All Forum Posts by: Tim Braun

Hey everyone, I am working on purchasing a fix and flip and am looking for some recommendations on HML's near the Syracuse NY area, or close enough.

I have the property under contract and time is running out, but you live and you learn. I started with Quickline and wasted 15 days before they could tell me the property was too "rural", now they are trying some second option with LimaOne... just feels like I'm getting the run-around with them.

I'm meeting with Syracuse Hard Money soon, they seem like they might be promising. I got in touch with someone from Backflip but I'm not sure what to think of that company. Does anyone have any other recommendations?

Hi all, I am looking to branch out of flipping into wholesaling as a way to generate more leads for my flips so I can work on scaling. Are there any wholesalers in the Upstate or central NY area on here? Syracuse, Rochester, Geneva, Auburn, Ithaca, Cortland, Fingerlakes area, etc.? Would anyone be open to chatting about wholesaling a bit? I am willing to add value in return if I can.

This is going to be hard to explain, I wish I had a picture, but I think I already know the answer. 

I am considering investing in a SFH 3/1 as a rental in a rural area. I work in the area currently, I have a pretty good idea on demand and am confident its there. My concern is more about the house itself. Its an older home, 100ish years old as a lot are in my area. It definitely needs some work on the inside and outside, but I think I can get it at a good price and do the repairs so that it makes sense. My plan would be to purchase, rehab, rent it out, then sell it.

My concern is its sort of on a hill... so the house is on flat land but one corner of the house is very close to a steep hill, as in you can see some of the foundation on the side of the hill. The hill is so steep to where you could almost walk on it. The house has also been there for 100+ years so maybe it has always been like that, or maybe its new - I'm not sure. My concern is that eventually it could erode enough to where its an issue - so I would be hesitant to hold it long term based on that. I think it could be fixed, but it wouldn't make sense for me to do it. MY initial strategy would be to buy as a deal, add value, then refinance and get my money back out of it but I'm worried the bank wouldn't refinance the house based on that.

There are a few other exit strategies, there is enough land there that I could buy, hold it, and put a mobile/manufactured home on the other end of the lot then knock down the current house once it reaches end of life. The area is rural, its not far from a nice lake area and wineries so there's a few possibilities in that avenue.

I'm just getting started in houses, I'm not looking to buy everything but I want to make sure I learn why I shouldn't buy, especially since I could get into this pretty cheap. Has anyone ran into this before? Anyone have any thoughts? My gut is telling me don't bother.

Hello all, is there anyone on here that is wholesaling in the central NY area that I could ask a few questions of?

Does anyone know of any good title companies that handle assignment contracts?

I'm just getting my feet wet and thought some networking would be good to do while I start to get things moving.

Thanks Ibrahim, this is the kind of information I was looking for.

The taxes look like they are current - is there a sure fire way to check?

Is there a good way to check the equity, or if a bank owns it? I see the taxes are being charged to the deceased, I know that, I'm just not sure what the next layer is - if its in probate, maybe his estate is taking care of it, or his heirs, etc.

My next step is to call the assessor and see if they know anything. Its a "small town" so even if they don't they still might know something or someone.

Good morning all, I wanted to see if anyone had any ideas with this.

I found a house that could be a decent flip (from the outside at least). It looks like it has been abandoned for years so I found the persons name who has been paying the taxes, then I found out they passed away 6 years ago.

I'm not sure where to go with it now, some other homes I have run into like this are either in a trust or have been transferred to heirs but there seems to be nothing going on. I'm not sure who to contact, does anyone have recommendations on what could be a good next step?

Turns out the tree next to the house has a root that's pushing into the basement wall, the foundation is going to need some repair which isn't too scary, but this isn't a good first investment for me.

 Thanks Stephanie, that's everything I have been planning for so that's good.

Thanks Stephanie, I think we are thinking the same way. I don't see a lot of negatives if I buy and hold it. I have been coming across qualified renters left and right as I try to sell mobiles so I have decent confidence about filling it. There is a good neighbor on the left who would love me to clean the place up some, a duplex on the right with what I'm told are decent tenants. I was also going to look into accepting section 8 - still researching that though. But if renting doesn't work I think I could sell it and still come out ahead.

Luckily I found a good local bank that will hold the loan and that I have been talking with. They understand the situation, the BRRRR, and seem to want to work with me. I think going the conventional route and holding is going to be my best bet.

And since you mentioned it... what kind of carrying costs would apply here? I'm not saying there wouldn't be any, I'm just looking to learn all that I can.

Thanks John, that's what I've been trying to figure out. I think either way I end up with roughly $20k out of the deal, but in only one do I get to keep the cash flow.

I think I'm going to end up holding it and renting it but we'll see. This will be my first "real" deal and also my first "real" learning experience.