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25 January 2020 | 2 replies
Feel free to reach out via messages or on this post.
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17 February 2020 | 16 replies
It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.
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20 January 2020 | 3 replies
If you are not taking title of your property via a 'Land Trust' you are very exposed, so please check it out.
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20 January 2020 | 2 replies
For further enticement the return could look like this: a certain % on their money for what is called a preferred return (they receive this before any profit sharing) and then they receive a % of any profits that the property makes in any given situation, Fix & Flip or BRRR.There are many ways for this to work but you will have to understand exactly what your private investor is looking for in a return and you should provide them with assurance that their investment is protected as best as it can be via things like them having 1st position on the deed, promissory note signed by you for repayment, the property is purchased at such a discount that if you had to sell it in 30 days in its present condition, they would receive their investment back from the sales proceeds, etc...
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21 January 2020 | 10 replies
I.e. this is a fluke asset, if they hold 20 offices, don't cleave one office off unless you can show why they should think it doesn't fit their model.also, be wary of contact via PM, they often are at odds with changing ownership since its likely they lose management fees if it sells.
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22 January 2020 | 6 replies
If I didn't already have contractors that I have worked with for years, the ONLY way I would consider hiring new ones would be via referrals that I trust and can verify.If you regularly attend REIA club meetings, just ask members who they have had success with on a repeat basis.
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21 January 2020 | 7 replies
Say large laundry basket for used towels in bathroom, or whatever the plan is.Lockable doors on the bedrooms.Laundry.Some sort of tv, workstation in the room, even of the workstation is a comfortable chair and maybe a computer cooling station that they can put their computer on and place on their lap.
21 January 2020 | 6 replies
Whats my next step after reminding them via email again?
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23 January 2020 | 62 replies
If they are fine with the estimated net amount of proceeds (much like having a conversation about closing cost credits), you don't have anything to worry about.However if they want a buyer at $X because they want a fast sale, and you agree to buy it for that amount under contract and agree to close fast, you should be able to perform - be it yourself or via someone you assign to.
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20 January 2020 | 3 replies
@Alan McClainOn our larger properties we will speak with the management company weekly, on smaller properties I will keep in contact with the manager's office via email and get on a call if there is a major issue (1-3 times per year).