All Forum Posts by: Jared K.

Not everyone uses craigslist though. You might pay a realtor to do a bpo and get lots of pics. Then get estimates. 

I paint all my units ceiling and walls with white satin paint b/c its wipe-able yet  dont show as many imperfections. Its easier to repaint and I do not let the tenants paint or use wallpaper or borders. White makes it look cleaner, brighter and bigger.

I have also spray painted hvac registers and return grills white, easier than cleaning them. You can also paint ceiling fans but you gotta clean em first. Cheaper than buying new ones. Can spray paint light fixtures also if you like.

I always replace the wood under the cabinets and any bathroom floor with advantec wood so it wont ever rot and have to be done again. Saves money later. 

Dont re-stomp bad spots or holes on the ceiling. Lightly mud over the hole and let it sink in when it dries then take a thin piece of cardboard, bend the edge into a 'S' type shape to match your stomped pattern and just remake the same pattern on your spot. Try to use the same amount of mud on your lines as the original. when it dries knock off sharp edges if needed. Most likely no one will ever notice once painted.

If you have a bad spot on the bottom half of your interior doors just go buy 2 cheap square metal vents (look like hvac return covers) and cut out the square almost the same size to fit one on each side of the door. It also helps airflow in the home.

Wrap your paint pans, rollers, brushes etc with kroger or walmart  sacks to keep paint fresh for the next day. It keeps the air out. You dont have to rinse them out and waste paint, just open and use then throw the bags away.

You can use bondo on wood and also drywall mud on smaller spots/cracks and it works just fine. Better than spending crazy money on wood filler!!

If you have a small hole on the wall but the unit doesn't need repainted and you need to rent that place out just put a blank light switch cover over the spot until next time you paint, you will find it!!! 

If you have a bad spot on the lower part of your vinyl siding just put a vent cover over it.

Have an ugly water heater you want to hide?? Build a 2x4 frame around it and make the front part have a henged door. Cover with drywall and use corner trim to cover the edges then have a cabinet magnet on inside  that holds the door shut in the middle. make sure to leave the trim on the corner where the door opens loose on one side and permanent on the other.

Have a bad spot where a pan burnt a counter top???? Dont replace the top just buy a small square of granite or ask for scraps and glue it over the bad spot. INSTANT HOT PLATE!!!!

I have more but cant remember em all...lol  

 @Dawn Anastasi Nice one!! Probably use that myself!!!!

Lock it up under contract and make it happen if theres money to be made and you can afford it.

Thanks!!! @Shannon Sadik 

@Stephen S. Thanks for the clarification on the story, should help all understand better. Hopefully you will get it all sorted out and find out the best way to buy it. Interesting story/discussion as well and I look forward to reading future suggestions of resolution.

Best of luck

@Dan Dwyer I think you gave him great advice. If you worry about feelings in this business you wont get too far but on the other hand I can see where he is coming from too. Being new will give you insecurity b/c your not the rich guy that owns a ton of properties and people treat you like your a nobody.

Josh dont let anyone or anything stand in your way. Thats the agents job is to work for both parties so make em do their job if you have to, and some you will!!!! Its your money so make em work for it!! Your just as important as anyone else out here even if you have never bought a deal and are inexperienced. Dont get suckered be some of these agents either that say its an awesome deal if its not, happens a lot!! Follow your knowledge of how to evaluate a deal that you learn on Biggerpockets and make offers that are shameful embarrassing lowball offers b/c its your $$ and your business!! You will get an accepted offer eventually and it will be a GOOD investment!! Stick to your guns, not what everyone else is paying!! Follow your gut!!!!

Best of luck!!!

I would buy it as cheap as possible no matter where it is and what its worth and lock it up if there's enough money there!! Your being gracious offering them $100K in my opinion b/c I would offer to take over the payments or buy it somehow so they could move..lol. If you have to give them cash to walk start low and see if they bite and go from there but dont leave until you have a contract b/c given the #'s even if you HAD to give them $100K I would do this deal!!

$600k-$317 still IS NOT a bad payday in my book!! Cali #'s are CRAZY!!!! 

Good luck!!

You shouldn't have to put it under contract to get the expenses. If an agent is selling it then you should just sign an agreement not to share the info but use it for your own use to evaluate the deal. I wouldnt put a dime down but I would say hey I need the expenses or I cant say if its worth buying or not, or I walk and buy a deal from someone else. If you do have to put a deposit up and it gets that far then make sure you put a contingency clause in your contract so you get your deposit back if you dont like the #'s.

I would look elsewhere b/c those #'s are not a deal in my book before expenses of any kind. You never mentioned taxes and insurance but it would blow this deal further toward a NO WAY if not included in the payment. I live in a similar type area where people spend too much to get that kind of return also but I wont. I would buy outside your area if you have to where there are decent deals, close to you if it makes you feel better, and have a rental management company handle them for you. It wouldn't take much of a deal minus rental mgt fees to beat this deal and those #'s. 

Sorry to be candid, best of luck!!  

You would have to know if the OOR's debt during the bankruptcy would stay with them or the house and how it was settled during the bankruptcy itself, who actually owed the debt. Title work would probably bring all the debt etc to light for you but would be an expense before knowing if you can buy it at all. The best way I see here would be to offer the OOR an incentive to let you help her sell it to you. Let her know that you MAY pay it off and relieve her worries, put money in her pocket, and she can walk away. If I am reading correctly above the OOR is the one who is financially involved in the first place or is it the niece/nephew? 

 Does the aunts name appear on the deed but the debt/mortgage is owed by the niece/nephew who filed bankruptcy? Sorry the story line is a little confusing but if I am reading it right this is the situation? It sounds like a family affair that went bad and the aunt doesn't want to talk about it b/c she feels uncomfortable with the situation in the first place. She may just be trying to put it aside and not talk/deal with it b/c of the stress but at the same time wants relief and out of the situation.

If you could get everyone involved to cooperate then you could probably solve this equation with their help. Its difficult to say exactly what might work until you know more about the debt and status. The OOR may have an attorney handling this and she may be foreclosing on the property herself? 

I would go talk to someone at the bank about buying the property and see what info you can get. If they dont want to give info tell them its public record anyway but they could save you some trouble b/c you want to buy it and may be able to catch up the debt? 

Pretty tough call really b/c of the loops involved. I would have to lean toward @Andrew Syrios answer here also but I would keep an eye on the status of the property b/c it may go into an different status to where you could buy it. I would definitely keep following up with the people involved and keep offering to help to see if they will be willing to do anything else. Maybe you could have your attorney explain to the aunt she wouldnt have any financial obligation b/c you have agreed to pay the expenses if you buy it.  

1.Yes, I would do this kind of deal b/c I have done them before. A profit is a profit!! 

2. I would talk to a title company that you normally use and explain that you are looking to buy multiples at once from this guy and you want a discount!! I would definitely get title insurance and have the title company close on them. The title company can insure all the taxes get paid etc but they will insure theirs no other liens FOR SURE also and you can sleep at night..lol. 

 I would negotiate further with the guy also on a package deal buying multiple properties that he obviously don't want. Your going to pay for title, title insurance, pay the back taxes, and clean up/maintain the properties and just tell him in this situation your coughing up the money for a lot at once so whats the best he would do if you bought several??? 

I seen where you stated it would cut into the profits using a title company etc and I do understand but its really the only way to go in my opinion, so much can happen with land deals that if something came back on the property after closing (which can happen) then the title company would handle it so I ALWAYS pay for title insurance. One way to offset your costs when you sell these lots would be to sell them lease purchase for a higher retail cost. Another is to have a contingency your buyer will pay 100% of all closing costs above said agreed purchase price, which includes any of your taxes and costs while held for resell.

I would do a deal all day long if it was gonna make me $$!!! I think the title costs will not be that bad and you will put some money in your pocket!! 

Sounds like a good day to me!!!!