All Forum Posts by: Larmon Cummings Jr

For my people that rehab, this right here was “one of those types of projects”🤦🏽‍♂️ So many issues just getting this one to the finish line, and took a major loss in doing that smh. On the plus side, I learned some valuable lessons with this project, and some key takeaways to use on my Dolton project. That’s the thing about this business, you won’t always hit home runs at every bat, but as long as you stay in the game and keep improving, you’ll always win in the long run💯💪🏽 On to the next.....#rehabberlife🏚🔜🏡👷🏽‍♂️#FromRockBottomToMuchSuccess#blessedlife🙏🏽🙏🏽

@Vilena Gilyaeva

If you plan on doing a quality rehab that buyers will love, then I’d find a local custom cabinet maker so your kitchen comes out nice. Keep in mind Kitchen’s and baths essentially sell your property. For the bathroom vanity that you can find at Home Depot. Just the route I take on my projects, so it’s just my opinion. Good luck though with the project.

@Gary Crawford

Congrats, that’s great to hear💪🏽

@Shannon M.P. Lewis

Congrats!!!

@Francisco Rivera

Always be ethical and just be honest. If you’re looking to assign it just let him know you may have a buyer, and if you do, I’m sure he’ll respect you being straight up from the beginning and maybe work with you. If you lie right out the gate, why should he even bother working with you. Lies in the beginning means there will be more lies down the road, and in my experience it’s not even worth the hassle. It only pisses people off when you lie and waste their time. Just be straight up when you meet people and more often than not they’ll respect that and likely work with you. At least that’s where I stand, but I’ve encountered several others in the past that work with a completely different set of ethics in this business.....

@Erik Sherburne

My brokerage uses Dotloop for my realtor activity, and for all of my other real estate activity I use HelloSign. No complaints on either of them.

@Ned Carey

Took the words right out of my mouth lol

@Mo Farraj

For me, DOM matters somewhat as the longer a property sits, the more motivated a seller may be. With that being said, it really doesn’t matter what the property is listed for as I’m gonna do my own due diligence and make a offer that works for my numbers. Realtors many times will list a property well off what it’s really worth due to several factors (might be new, might not have done accurate research on the market, etc.), so I really don’t pay much attention to list price; I make offers based on what works for me. I don’t always get my offers accepted, but I most definitely won’t overpay for a property. If a property flies off the shelf in 3 days it might have been underpriced, and in instances like that, me personally, I’d advise my client to wait at least 5 days before accepting a offer as you may get several more offers in if the property is getting that much traffic right out the gate.

@Julie Kern congrats and keep up the good work.

@Jose Trujillo

Hey, sorry to hear you have to go through this. Not sure if this was mentioned already, but here’s some advice from my experience. Whenever the seller needs possession “post-closing”, that’s fine, but we (my attorney) draft and addendum to the contract that states a portion of the sellers proceeds will be held by an escrow agent after the closing (make sure it’s a high enough amount to keep them motivated). We also will have a deadline date/time that they must vacate the property by, and after that date/time expires, they will be penalized on a per day basis. Example: I recently bought a property to rehab, and the sellers were purchasing a mobile home with the proceeds of the sale, so they needed a week after the close to finalize the mobile home purchase with the proceeds of the home sale. We held back $7k in a escrow account, and gave them 7 days to vacate. If they had not vacated the property by 5pm on the 7th day, then they would be penalized $500 per day until they left the property. Let’s just say after 3 days they were gone and left the property in broom swept condition.

As an investor you will learn many lessons from a variety of different scenarios. Learn from the mistakes, and try to prevent from repeating those same mistakes. Hope you get everything figured out. Good luck and feel free to reach out if you need any advice in the future.