just Livin' the Dream....
- Oct 31, 2016
- Reaction score
They didn't follow your #3.The method I'm learning is mainly as follows, and can be found at luinc.com
1. Research a 3/2, or 4/3 in a decent neighborhood. Preferably built after 1973.
2. Do your comp and rental research, and repair costs, and run the numbers.
3. Make a fair offer related to asking price.
4. Get a hard money loan for 75-80%
5. Have other folks do the rehab, unless you really like swinging hammers. (I dont)
6. Once rehab is complete, refinance with a conventioal loan and get out of the hard money loan.
7. Rent that sucker and use a property management company. Unless you like getting calls for fixing toilets at 3 am (I dont)
8. Sell in 3-5 years and enjoy the capital gains and the monthly rentals you made along the way.
Money does strange to people, especially family and friends. If he stops being your Brother's friend, then he wasn't a real friend.They didn't follow your #3.
That's the part that pisses me and my brothers off. From the start he said he wanted the property and would pay a fair price. I think that went out the window when his investor took over. I just hope my brother doesn't loss him as a friend now.
I'm sure he got that push from the investor. I know they guy and I don't think he'd do that. But ya never know. We''l see after the counter offer. He knew my brother was going to contact a realtor.Money does strange to people, especially family and friends. If he stops being your Brother's friend, then he wasn't a real friend.
Friends DON'T lowball