All Forum Posts by: Alex Cee

Quote from @Ronald Ty:

 Ah, so that must be it! Maybe the homeowner defaulted on the 2nd and kept paying the 1st mortgage. Not sure how an investor would know what the 1st was owed on ? I would think the 1st was in the process of foreclosure otherwise how would an investor what was owed? 

You would need to do a title search to know more.  It's very tricky to by foreclosures because if you don't invest a few $$ you won't have the full picture.  You might buy a $200K property for $50 and owe $250K on mortgages, overdue taxes, permits that didn't close ((particularly in Florida, but may apply in other locations).

Yeah, one of my places had all these cables running everywhere for phone and cable... I just cut them all.  The cable guys by default will usually either come in from outside where they want the TV or run it on the baseboards ALL OVER the house.

Either talk to them or set locations as mentioned above.  no need to run anything, the install guy will do it.

Where I am you can foreclose even from second place.  All you have to do is ensure that taxes and first doesn't fall behind as they would have priority.  If you own the second and it is in default, the first can be paid as part of the sale. 

Are both in arrears?  make sure you have the funds to keep everything up to date in case you can't get it sold right away.

I'm located in Canada, but invest all over.  I am looking for a relatively inexpensive market to invest in (you may not see it as such depending on how wide your experience is).

Specifically I'm looking for someone to provide local presence in a local market where rentals are cash positive and there is a decent upside.  I'm not going to sugarcoat it by saying I'll just send the cash LOL, this will take some time for me to assess and evaluate the area as well.

This sounds like the notion to stack your equity against more properties.  good approach, but you need to ensure you have room to stumble, otherwise your whole stack of cards may fall.

Take equity for downpayment, use income to increase your borrowing power.  Also, this is highly dependant on local market and associated prices.  Lots of paper millionaires back in 2008 who lost everything.

I'm not sure if terminology changes based on location, but you need a firm contract with specific items. An LOI typically isn't binding. As others have mentioned, don't bend to their will, there's always a better opportunity around the corner.

I wouldn't think this would be a good choice.

1. I'm not sure what your skill level is to assess rehab costs - this can easily shoot up 10%

2. Are you planning an extensive inspection?

3. Laying out downpayment + rehab costs + time, is it still worth it if you make 10K?  That's also potentially not the worst case scenario if #1 changes...

Quote from @Eliott Elias:

There are many remote ways to get into real estate. One of them is cold calling. If you’re going to be owning property, you need to know how to talk to these sellers. And cold calling is the best way to do so.

 Agreed.  Every conversation is a training session and you will learn more with every one.  These types of activities usually serve as training for the first 5-10 - at least.