All Forum Posts by: Tim Hinerman

The house is in pretty bad shape and sits in what I would consider a c class neighborhood. They have already put on a new roof, painted the house, and are getting ready to pour a new driveway. I have heard that Lowe's is providing all new HVAC and other companies are donating windows and cabinets.

I did receive a copy of the quitclaim deed and labor quote for the property. I don't have an inspection report, but I have been through the house.

I did a property search through the county and it shows that there are no back taxes due. 

Is there any other research I should focus on to lower my risk and insure that this is legitimate? Am I missing something obvious?

Thanks for your response Greg

I have been approached by a non profit who has been given a house through Wells Fargo. The property is in bad shape, but a large portion of the remodel is being donated. The portion that won't be donated is for labor by a local contractor. They are asking me if I will buy the property for $5000 more than what it costs to fully rehab ($10,000) so that they can pay their grant writer. The property will then be mine, and their only request is that I open it up for affordable housing for 6 months.

I have never heard of Wells Fargo donating houses, and the non profit org. is telling me that if this house turns out to be a success, then she can get many more and sell them to me. She doesn't want to manage properties. She just wants to make money on the front end from receiving these houses. Has anyone ever had any dealings with oportunities like this?

Hey Chris, I am just south of Wichita 20 minutes in Wellington. It's a small town of 8500, fueled by aerospace production and farming. So far, that is the only area I have been investing, but I have lived in the NE around the Lawrence area and have always been fascinated with its growth over the past 12 years. 

Thanks Jerry. I have been an active listener to the podcast, and that has been a driving force for me in taking action this year. I appreciate the advice on taxes as we are coming to the end of 2015. I definately need to brush up on the advantages because this is the first time ever having an LLC. I'm excited to get in here though, and mingle with other like-minded people. It can be difficult in my area.

I began my long term investing career this year, and without prior experience, I have done 5 deals. I am looking to network with individuals who are passionate about developing passive income solutions and building longterm wealth.