All Forum Posts by: Adam Heim

i would think (and im not an attorney) that its a similar situation to a squatter. Ive heard horror stories of people renovating homes then finding people live there and then their required to go through eviction process to get rid of someone. That said verbal contracts are still contracts. I would consult attorney but i would think you would pursue like a regular eviction. Give notice and goto court.

i think 2 1/2 months is plenty of time to wait. I think its a great idea as well, if you have proper boundaries set with tenants.

Also, if you see them over there hauling out trash, offer to help carry stuff or use your tree lawn.

I would put the 'bug' in there ear sooner than later though, otherwise they'll make other plans. Once the stuff is out, if no one in family wants it, they're going to want yo get out fast, especially when utilities start coming due.

As long as you approach it with compassion and present it as an option vs. "Im buying this house", you should be fine.

Make sure you keep in mind that if you buy directly without RE agent it saves them money (which hopefully you can split off yhe final costs).

Good luck and let us know how it goes!

This is Hilarious I cant wait to hear the outcome! Thanks for the always entertaining posts @James Wise.

Have you tried Holton-Wise?  I've not, admittedly, not used them but have chatted with a few of their people and they seem very professional and investor-friendly, good website too.  James Wise is also very active in BP community and participated in a podcast. 

Hello All,

I'm in the process of buying my second investment property and I recently found out that there is a lien on the property due to Medicaid?  I guess the old owner (who has since passed) has to be cleared of Medicaid bills before they can release it.

My concern - anytime you deal with the federal government it seems that speed is not a priority.  I feel like it may be months before I close.  Has anyone had any experience with this?  How long does it usually take?

Thanks!

Adam

Congrata Roy! Do you have a website?  What are you planning on specializing in? Apartments? SFRs? Etc?  Do you manage duplexes?

Hello All,  

I own a home (in an LLC) with my father. We purchased the home with 25% down and have owned it for 3 years. We have some other business interests and we're interested in extracting some capital from the rental. Unfortunately, the home's mortgage is held in our names, and I performed a quit-claim deed to move the ownership into the name of the LLC.

My question - how can I (legally) get a home equity loan to tap into my 25%+ capital?  Can I approach a (different) bank and ask for a home equity, without disturbing the current mortgage (since I did a quit-claim)?  Any other thoughts?  Prior experience?

Thanks!

Hi John,

My dad performed an eviction in Lakewood (not sure if that's where you're specifically talking about) but he went into the court room and they seemed to be more helpful than you ran into.  

That said, once he had the court date set - the judge was very accommodating to us - just make sure you come prepared with paper copies (and take pictures with your smartphone after you post) of the 3 day postings.  

In terms of the credit history - I'm not sure whether the evictions 'ding' the credit, however I know that once you have an eviction against you - it becomes public knowledge.  Thus, if you're using a tenant screening tool, it will search public court records and the then prospective landlord would see the eviction and make their decision.  

Have you seen any of the tools (or attended the class) that the city of Lakewood provides (onelakewood.com).  They have a great manual for landlords/tenants available for free.  If you rent in Lakewood, you can also register for their on-going class.

Best of luck!

Hi Rod...ive been struggling with the same question. Outside the reasons you mentioned it would also be nice to save money on the transaction (as the commission would be split with you).  In terms of the conflict of interest - i think as long as you fully disclose up front youre probably fine (seems like most agents dabble in investing at some point).

Best of luck!

Hi All,I too have considered the GIS side-hustle....have any of you ever tries QGIS?  Free Opensource GIS software. Fairly intuitive and comparable (at a basic level) to ESRI.  Would love to hear thoughts on how to add value for anyone in the Real Estate business...