All Forum Posts by: Alex Jeffrey Steady

Hello My BP Family,

    I'm going to be closing on my first out of area rental property soon, and was wondering what YOU use and believe is the BEST tenant screening service that preforms reference calls, credit checks, criminal background, and job verification. I'm a very busy person and I'd like to be able to narrow down my potential candidates so when I travel to the area my property is in I can interview the best candidates in person.  I'd like to place the cost burden on the potential tenants, however I don't know what a fair cost is for this type of service and don't want to make anyone pay more then they need to. I'm asking this to the masses because I believe i'll get a more relevant responses then if I find a random post that's loosely relates to my question. 

   Thanks in advance!!!

Hey Guys I figured I'd post on here the local Lynchburg REIA has a new website https://www.lynchburgreia.com/ check it out they also hace a meetup.com page https://www.meetup.com/Lynchburg-REIA-Real-Estate-Investors-Association/

I will be coming from lynchburg with a few folks! Cant wait to meet the group!

 @Matt Clark I'm bringing at least two or three folks from Lynchburg with me!

Is next months meeting at the colab on grandin also?

 So that makes sense I pay a third party to pay the mortgage and I cut her a check for the profit. Ok so another I had was do the wrap around mortgage and get a loan for rehab from my partner. Then once its all rehabbed and rented then do a cash out traditional mortgage to finish paying the house off and my partner back his investment. 

 My assumption is that I would pay her and she would in turn pay the mortgage and she'd keep the profit or over pay to decrease the payoff time.  She dosen't seem to even want to be troubled with paying the mortgage so it's almost better if I did a Sub 2 so i could insure the mortgage gets paid.

Hello BP World,

I'm going to attempt to get my first property under contract this week! The owner has multiple properties shes trying to get rid of. Shes an older lady and is struggling to deal with the properties paying the taxes or even keep them in good shape or rented. Shes taking care of her mother and needs her problem solved. She told me she owes $38,000 she purchased in 03 for $78k so her dad would have a place to live. She owes $1703.85 in backed taxes. The home is currently SFR but is zoned as r-3 multi. The goal is to convert this to a duplex, it should be pretty easy. I need to split the electric to two meters and it has dual zone heatpump/ac already, also I need a kitchen and washer/dryer hookups. I'm pretty sure I need a second egress point aka an exterior set of stairs. I mentioned taking over her mortgage and she seemed ok with that idea however I have a 1099 job and financing is a pain for now. A subject two seems like a bad idea first starting out and I don't want to get screwed. I like the idea of owner financing because I know she'd take very fair terms. I was thinking about 10 years with a pay in full clause for maybe $40k at 4% and I think she would work with $500.00 down. Zillow says it's worth $108k and the city says it's worth $122,800 also it's 1712 SF. I know that I can get $575 for a 2-1 through section 8 for each unit and it should cost around $15,000 or less to fix up this property, it is in good shape for being vacant. I've walked the property with someone whose flipped over 100+ homes. She believes that $40k would equal a great flip, but I believe buy and hold makes more sense for this property.

Honestly I'm looking for a walk through on how to do the deal for owner financing and I can get the money to convert this to a duplex from a partner of mine. Sorry this is so very detailed I'm just excited and freaking out.

Thanks Team!

Alex 

purchase price is $15,000 for me, needs $75-150K in repairs and is in a historical district.  The home was build in 1870 it has a ton of potential however needs a roof also has alot of water damage to ceiling and floors . Also $6600 in backed taxes. However I think I could try to sell it for $29,900 but I don't know there's a part of me that thinks stay away. Also it's zoned B-3 mixed use commercial if you wanted to turn it into a triplex you need a conditional use permit. Otherwise you need to have a business in there then a basement and 2nd floor apartment. My gut is saying stay away but I need someone else to smack some sense into me.

Thanks all!

Alex