All Forum Posts by: Alex Ballas

Looking at an auction on auction.com that is bank owned- does that mean that any liens and taxes have been cleared and the title will be clean? Winner gets a Quit Claim Deed or equivalent.

Thanks!

Hi- I am looking at a investment property that might be convertible into a 3-4 unit rental property, except the township requires that any additional dwelling requires 2 new parking spaces.

So my question- does anyone have experience converting a large yard into a parking lot?  I think I can get 8 spaces in there.  Any thoughts on costs? 

I have an 8 unit property I am looking at- the owner has been served a Notice of Sheriff Sale date in a few weeks. Knowing the bank will probably buy it back and the sell as a foreclose, should I try to leverage the seller now into a short sale or a deep discount or just wait it out and buy at the foreclosure from the bank, at what would also be at a discount.  

The property has been on the market for almost a year, vacant, distressed, but that is my thing.  Just wondering how to approach the situation, or if i should just wait.

great advice- would love to hear other's thoughts as well.  Tough to stay on an agent and make sure they are doing their job when trying to focus on doing one's own job.

Have a real problem with real estate agents, buyers brokers, etc.  I know real estate is a revered profession, but I've gone through 6 agents and the last one filed the wrong paperwork and I lost out a great deal.  How to go about finding an agent that is legit?

I find out through a section 8 case manager that a tenant has skipped town and moved across country.  I posted 24 hour notice then inspected the property, and all his clothes are gone, but there is trash, random furniture, shoes, and of course a kitchen heaping with spoiled food.  The case manager stated i will not get October rent as they cant justify paying for someone who doesn't live in the unit.

Do i have to follow abandonment procedure or since he told his case manage he skipped, can I just clean out and move on?  This is is PA.  There is an abandonment clause with a 1 month penalty and a forfeit of the security deposit.  I realize I wont get the 8 months rent, as he was 100% subsidized.

hi everyone

I have been watching a single family that is listed a 199k for 9 months. It has great potential but is currently a distressed property, owners divorced and walked out. 

Today it was listed as short sale for 175k. I put in offer at 170k. Agent came back with multiple offers present so best and highest, no contingencies,  and "A longer, flexible acceptance period will go a long way".  Also buyer pays 2% negotiation fee  

The seller didn't sell for 9 months so for them to ask for 175k means no one has offered that yet, right? My original offer months ago was 155k. I plan to live there for a few years and rehab it. 

Strategies? Are there really multiple offers? My agent recommends an escalation clause.

Looking at a property listed as a 3 BR- 2 bedrooms on second floor and a large attic. Will section 8 consider the attic a 3rd bedroom?

Also, how much harder is it to find a section 8 tenant with a 3BR voucher?  I have a few singles now.

Thanks!

In south philly area, purchased SFH for 224K in 2014 with 10% down (24k) at 4.25%. I rehabbed the property, and am estimating appraisal at a minimum of 280k conservatively. I rented it out and now want to cash out and refi to buy more properties.

Is it worth trying to pull out my initial 24k, or more?  The property has positive cash flow, interest rates are lower, and  the city just reevaluated land value so I was hit with a 9% property tax increase on the land value (its quite a big controversy here in Philly).

Best way to maximize my cash out, lower my rate, and let the renters pay it all of over time? THANKS!!!

THANKS!  Is it condemned for structural reasons, or just a dump that needs all the bases covered? Meaning, as in investor, what can I expect beyond the report fee?  A gut reno or actual teardown of the property?