All Forum Posts by: Ali Chami

The last six REO's I acquired, not one made it onto the MLS. They were assigned local agents, but that's as far as they went.

The problem I am running into, is how to keep my source a secret. I am listing them after purchase, but if I wholesaled them I could do so much more volume.

I've purchased numerous properties without seeing the interior. I follow one simple rule - my offer is based on the fact the house requires a full interior remodel.

That's not the most desirable of neighborhoods, and I'm being kind. The big bucks are in the area of downtown Detroit and the adjoining neighborhoods.

That being said, there are still some investors active in these areas, however, they are going to expect it for almost free.

Thanks for the tips. The property is in Michigan and I know the state does not have any laws in place that will force me to honor the lease. I've acquired tax foreclosed properties that had tenants with valid lease agreements which became invalid once I took ownership.

I am just wondering if there were any federal laws that protect tenants in bank foreclosed properties. Trying to impose any conditions on the bank is not going to happen in this case.

Hello fellow BP members, I am looking at acquiring a SFR from a bank. There is currently a tenant whose initial lease began with the owner who lost the property and was extended by the bank.

Is there any specific law or condition that could possibly force me to honor the lease?

Thank you

...hello folks, anyone near the following areas that does BPOs or can lead me to reliable source?

Daytona Beach

Altamonte Springs

Delray Beach

Umatillla

Greetings fellow members, I am looking for someone who knows the Myrtle Beach area well, specifically vacation rentals.

All of my RE investments are in Michigan, however, I jumped on an opportunity to acquire a 1 BR/1 BA condo unit in a building that is of mixed use (year round tenants, vacation rentals).

The intention was to flip it for profit, but I read some encouraging things about the MB market and I see that particular area (I believe it is called the Golden Mile - 7509 N Ocean Blvd) and now I am thinking of another possibility- will this unit generate enough revenue to cover about $6,000-$6,500 annually? This includes association fees, taxes, insurance, etc...

Anyone with any experience in this? I would greatly appreciate any information.

I have done this with 2 IRAs. Anyone telling you it is not possible is misinformed. It is a great move and has worked out well. Just be careful, many ways to slip up. In box me and I can tell you more. ALso, you can save a lot of money and do the paperwork yourself (financial advisors charge thousands, you can do it for less than $100).

Hello all, I really need some advice here. I have 5 SFRs for which I created an LLC for each (in my state, it's really a streamlined process - I went on the state's website and created each LLC, with 100% ownership being held by myself on each). I went to my county's register of deeds and registered a quit-claim deed for each, conveying title for each property from myself to each respective LLC (no mortgages on any of the properties). I went to the city hall and filed property transfer affadavit for each.

Now I have a buyer who wants to purchase all 5 properties, paying cash. Buyer likes the way they are held. Ideally, I would like to sell the buyer each LLC, hence buyer now owns each property. I spoke with an attorney about transacting this. Attorney starts telling me about by-laws and saying this seems like a real mess and must undo this mess. Then says this will cost me thousands. Is attorney correct, or just trying to scare me into paying big bucks to do this? Can I not just have my accountant and buyer's accountant handle sale (after buyer does due diligence and is fine with it). Is the simple manner in which I set up the LLCs something that can be a problem later? Please help!

I am in the same boat. I have a number of properties that I plan to move into separate LLCs that I have created for each SFR. In my case, they are owned free and clear. I noticed one member advised conveying title using a 'warranty deed' as opposed to a 'quit-claim deed.' Can anyone explain the difference between these two methods? In fact, I prepared the quit-claim deeds and I was prepared to do this very soon. Thanks in advance.