All Forum Posts by: Abel Gudaye

I'm going to revieve this post so i dont have to make another one...

But my question is along the same lines as OP. I come to find out a friend bought a rental property couple years ago. He put the 20% down as investment properties dictate but he ended up renting it to his parents with little to any cash flow in a different city, San Antonio. This is his only investment property and tells me that at least the mortgage is being paid down... 

'"You may get the added benefit of being able to claim travel costs to see your parents as well."

"-refinance on the property, listing the price for 20% less than the market rent value and still be able to claim the tax deductions"

what are other strategies to effectively make the money work without kicking the parents out? Loan modification? 

TIA, wanted to use his scenario as a case study 

@Matthew Rolf @Jacob Dean

Hey fellow Texans, I was also looking at the foreclosure lists of Harris County of today on the clerk website. I've been on analyzes paralysis for while now, I was actually collecting all the list to do cold calls and door knocking for this week. I was also wondering along the same lines as Jacob, if the foreclosure is happening and the sale date is on say 1/5. Will i still be able to wholesale/creative finance the property and stop the foreclosure if i get it to the title company? How many days do i have to bring value to home owner & be able to help? The list I was adding to google sheets have the Sale Date on 1/5/2021 and File Date 11/ 10/2020 -12/14/2020. 

If any of y'all need to run the numbers(i can help, gives me a reason to use the bp pro calculators), boots on the ground, or anything that will get me engaged/ learning more about real estate I'm more than welling to help in anyway that i can possible do. I'm trying to take massive action & hopefully get a deal soon.

Youtube has a lot of info on Wholesaling there's a lot of videos and leading leaders like max maxwell that has free videos and app and contracts

When getting a personal renters insurance insurance for yourself in a high end apt what kind of coverage should you be looking for 100k or more  liability  and should personal property really be accurate to the t? And should umbrella insurance be a a must if you’re personal asset is a lot but in a trapped trust?

What kind of coverage should you be looking for on rental investment, should the coverage be close to the equal to the arv?

thanks for any information 

@Mitch Messer Thank You for thanking your time to clarifying it for to me. Have a good day.

Im a little confused on prorated rent, I'll be grateful if someone can reconfirm this for me.

Example Commencement date June 13, 2019 and Expiration date June 30, 2020

prorated rent: on or before July 1, 2019 is 1,218.22

The rent is 2150.

So basically, once the tenant signs the lease the he owes the security deposit of 2150 and the rent of June of 2150. Then on the month of July pays 1,218.22 (for moving in the middle of the month) then goes back to paying 2150 every month, right?

I know purchasing condo units number wise based on HIGH HOA fees makes it black sheep as a the rental property unit. But what about purchasing the whole building?

I happen to be renting out a unit in a high rise condo rent is 2,150-a month 2bed 2bath on the 2floor of a 30 floor building classified as A- built in 2001 with good amenities like valet, library, pool, gym, sauna, garage parking. They have studio, 1bed 1bath, and 2bed and 2bath in the building of around 2000 units. 

As a renter i only pay electricity and insurance. I dont know if the building wrapped the water & waste bill with the HOA fee or the owners pay for that. The Hoa fee in the building ranges from 700-800 dollars a month. I come to find out the building is worth 55million dollar (based on hurricane season and how to insure your unit and what percentage of building is your unit).

Ive read that when buying condo buildings you pay a downpayment of 3%-20%. If youre buying a the whole condo building what are the fees you'll be looking into? You dont have to pay HOA fee right haha?

I just wanted to find out which are the popular/ best rates in rental property insurance specifically in SF long term rental. I only have experience with Geico and Farmers.

@Aaron Vergason I hope things went through the way you hoped. Can you give an insight/ details of how the transaction went?

 I gotten the bp 2012 conference audio after signing up for Pro. The more presenters i heard the more interested I got into looking at the presentation and this post happens to be the only one that talks about the presentation. This link doesn't doesn't work (at least in 2020). If you're able to update it, that would be awesome thanks.