All Forum Posts by: Alex Verdugo

 If no one shows up to collect the offenders belonging, how long do you keep it in storage?  If they are going to be locked up for 5 years, do you really need to pay for their stuff to be in storage that long?  And what is the likelihood that they would be able to reimburse you for those storage fees, really.

If there was damage to the property prior to the imprisonment and the security deposit won't cover the full amount of damage, can you sell their property to recoup expenses for damage?

I have been looking for a multifamily for my first deal for quite a while now. Unfortunately there aren't many that pop up on the MLS and they don't stay long. Especially in my price range. A realtor friend of mine suggested a SFR as my first investment just to get things going. I'm going to look at a 3/1 and have the idea of renting out one of the rooms to someone. This is not the most ideal start to my investing but A start is better than NO start. As this is the case, is there anything I need to watch out for? I'm sure the screening process will be the same for tenents that I would have even if I purchase a multifamily.

Is there anything I need to do differently if my tenent is also my roommate?

Should I treat it like any other roommate where everything is split done the middle? Or a "your food/ my food" type deal?

One thing I will certainly be doing is charging the standard room rent.  If they know I'm the home owner, do most tenents expect a reduced rent?

Deposit? If I'm living in the house with them as a roommate, should I charge them a deposit on the room? I can't imagine that something would get broken that i didn't notice and if they are the only other person living in the house, it kinda narrows down who's responsible for the damage. Still, better safe than sorry?

I'm still looking for a place, I just want those ducks where they belong.

 Thank you for the information.  I appreciate you helping me learn more about this vast investing world.

So is there any sort of issue with trying to purchase the house as either a wholesale or for a flip? Is this house already set to go to a beneficiary upon their death?  If I were to purchase the house, do I need to let the people maintaining the trust know? 

I'm sorry if this is a lot of quwstions for you but like I said, ive never seen this before and want to know as much as I can. I will be doing my own research so I know the law where I live regarding thia matter.

Thank you.

While I was researching a home I found while driving for dollars I came across this odd thing.  I was looking up public info about the house and when I look to see where the owners live, to determine if they are absentee owners, there is ths "revocable living trust" label in the address.  The owners live at the address of the house, owner occupied.  This is what the address label looked like

Last Name, Guy & Gal

Revocable Living Trust

123 main St.

my question is, why would this be in the county records like this? I understand that a revocable living trust is an insurance plan/ investment.  Why would this type of information be part of a public record and does this change anything about me making an offer to buy the house?  Its just an odd thing I haven't seen before and I'm curious if anyone has any info as to why this is listed.

So would the "personal property rental" fall into this category? Also, what is a TPT license? 

Who do you use for background checks or do you do them yourself? Credit checks, references, income history, etc.

If you do the checks yourself, what resources do you use to gather this information? Websites, government agencies, lawyers, etc.

I'm about to purchase my first quadplex and this is my first deal. I would like to do the information gathering myself rather than pay someone else but just want the best, most complete information I can get.

Thanks for helping.

I'm about to purchase my first deal, a multifamily quad. There are a couple tenants living there now which means I will be receiving their deposit money.  My question is, do I need to keep that deposit money in a trust company acct or can I use a regular bank / credit union?

I don't know of any law here in Arizona that states where the money is held, just that it needs to be in a separate account.

I'm looking to buy a quad or triplex in the Tucson, Az area.  I would like to house hack this property for me and my son.  Owner financing would be great but there are other avenues I have for funding.  This would be my first deal so I'm very excited about the possibilities.  I'm ok with some rehabbing but I'm not really in a position, right now, to do a full remodel.  Ideally, I would like so nothing that I can live in, rehab that unit into something better and then move into an empty unit to start the next rehab.  

Thank you for helping me find a new opportunity to become financially free and to enrich the lives of myself and my child.

Alex

520-762-4967

If it's in the downtown area you will want to make sure it's not a historical building or in a historic neighborhood. I dont know much about the inner workings of how historic buildings work but I do know that only certain contractors are able to work on these structures. This is to insure that it stays historic.