I want a team that is extremely smart, knowledgeable, trustworthy and skilled at what they do.

Personally, I’d never consider that option for multiple reasons: 1) you cannot properly dispose of your own property as you can’t rent it by yourself, 2) the price is inflated as they make you pay for the convenience, 3) the performance of your unit is completely dependent on the performance of the building as a whole and the performance of the management, 4) property management is extremely expensive and they’re going to be the ones making most of the money while you take all the risks and 5) you cannot get rid of the property managers if they don’t perform.

And yes I already addressed if someone does sue you which given the facts of this deal is going to be rare to the extreme.

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

A joint venture could end up being great for you, as far as entitlement, development and building are extremely difficult to do and risky. 

NOTHING CAN.The ONLY way to consistently get in touch with motivated sellers is for you to make it extremely easy for them to find you.Why?

God bless you all Extremely smart to be patient!

It looking like a hoarding episode nightmare.Literally two hours after seeing my property in that extreme trashed state, this nice fellow calls me with threats.

The contract price was $339k less the concessions.The other difficulty for this deal was that the purchase price was well under 1/2 the exit price as the rehab was extreme, therefore, the lenders all had their red flags waiving high on this deal.I met the appraiser and provided (on the day of appraisal, not before) the following information: Comps I pulled with photos and descriptions of each, list of repairs with costs and invoices to back it up on my rehab, and letter of explanation of the acquisition price vs. the contract price.I also had a nice conversation with this appraiser over the phone the following day explaining my sympathy for how hard they have to work and how the HVCC rules have really screwed them.Wouldn't you know it, the appraisal came in at contract price which, in my opinion, was very generous.Then, just before closing and after the buyer had already signed loan docs, the lender comes back with "we need a second appraisal.

Mortgage Heroes in Chula Vista were extremely helpful in brokering the loans to fund this project!