I'm trying to do more videos like this since I am trying to help investors stop seeing everything as only just a Flip opportunity or only a Hold opportunity. Also knowing the differences between how you would renovate them is key
Hey Devin, thanks for your advice. Wanted to know what your thoughts on mold are. Is it something a landlord should be concerned about? I hear it is a lot of scare tactics for expensive remediation companies. I ask because of the footage from 14:25. Thanks
Tricky to answer over a text. Mold is a serious issue since consistent exposure will kill people. However every single contracting company uses scare tactics. Electricians talk about wires burning down houses. Plumbers talk about extreme risks of floods, and mold experts may overplay what you need to do to treat mold. So it is tough since all of those still need to be taken seriously but you have to learn when they are overcharging to solve the issue using fear.
Devin Hello. I'm an out of state owner of a Baltimore row home. I recently have been approached by several buyers. One came to me with an offer called novation. Could you please explain this process if you know of how this works? Also I ran out of funding for my fix up any ideas on where to get capital to finish the renovation? Thank you
A novation is a process where they put the home under a contract for sale and then renovate the property while you own it. Then after they finish renovating it, they transfer the contract to an end buyer using the Novation Agreement. The reason they do this vs Wholesale it, is because a Novation allows the contract to be re-modified for the end buyer's realtor contract. There are a lot of benefits for an investor to want to do this that I talk about on the channel.
I love how you gave us several examples. I may have made a couple of mistakes when i started.
I'm trying to do more videos like this since I am trying to help investors stop seeing everything as only just a Flip opportunity or only a Hold opportunity. Also knowing the differences between how you would renovate them is key
The walk through videos are great man. Very informative and helpful, especially since you gave us different scenario's.
Glad this was helpful! I'll post more just like it going over other strategies as well
Good video a lot of information
Glad it was helpful!
Hey Devin, thanks for your advice. Wanted to know what your thoughts on mold are. Is it something a landlord should be concerned about? I hear it is a lot of scare tactics for expensive remediation companies. I ask because of the footage from 14:25. Thanks
Tricky to answer over a text. Mold is a serious issue since consistent exposure will kill people. However every single contracting company uses scare tactics. Electricians talk about wires burning down houses. Plumbers talk about extreme risks of floods, and mold experts may overplay what you need to do to treat mold. So it is tough since all of those still need to be taken seriously but you have to learn when they are overcharging to solve the issue using fear.
@@DevinMorenoInvesting Thanks for the sage advice, as always.
How’s your property management company going ?
I have pivoted it to exclusively manage rooming houses. I may scale it one day but that is not the focus for now
Devin Hello. I'm an out of state owner of a Baltimore row home. I recently have been approached by several buyers. One came to me with an offer called novation. Could you please explain this process if you know of how this works? Also I ran out of funding for my fix up any ideas on where to get capital to finish the renovation? Thank you
A novation is a process where they put the home under a contract for sale and then renovate the property while you own it. Then after they finish renovating it, they transfer the contract to an end buyer using the Novation Agreement. The reason they do this vs Wholesale it, is because a Novation allows the contract to be re-modified for the end buyer's realtor contract. There are a lot of benefits for an investor to want to do this that I talk about on the channel.
As for funding, it really depends on your ARV of the house. Feel free to email me at devinmorenoinvesting@gmail.com and we can go over the details.