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All Forum Posts by: Robert Nelson

Robert Nelson has started 12 posts and replied 43 times.

So im looking in the DMV and Baltimore area for multifamily properties. I noticed that they aren’t as common in this area (Baltimore and DMV investors please let me know if im wrong) How difficult is it to turn large single family into a multi family ? Looking to house hack and live in one unit.

@Gregory Schwartz I’m a newbie investor myself and I have not been able to get my first deal yet. But I am sure if I did I would feel extreme anxiety right now. I wish I had a good advice to give to you but props to and your family even just starting !

Post: Wholesaling during COVID-19!

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

First off definitely want to wish everyone good health during this tough time.

With the current crisis going on alot of people will look to get ride of their properties to get much needed cash. But my question is are investors looking to buy from a wholesaler during this time also? During this time I feel like finding a cash investor would be tough.

Let me know your thoughts ..

Post: Fear of competition: How to overcome it?

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

@Daniel Mendez honestly for me if I have a fear of anything I usually know that means I’m going in the right direction. There will always be competition but like some people are saying in this post its all about repetition and always know there will ALWAYS be a deal out there. Just have to look at the situation, find an exit strategy, and structure the deal in a way that works for you and solves the sellers problem.

Post: Advice on Seller financing??

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

@Kevin Sobilo yes the arv is  contingent on making it into a fully rented 3 unit. The Arv is tough because the property is in a neighborhood that doesnt have comps. But you’re right I’ll definitely look into that!

Post: Advice on Seller financing??

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

So if you’re looking at a deal and the cash to buy could make the margins tight with a high rehab budget. Would you advise going seller financing paying very little per month rehab the property and then down the line pay the seller off?

Not sure just running through some ideas. I saw a property last month with a questionable arv that needs a major rehab but the purchase price is low and the seller doesn’t want to budge off of his number. He price doesnt fit our 70% rule. But with the arv being questionable I wondered it doing seller financing paying 150ish a month would make the deal worth it.

If you need numbers to have a better idea:

Purchase price 49k

Repairs 130k

Arv 200-250k rented (zoned for two units looking to make it into a 3)

Thanks !

Post: MY FIRST REHAB WENT A BIT TOO WELL. CONCERNED!!!

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

@Laurence Obi lol wow it looks great. Time to do it again and again and again. Keep it up !

Post: Broke broke broke !!!

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

@Tyler Harris get a partner! Have them fund the deal while you do the work. Happens everyday. You could also wholesale to build up some cash to start. Lastly do some research on seller financing. Might be cost effective for you.

Post: Should I sue for back rent?

Robert NelsonPosted
  • Towson, MD
  • Posts 44
  • Votes 18

@Kyle J.i agree! Take the security deposit and also just make sure to save enough monthly for vacancies and people not paying

@Bryan Cavellier ehh i think that’s based on your opinion. Most people I know make the unit livable and good enough to hold. I don’t see a problem in making something “too nice “ if you mean slot of upgrades and stuff. It will hold better but I’m more in favor of making it nice enough to live but cheap enough stuff for when someone breaks something you can replace it without problem. Now if you’re staying in it and renting out a unit to something else then yeah make your owners unit as nice as you want.