All Forum Posts by: Todd Wheatley

@Brenden Mitchum hit the nail on the head. If googling wholesalers was easy then there wouldn’t be any deals. Find some local meetups and start networking with other area investors. You’ll be amazed at the connections you make if you put the time in.

Good luck!

Hi @Kyle Curtin! I would plus 1 reaching out to Jon, he's a great guy to work with. My wife and I are out of Watertown and new to REI ourselves. Happy to connect and talk REI anytime.

-Todd

We elected to pass on this property. There was simply too much variability in the costs and risks associated with the foundation and garage. Thanks to everyone whom chimed in with their experience and opinions. We sincerely appreciate it.

-Todd

Welcome to BP @Son Tran! I highly recommended coming to one of @Jonathan Bombaci meetups that he mentions above. They are great networking opportunities.

Good luck on your endeavors!

-Todd

Thanks @Crystal Smith

At this time we’ve confirmed the garage is a tear down. The basement slab crack is likely heaving with no evidence of foundation integrity issues.

Amazing what many of you experienced folks have been able to pick up by just a few pictures I posted.

Lastly, as some noted we need to address the asbestos tiles in the basement.

Great stuff BP.

-Todd

@Andrew Alpsteg what a killer response, thank you! That makes total sense. Hire an objective 3rd party to determine root cause and recommended solution and then hire contractor to perform said recommendation. Really appreciate the recommendation!

Hey @Gerardo Martinez!

I empathize with your question because my wife and I are in a similar situation as you are, an extremely expensive local market that may or may not be conducive to our methods and goals.

We have elected to pursue out of state opportunities because we believe there are remote markets that will meet our strict criteria for buy and hold rentals. As many in this thread mention this increases risk, possibly unexpected costs, and REQUIRES a team on the ground.

We feel as though if you are going to start looking at properties in your "local" market that are 2 or more hours away that is essentially remote or out of state anyway. You would need a team that supports that semi-local market anyway and you would need to ask yourself how often you would truly want to make those 4+ hour road trips if the same can be done on a plane a few times a year.

Best of luck on whatever path you pursue!

@Robert Ellis thanks for the advice! We have 2 engineers visiting today. The next 24 hours will determine what we end up doing on this house.

We very much appreciate the valuable and varying perspectives offered in this thread.

@Kaleena Felipe thanks for that valuable advice!

Thanks for the insight @Davido Davido! This is how I was/am thinking about this particular opportunity. Not that I want to blindly go into a money pit of a situation but if the inspection results come back with a clear path forward it seems this might be an opportunity to solve a problem that other's may not want to which inherently creates opportunity.

It's great to hear the varying perspective from folks in the thread. We are weighing all of the input folks have been kind enough to share.