All Forum Posts by: Account Closed

This is the worst property situation I've had to date. I'm overwhelmed and not sure what to do. Any helpful advice would be appreciated. 

I bought this fourplex in December 2013. On Sunday a tenant reported sewerage back up. 

On Monday I sent a plumber. He cleared the blockage and told me there was 'a belly in the lateral line'. The plumbing was working for 24 hours, then the sewerage back up emerged again. City health department became involved and said I needed to move all tenant out immediately. I just relocated the tenants to hotels, which I'm paying for. 

I paid someone to clean down the whole area with disinfectant. The health department advised its not to their standards and I need to send another remediation company immediately.

Another plumber went this morning to inspect. Initially he told me $2000 to remove the lateral belly but upon inspection he said he believes its under the carpark and is beyond his capability. He said he thinks it will cost $20,000-$30,000. The property only cost $110,000 to buy. I'm out of the state which makes things difficult.

My head is spinning. I didn't get insurance for the building when I first bought it and was planning to get it under an insurance plan whilst I was in the US this time. Obviously it's too late now so there is no insurance coverage. 

Hello all,

I am new to real estate but I found three properties on the MLS over the weekend that I believe would be great for rehabbing; however, I have never done a rehab before. I am not sure what to do next. Should I try to find a hard money lender before I view the properties in person and decide if they are truly great deals? Should I try to bring a contractor with me to estimate costs? Should I try to find a partner after securing the deal?

Based on the photos the rehab doesn't seem too costly, rough estimate between $20K - $50K for all three (reminder I have no experience in estimating costs), but I know it doesn't beat viewing the property in person. I am scheduled to tour these properties this upcoming weekend. The details of each are below: 

Property details: 

Property 1: 

Purchase: $70,000 and $14,000 condo lien 

ARV: $140,000

Property 2: 

Purchase: $55,000 

ARV: $115,000

Property 3: 

Purchase: $45,000 

ARV: $180,000

Any advice is greatly appreciated. Also, any referrals to experienced rehabbers in Baltimore or DC is greatly appreciated.

For years I only purchased rental properties. I own many now. Some are good and some are not so great. The last two years are the first two years in twenty that I made money overall on my rentals. I'm hoping the headaches will pay off at retirement?

Over the last five years, I started buying mortgage notes instead of rental properties. I've enjoyed this type of investing more than owning properties. I've realized that even though I'm elbows deep in real estate every day with my lending business, as an investor, I would rather buy passive real estate investments and not deal with the tenants, toilets or trouble.

I'm wondering how many people are like me? Which type of investing do you prefer and why? I would love to hear from people that own properties and mortgage notes to see which they prefer and why.

I have a friend whose, daughter is getting her first apartment. She only makes 2 times rent and they require 3 times as most do. They would accept her if her father (My friend cosigns). I have not done cosigners so I am trying to advise him well. The issue of whether or not the daughter can afford it has been discussed. My question is about the rights of the cosigner and the extent of liability. My thought is that the cosigner has no rights to enter the property but does hold financial responsibility for unpaid rent as well as damages. 

A suggestion I made was to be a Co-applicant so that he has full rights to the property as well as financially. Sign a 6 months lease with the intention that the daughter gets her income up within those 6 months and can be the sole lessee after 6 months. 

Please let me know your experience with cosigners and if you would have any problems with a parent being a non resident lessee so that they can monitor condition and have a little more control. Thank you.

I have a friend whose, daughter is getting her first apartment. She only makes 2 times rent and they require 3 times as most do. They would accept her if her father (My friend cosigns). I have not done cosigners so I am trying to advise him well. The issue of whether or not the daughter can afford it has been discussed. My question is about the rights of the cosigner and the extent of liability. My thought is that the cosigner has no rights to enter the property but does hold financial responsibility for unpaid rent as well as damages. 

A suggestion I made was to be a Co-applicant so that he has full rights to the property as well as financially. Sign a 6 months lease with the intention that the daughter gets her income up within those 6 months and can be the sole lessee after 6 months. 

Please let me know your experience with cosigners and if you would have any problems with a parent being a non resident lessee so that they can monitor condition and have a little more control. Thank you.

I am a 25 year old from Miami, FL. I started inquiring about RE investing in January, 2015, and I took action the first week of March, 2015. I started a wholesaling operation and have been steadily sending out postcards to absentee owners with 40% or more equity in Dade County. I have not made a deal yet, but have had a decent response rate and I hope to see some motivated sellers coming soon. My goal is to build some cash through wholesailing and eventually purchase buy and hold investments. 

I want to know the strategies and goals of other twenty-somethings across the country? What are you working on on a daily basis? How long have you been investing? Where/how did you start? Where do you see yourself in the future?

Many Thanks,

Carlos Diaz