All Forum Posts by: Thomas Moran

@Jonathan R McLaughlin

I know there's a lot of wholesalers on this forum so I don't want to rub anyone the wrong way

@Timothy McKinney

Cannot thank you enough for doing that. I'm so grateful to have a community like this. I think I will walk. Right now I am very fortunate in the sense that I have a couple of contacts that supply me with a good amount of off-market deals. There will always be more, and this has been a fantastic learning experience.

If you ever want to meet up and talk RE I'd love to buy you a beer as a show of appreciation for possibly saving me thousands.

@John Morgan What's the worst case that can happen in this scenario as a landlord? The structure fails and you crush your tenants and get sued to hell? Or a much milder event.

here are some more pics after going up last night. I tried to get a look through a small hole in the brick.

https://imgur.com/HoZ0NdZ

https://imgur.com/to5xMeX

https://imgur.com/EL1qqHU

https://imgur.com/sz1UAhj

https://imgur.com/nSuhj8B

https://imgur.com/nSuhj8B

@Robert Ombres hey Robert thanks for the feedback. It is off-market. I am on a number of wholesale buyers lists which is where this one came from. 

The concrete slab that functions as a porch or kind of front door space also has a large crack down the middle of it. Not sure what to make of that but it’s a different material and a standalone piece. 

@Victor S. that’s a great idea! Didn’t think about that. 

@Al Pat that’s what I was thinking as well. Seems like there’s mixed opinions on here ranging from “run for the hills” to “put a bandaid on it and it’ll be fine”. I think I’ll err on the side of caution on this one. 

Thanks! 

@Andrew S. Makes sense. I'm partial to Raleigh, but anything within the beltline west of US-1/South Saunders is out of my stratosphere. Hoping for a correction soon. 

The wholesaler won't provide me the realist report or any document supporting his claims that the brick isn't structural, even though he said he had them. Even if you can tell by going up there, it tells me a lot about the integrity of this particular wholesaling business. That alone almost kills the deal for me. 

@Andrew S.

Thanks for the feedback. I am using a hard money lender and they seem pretty lax about the property itself, and care more about the numbers. I guess money is easy to come by in this market. I would love to hire an engineer - but I know the wholesaler will want the deposit before I can get anyone on site which puts me over 3k in the hole. 

Do you invest in Raleigh, Andrew?

@Jim Manson He claims there is a guy who does hundreds of flips in Raleigh-Durham (Chris Papadopoulos?) who is sitting right below my bid at 131,000. I work in sales so i'm very familiar with the principle of scarcity - or perceived scarcity. The main thing for my first deal is I realize it's not going to be a home run, but I don't want it to be so much of a nightmare that I extinguish my confidence and never get back in the game.

Thanks to all who have commented on this. It's really been such a massive help. I'll update with the outcome soon.