111: Out of State Rehabs, Digging Deep Closing Technique & Real Estate Drone Footage

This week we discuss out of state rehabs, have a discussion on goals, fat taxes & a situation in Cook County, Chicago. Robby received a letter from a borrower in the mail about a tax situation where somehow taxes on one of his assets were not paid. So, he had to think outside the box and work with his attorney’s to get them paid within 24 hours.

They then segue into a situation up in Cleveland & Canton, Ohio where Robby signed off on the closing documents for a nightmare property. While he sold the property for less than he could have, Robby still made a really good return for the short amount of time they had the property and was able to hit two birds with one stone by getting rid of the horrible property management company Hayes Property Management, in case anyone forgot, on this one and by getting access to the capital that was tied up in the property so he could use it on another deal.

On the Cleveland portion of this trip, Robert went to check in on some remodels he had going on with a solid referral from a fellow investor. He ends up not being happy with the quality of the work being done on the rehabs. There just wasn’t a quality of workmanship that he had hoped to see and while he doesn’t feel like he got ripped off, he did feel a little disappointed based on how he usually likes his rehabs to be completed. The lesson to be learned here is the value to be gained from going out to look at your properties could not be more emphasized from this particular trip.

Another benefit of the trip was Robert’s due diligence on a couple other deals. One is a property going to auction in two weeks where the Realtor had given them a value of $90 to $95k as is and then a $130k retail. Rob walked in the property and saw there was about 45k worth of work there and those numbers couldn’t possibly be right. By going up there, Robby estimates that he probably saved himself about 20 to 25k on this one where he is going to try and get rid of the property at foreclosure now.

Chase then discusses a couple things concerning Facebook and some recent videos Robby made while looking at a property in Zephyrhills, Florida with his friend, Tonio. Robert was able to do a cash for keys type deal with some great work from his attorney, Harris Howard. Overall, this looks like it’ll be a pretty good deal, which as you’ll see in the videos, Robby is pretty happy about.

Tune in to the rest of the episode to hear about:

How to budget your Note deals properly so you don’t end up in difficult situations How foreclosures can cost much more than $2,500 Chase’s recent laptop nightmare scenario and ensuring you back up your information properly The value in digging deep and asking the right questions When you should turn away JV Investors Why you should get insurance if you buy a drone Some interesting deals coming up next week

That’s it for this week! Thanks for listening everyone and as always, if you have any questions, comments or potential deals to send our way, email us at [email protected].

Listen & Watch this Week’s Show to Learn:

Learning lessons from out of state rehabs recently completed in Cleveland, Ohio How closing went for an asset in Canton and lessons learned from the nightmare property management company (Hayes Property Management) in Canton, Ohio A great testament to the value of due diligence and how it can save you $25,000 + dollars How cash for keys can save you a ton in legal bills and foreclosure costs A huge learning lesson on who the responsible party is for back taxes in a foreclosure sale in Ohio A recent crash landing Robby experienced with his new drone And much more!

Featured on the Show:

Jeff Conway - Friend & Note Investor in the Tampa / St. Pete, Florida Area Episode 84 with Chris Smith - Digging Deep, Marketing Strategies & Asking the Right Questions The Conversion Code Two funny videos Robby recently created - First Video and Second Video Seagate External Hard Drive

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Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby