All Forum Posts by: Account Closed

Hi all,

I'm new and just getting my feet wet. Found an interesting property that is currently rented and the seller just wants out of it (tired landlord).

4 bedroom single family. has a tenant that has been living there for 3 years and really does not want to move, her lease is up in Dec. 2015 and is currently paying $670 per month.

Seller has a mortgage and pays $329 monthly. asking $33K and according to the county assessments and comps FMV is around low $50'K.

Any thoughts on ways to structure, or things to look out for.

Thanks in advance...

I'm sitting here going through listings that my agent sent me. More accurately, going thru through the listings that are auto-generated. That led me to thinking... what exactly does my agent do to get 3% of my money? I know he only get's 1/2 of that but even saying that, what does the broker do? That's another topic... My current acquisition, I "found" on the listing that was generated to me. Other than get me in to see the property, I can't quite say what his duties were. I'm not saying he did nothing, but I don't know exactly what he did to help me find the deal. He hasn't brought me any deals. The things that he's done is gets me in to properties and set up the MLS criteria that I asked for on the listings. Should I be getting more services for my money? I'm not some big shot, doing multiple deals a week or anything, but I just want to get an idea of what I should be getting. I just feel some sort of way about giving up money for what doesn't seem like a lot.

I'm sitting here going through listings that my agent sent me. More accurately, going thru through the listings that are auto-generated. That led me to thinking... what exactly does my agent do to get 3% of my money? I know he only get's 1/2 of that but even saying that, what does the broker do? That's another topic... My current acquisition, I "found" on the listing that was generated to me. Other than get me in to see the property, I can't quite say what his duties were. I'm not saying he did nothing, but I don't know exactly what he did to help me find the deal. He hasn't brought me any deals. The things that he's done is gets me in to properties and set up the MLS criteria that I asked for on the listings. Should I be getting more services for my money? I'm not some big shot, doing multiple deals a week or anything, but I just want to get an idea of what I should be getting. I just feel some sort of way about giving up money for what doesn't seem like a lot.

 I'm doing all the management myself. Personally I don't feel that I can trust property managers (Sorry guys). My plan is instead to build my own in-house management team when it gets too much for me. Based on these 18 units, I feel I could personally manage around 100 before I need to look at hiring people to help. 

About to close on a home with an existing tenant. They are month to month and I have the names on the lease but nothing else...A month ago we told them they will need to find a new place (as far was we know the seller did give notice) Looks like they aren't leaving, but are in violation of the lease (have pets when the lease specifically forbids pets).

1. I've asked for their specifics to be provided at closing but doubt he will provide them. Do I have any right to this info?

2. Since we have no lease and are closing on the last day of the month it feels like we are in legal limbo...what are our options?

3. I'd rather not have to but looks like eviction is likely...any advice?