would just step out of the picture and wait for the report. If you have any questions just send an email. You could also just ask for his preferred contact method. Then maybe at the end of the month take him out for a working lunch. This gives you the opportunity to keep in contact and maintain a relationship so that he feels comfortable contacting you if there’s an issue. It will also help you cope with not being hands-on.

Hello,

I am new to real estate and I'm looking to purchase a hotel. I have found a couple of properties that have a lot of potential and have a lot of value add potential. I am just trying to figure out how I can fund the deal as I have the experience of running the business but lack the funding for even a down payment. Both of the properties that I have selected have a lot of BRRRR style potential. My big issue is that I'm not sure where to find investors to help with this endeavor. Any help is appreciated.

 My issue is that I’m not sure where to find investors to help with this endeavor. Any help is appreciated.

Thank you

Thanks, any specific audios you’d recommend for new people? Believe me when I say I know less than nothing about real estate. I’m a quick learner but I’m finding this incredibly difficult to learn because there’s so much conflicting information. I honestly have no idea how to even write an offer. Ill look some up as examples.  

So I have never done anything with any part of the real estate market. (Never even rented before.) I have virtually no cash on hand for a down payment. I'm a night manager at a hotel so I have some free time through the day. I have a lot of political relations. (Knowing people in code enforcement, appraisals, PVA, county and city clerks, judge executive, etc.) I always see what looks like good deals to me but I know the untrained eye can sometimes see a bad deal as a good deal. 

I am looking for the first steps that a total newbie can take to fast track as much as possible. (Not getting any younger and you cant' make money on the sidelines.) I have no issue with doing the leg work (I actually enjoy it). I just don't know what to do. 

Any Suggestions?

I found a property that’s tied up with a law office, the city and the county for taxes going all the way back to 2012.

It’s been condemned as it hasn’t been maintained externally and was considered abandoned. The city has scheduled it for demolition this coming summer. 

The city population has been declining since 2014 by roughly 25 people per year. (Population is about 3075 currently).

It’sa corner lot and could be split into a split level multi during a roughly 10-20k rehab. I’d estimate the rent at 600 collectively for the month.

I was considering trying to settle the tax bill if they agreed to give me the property for free. I feel like even at that point it would be me doing them a favor.

I was thinking it may be a good flip but the problem is that declining population.