All Forum Posts by: Rob Gillespie

@Phil G. I was actually googling and saw this post pop up about safeguard so I figured I would jump into the conversation. I cant speak for every deal they have ever done, but I will say that any deals That I was involved in with safeguard and there was any issue whatsoever they jumped in and worked diligently to solve the issue as if it was there own money. 

There are many of us that are long time repeat clients on both ends of lending and borrowing that have worked with them for years and we are all very satisfied. They have a vested interest into keeping everyone happy because it is way easier to keep a client then to go find a new one. 

Sorry to address such an old post, but when I saw it pop up on google and I was familiar with the company, thought I would share my experience. 

Hi Joshua, 

Welcome to Cleveland. It has been my market for over 26 years and unfortunately CMHA is not super easy to deal with. We have never had back rent paid during inspection, it is just part of the game. 

Feel free to reach out to me anytime for Cleveland help. I am pretty connected there. 

It will be ok Samuel! 

An owner occupied loan requires the borrower to INTEND on living in the property. You fulfilled your legal obligation. You have legit reasons for moving. 

Now let's discuss what to do with this property. 

1. DO NOT SELL AT A LOSS There is no reason for this exit. You are an investor and there will be deals that you need to change the game plan on once you are into it. 

2. If you want to stay, join or start a neighborhood group that cleans up the area and reports things that are not right. Those groups can be very helpful in small communities to turn them around. 

3. If you do not want to stay, consider selling on a Lease with an option to purchase. (check TX laws first. they used to be a little tough on owner financing.)  You can get a nice downpayment and make some cashflow while the home is selling at a premium price.

4. Look into Air BNB or short term rentals for traveling nurses.  

5. Rent it out or even accept Section 8 if it makes sense for guaranteed money. May be tough to cashflow, but just run your numbers. 

Hopefully this helps some. Good luck. Focus on all of the things ya love about the area and ignore the bad. It will help with your sleeping. LOL

You will have the best shot of doing a deal if you can sit eye to eye with the seller over coffee.

I would begin a direct mail campaign that is hand written and offer to buy them dinner to discuss the property.

Tell them that they want to sell and you want to buy, all ya need to do is sit down and find a middle ground to make it work. If they want a certain number for the house, ask them to show you how it can make sense finically for you to pay that price. Perhaps they know something that you do not. 

I find that is a good way to get them to see your point of view when they can not defend their asking price on paper. 

Time and circumstances will change minds and prices. 

Good luck!! Just dont get emotionally involved in this deal. There are others out there....Even in South Florida. LOL

If you are not embarrassed of the offer you are making.... You are offering too much. LOL

Having an agent involved makes it tougher. They get into their sellers heads that they can get more. 

few things to consider...

1. Converting a garage into living space can be complicated. How difficult is the city to work with? I have had investors do it under the radar, but going by the books it could be challenging. 

2. Make a multi part offer.

Option 1. all cash and quick close 100k less than asking. 

Option 2. Ask for full owner financing. (I would look at what they owe and what they paid. You also need to find out if they need the cash for something) 

Option 3. Down payment with some financing. this offers a little something for everyone. 

I would really need to know more details to give ya an actual deal structure. but NEVER be afraid of making an offer!!!

Good luck to ya!!!!! 

Taking that 20% out of play for 4 years without an ROI is not great.

Will your family member give you the 20% back after closing to utilize on other deals at zero percent until they vacate in 4 years?

If it becomes a no money down deal and breaks even, defiantly makes sense. 

I am not suggesting bank fraud. I am only mentioning this because it is a family member and you can structure it legally. 

I would first need to ask. Why are you doing this?

It sounds like you have a great thing going on your own. 

Dealing with family in this capacity really only has a downside for you. 

If you take money off of the top and make more than them, there are negative feelings. 

If You are doing all of the work making them rich off of your sweat and you are not making as much as you could on your own, there are negative feelings. 

I would offer to advise them and be a sounding board, but I would not become the responsible party for their success or failure. 

Just my 2 cents. Good luck with whatever ya choose to do!! :-)

Hey BP! 

I have been a  Cleveland Ohio investor forever and a day, but never have I done a deal in Jackson MS. 

I am doing another deal and as part of the deal, I may need to take a property over In Jackson. 

Few questions. 

Is there a  big investor presence there? Would I have a hard time finding someone to buy a fixer upper?

This seems to be a non reporting area. I cant find accurate comps. any advice on establishing a quick value?

3 bed Bath 1 car attached garage. Thoughts on Rental amount?

Anything I need to look out for? Crazy city officials, flood zones, heavy crime area, etc....

Thanks Everyone!!! 

Happy New Year! 

Dont over complicate it. Your goal is to put a contract on the property and make sure it is for less than it is worth. 

I would like to see the deal and the numbers in specifics so I could give you more guidance. This is very vague. 

The RIGHT questions are important. it is more about the situation than it is the property. 

give some more details and lets see if we can get ya a roadmap to making an offer that makes sense. 

When assigning a contact you follow the original contract instructions. You do not change it because it is assigned. 

I personally like to control the deal from the beginning and deal with an escrow/title company that I do lots of business with. 

It seems to make everything go smooth when they already understand how I work. 

Hope that helps. Good luck!