All Forum Posts by: Amit Chawla

HI Zak,

When you do a subject-to deal, you will end up getting the title in your name but the existing loan stays in the sellers name.  You service the loan on behalf of the seller and you own the property.  As to the question of equity, it all depends on what deal you work out with the seller.  If you can get them to walk away from the equity, then its yours.

@Jagger Simon I’ve recently started investing in Ohio. Have a strong team setup working on rehabbing a property. I’m looking in Akron and Cleveland mainly. Have been told to stay away from Toledo and Dayton.  PM me if you want to discuss 

@Ian Smith seems like you have a great starting point.  Other options would be to try contacting owners of mobile home parks and seeing if you can help them infill their vacant lots or help them in any other ways getting either tenants or homes into existing parks.  You can structure it in a way where the park owner rents the land to the tenant and the tenant also pays you monthly for purchase of the mobile home.  

If you are looking to get out of mobile homes entirely (which I don't recommend), then real estate is not much different and may actually be easier than mobile home management.  I'd love to discuss more if you're interested or have specific questions.  But it seems like you have a ton of options.  If you're business is making good cash-flow you can use that to start investing.  

From the research I have done. An LLC can still be included in divorce proceedings depending on what state you live in. I am not sure what the laws are if you move from one state to another and an LLC is operating as a foreign LLC in a different state. The safest way is through the Trust. This can also give you a layer of anonymity as well.

Great article which summarizes 506B and 506C offerings.

https://carta.com/blog/506b-vs...

Keep it for sure.  California is a state where real estate appreciates fast when the market is good.  Also space is limited in Los Angeles, so you may be looking at a higher and best use in the future which could increase the value significantly.  If you don't NEED to sell then I say keep it.  Especially if its cash-flowing.  

@Joshua Mark-Warren Landers are you going to be purchasing local to where you are or in another area?  Self-management becomes more difficult the farther away you are.  Also, if you are investing out of state, a property manager will most likely have a better pulse on the housing and rental market than you will through research.  

A fantastic way to learn is by partnering with someone who has done something similar in the past.  This can reduce your risk but also reduce your potential income from a deal.  

It all really comes down to the numbers of what you find.  Keep in mind that your cap rate should be higher than any financing you acquire in order for a deal to be profitable.

Personally I would let them move.  Especially if they have been there a long time.  Finding a good tenant is costly and time consuming.  If you have a good tenant who is willing to pay the higher rent, I think its a no brainer to try and keep them.  

I just purchased a 12 unit apt building, all units are planned to be updated.  The building was supposed to be delivered vacant yet seller did not do their part and I ended up with roughly 8 tenants.  After talking to some about half are willing to move into renovated units and pay my market rent (which is significantly higher than what they were paying before).  They liked the renovated units and most have been in the building for over 5 years.  

Good tenants and they pay on time.  Willing to pay what I am asking for just spending a little and renovating the units.  This allows me to keep tenants (market rate), renovate their old units and get them on new leases.  If I do not go this route, then trying to evict them will take additional time and money and may delay my renovation.

Hi BP,

I am looking for help finding some creative financing deals.  Seller financing, Sub-to and even wholesale deals.  

Our strategy is to purchase properties in need of some renovation to help force appreciation.  Older buildings with tired land-lords.  Looking primarily in Cleveland, Akron, Cincinnati Ohio.  If anyone has any deals they are having trouble closing, or has deals but no buyers please reach out to me.  

Much appreciated