All Forum Posts by: Sean Cole

@Mark S. SAR can get filed for any amount.  I knew tellers that would file a SAR if people repeatedly deposited "bra cash" to cause them a hassle.

Couldn't pick 2 hotter areas than that. ROI in those areas is really getting driven down by competition to buy flips. Most of the folks making real money down there are doing major rehabs and repositioning from $200k to $700k.

That's the thing - I have 0 desire to do what she does.

She's definitely got a market she works here in town.  I can't figure it out, but she operates in D and F markets that I won't even drive through and she stays busy.

Careful on throwing his possessions out.  Hamilton County requires that you store the belongings for 30 days at your expense.

When I was at another company, we got approached to find and provide construction services for a new flipping show where they were going to do multiple houses adjacent to each other.  Asked us to do it for free since our "trucks would be on TV and it's free advertising!"

That's how they make the numbers work - free contractors?  Heck yeah, I can make any rehab work that way!

 Why not have the investor who wants to be exclusive put up the amount that you'd have gotten from both other investors?  You're still maintaining your 1/3 share (or whatever it is) that you were planning on and you're not putting any more of your capital in?

There's a few neighborhoods here in Cincinnati where we buy 3/1 ranch on slabs for $15k-$30k and they were that same price 25 or 30 years ago.  They're mostly rentals in the area, so there's no reasonable appreciation that you can price into your analysis.  What's amazing is that they rent for $750-$800/month so the cash flow is amazing.  It's just risky as heck because of the lack of appreciation.

@Tae C. one of the lawsuits is arguing that the trust model they use is illegal because of self-dealing and receiving undisclosed fees.  

Tae, I didn't look up the house so I didn't see that you'd worked with that specific company.  I've been told that they aren't even providing comps or rehab breakdowns anymore.  That true?  They're currently defendants in 2 class action lawsuits here in Hamilton County (disclosure:  I'm a plaintiff in one of them and they are suing me in an unrelated matter).

Unfortunately, it's highly likely that you were set up for failure from the beginning.  It's not the answer you want to hear, but you're better off getting the house priced to sell and cutting your losses now vs. making that 15% payment each month hoping that someone will come along an pay your price.