All Forum Posts by: Tom Hastert

I was doing a search on BP for sump pumps and there were several.  I grew up in a ranch house on a poured concrete basement.  the basment had a floor drain.  And the EXTERIOR of the house's foundation had what was called a French Drain (or Tile), on the OUTSide of the house. 

Confused.

1. Why put these on inside if they also go outside

2. Still need conversation on if these are good investments if you see them or a red flag to be walk away from if you see them on the inside? 

3. I like the comments that say, there is something wrong that the water is getting inside to begin with, and to do all you can with exterior drainage flowing away, first, and find and repair infilitraton: cracks, seams.

I came across an off market lead for a duplex. As I am interested in househacking a duplex, it is ideal that at least one unit be vacant for me to move into.

This lead/property has both sides leased. Assume I would not have the 20% down for an investor loan and I would be trying to get in with a lessor down owner occupant loan.

Does this situation make this deal void (meaning, I have to pass on it)? Or are there other creative ways to salvage this?

How do I free up one unit?

Is there a rule that leases need to be honored even when ownership changes, i.e. can tenants be moved out at time of ownership change?

Is there a way the seller can free up one unit?

Can the tenants be negotiated with?

What creative ideas exist to still work out an offer with seller?

How else can I negotiate with the seller to "control" the deal/property until such time a vacancy opens up one unit?

Thanks for any ideas

I bought some Ron Legrand home courses, Wholesaling, Seller Financing, and Lease Options, back when you could get the workbooks, forms, scripts and tapes delivered to you in the mail. I thought the home courses were very good. I was able to get good information on Wholesaling, and was able to get wholesaling to work just from it. It helped to get more training on marketing methods. I had trouble getting seller financing to work with just the home course. I think seller financing is something that I need more training on, or it was with me. What I find interesting is that I think I see a lot of Ron Legrands material in several younger mentors materials, and it makes me wonder if there are a lot more people who have been trained by Ron with his material or a spinnoff of his material.

OOPs meant to say: Let us list out some best home study courses. And please no sellers, only those who have benefited from the courses, and within an honest intent of this post's purpose.  

By searching the forums for courses, I found that instead of just discussing that or any particular course, that we needed to start a new forum topic on all courses people found helpful.

In other words, what are the best and cheapest courses for wholesaling, seller financing terms, rentals, and rehabbing (fix to flip, fix to hold, BRRRR).

I do not believe that books, and BP, is enough to suffice. But I also believe the $5k courses and bootcamps are too expensive.

I liked the days when you could order the home study courses that were about $500 and they came with actual marketing ad pieces, scripts to use on the phone, actual paperwork, contracts, addendum, how to find sellers, how to sell, how to close, and then had plenty of CDs that included lectures by topic, but also include actual case studies and live phone calls. Complete business in a course.

Sure, it helps to keep being educated by all the other ways, but I think beginners need to get these home study courses. And I do not like the new wave of online courses. I cannot "see" them. I think I have 2 or 3 and forget I even have them. I like seeing my actual workbook, my contracts, my cds on my desk or table..Something about seeing them helps me to keep going.

Perhaps we could make a forum thread on this: what are the best complete and cheapest HOME Study Courses and by price and components and the following topics: wholesaling, seller financing terms, rentals, and rehabbing (fix to flip, fix to hold, BRRRR).

By searching the forums for courses, I found that instead of just discussing that or any particular course, that we needed to start a new forum topic on all courses people found helpful.

In other words, what are the best and cheapest courses for wholesaling, seller financing terms, rentals, and rehabbing (fix to flip, fix to hold, BRRRR).

I do not believe that books, and BP, is enough to suffice. But I also believe the $5k courses and bootcamps are too expensive.  

I liked the days when you could order the home study courses that were about $500 and they came with actual marketing ad pieces, scripts to use on the phone, actual paperwork, contracts, addendum, how to find sellers, how to sell, how to close, and then had plenty of CDs that included lectures by topic, but also include actual case studies and live phone calls.  Complete business in a course. 

Sure, it helps to keep being educated by all the other ways, but I think beginners need to get these home study courses.  And I do not like the new wave of online courses.  I  cannot "see" them.  I think I have 2 or 3 and forget I even have them.  I like seeing my actual workbook, my contracts, my cds on my desk or table..Something about seeing them helps me to keep going.

Perhaps we could make a forum thread on this: what are the best complete and cheapest HOME Study Courses and by price and components and the following topics: wholesaling, seller financing terms, rentals, and rehabbing (fix to flip, fix to hold, BRRRR).

who will do a tenant check for you reliably and reasonably priced.  Is this a better option?  

anyone have experience with paying for some help with that?  I am thinking for my first one, I would rely on a reliable agency that could do it accurately and safely.

Thanks for the post, good to learn.  I am watching/waiting for a live-in duplex hack.  Have saved up the owner occupant down payment and closing, and a few more months I will have a little more for the home repair reserve .

I am reading my duplex alerts and this one came up and made me think that maybe, waiting for one that could also use some upgrading might be a strategy.  Is that possible?  It would allow me to buy it a little cheaper, right?  

How would I do a live-in duplex hack upgrade by taking on one that could use some modernizing work but is still liveable, but making sure what I upgrade will actually raise the price. 

Because then refinancing off the PMI in 1-2 years with the forced appreciation would seem to make sense, right?

But I would have to know how much cheaper I have to buy it for, compared to how much I could get it to appraise for afterward (forced appreciation), but how do you do that?  

Does the neighborhood have a lot to do with it.  There sometimes not a lot of duplexes to compare recent sales on, if I could even find that info.  

How do you know the numbers would work out?

What info would I be looking for and How do I find this info

What are some pointers or bullets for knowing how to go about finding your after repair value on duplexes, 

Use Zillow? and pictures of the inside? how do you know how modern others are without pictures from Zillow

How do you work your BRRRR refinance math beforehand o

Do you have to watch out for, it might NOT appreciate for what you think, and why not

Did you finance the repairs costs? how?

Thanks

I am glad for you that you are finally in this for real dude!!  You seem to know what to do.

Looks good!  I have alerts for anything duplex, so your post came up.  What were the buying numbers and fix up costs, expenses vs. rent analysis.  Are you going to cash flow well? 

I am trying to find a duplex to live in and rent the other side, using small down as an owner occupant low down payment househack strategy. But man, the MLS sucks. None in my price range, and when my price range comes on the market, it is sold in 3 days, which tells me there won't be much room or time to negotiate a discount.

Are you using MLS to find yours or do you have some off market ways to find them you could share?

who is best course, least cost, for teaching well creative financing: seller finance take backs, land contracts (contract for deeds), wrap around mortgages, subject to, and lease options. 

Prefer to learn how to make offers based on seller taking monthly payments. No sales pitches. Straight to the point, all the nuts and bolts on how to adverstise, how to take calls, scripts, negotiation, making offers, written contracts, and contract language/contingencies,

The best all business in a box, home course studies, with all forms, scripts, paperwork included.

Who do you use for insurance and what is the annual premium cost?  I am trying to figure insurance estimates (based on square footage? or price?)