All Forum Posts by: Armani Emon

I was in the process of getting a home under contract , then I learned during the signing process that the seller has a mortgage on the home . Does the mortgage transfer to me ? Or is she required to pay that ? How does a mortgage interfere with the wholesale process ?

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Originally posted by @Lynnette E.:

And why would you sell it for $95k if you could sell it for $220k? You left out part of this story.

So,

I am a wholesaler.

I plan to just assign the contract.

My buyer wants 80k '

I want as much as I can get for the property, but I also want to be fair to the potential buyer. So i just said 95k.

My logic behind it was that a buyer always wants to make a profit... I wanted to know if this deal was profitable enough

to interest a buyer. But if I could get more can you explain to me how?

Newbie , please be patient with me lol

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I have a property I am considering taking.

the seller is asking for 80k non-negotiable

I want to get it under contract and sell it for 92-95K

However the home is worth about 220k

In a buyers eyes do you think it is reasonable to sell it for

95 k? It's in a high demand area as well.

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Originally posted by @Account Closed:

@Armani Emon not sure what you mean but if you are buying a house with a HOA there might be rental restrictions. Most home's that you buy do not need a separate clause to use as a rental

How do i find out if there would be restrictions?

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How should I go about asking if the clause in a home contract should be used as a rental?

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Originally posted by @Matt MacDonald:

When you start out having a good attorney that you can reach out to that does not charge you for calls & questions is a big help. I’ve worked in real estate & property management for the past 15 years in Florida & I see the value with a property management company. To me it’s good to have that buffer between you & the Tenants. Also, the property management company should know how to handle just about all the issues that may come up. As far as leases go, I recommend you have an attorney give you a lease or have an attorney review your lease. I recommend to my owners/customers that we do not allow pets due to the possibly of a dog bite or damage. You also want to make sure that you can rent the home out to Tenants. I have seen situations where someone buys a home & there’s a clause where the home cannot be used as a rental. I also recommend home warranty’s to owners, but I tell them to find a good company & ensure it covers electrical, plumbing, appliances, etc. Jacksonville Florida is a good market where I’m at we have 2 Navy Bases nearby, a Coast Guard Base, the Mayo Clinic, CSX, etc.

How should I go about asking if the house has a clause that says it cannot be used as a rental?

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So,

I really just want to come here to see if you guys can help me minimize surprises when becoming a new landlord.

I would hate for the home to be repossessed, or have any laws broken so I am trying to bulletproof my plan.

I have considered

1) Screening for a good tenant and possibly a property manager

2) Putting away money for repairs and surprises

3) Looking at the tenant-landlord laws in my area

4)Creating leases and collecting rent

5)Thinking about the property, city, and state tax

Am I missing anything else? Also If I was to buy out a home and just rent it out since the home is mine I can do as I please with it correct?

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Originally posted by @Ehsan Rishat:

@Armani Emon Keep your message short and sweet. Try your best to outline how you are the best solution for the leads you are targeting. Do not forget to leave your contact information.

You have to remember to be consistent with your mailers. It usually takes 3-5 touches to generate a response, so, don't get worried if your phone isn't buzzing early on. Attend REIA meetings to find out what sort of marketing is working best in your target area.

Good Luck!

Thank you for your help!

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Is there anything specific or tips that you can give me for creating my postcards?

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All Forum Posts by: Armani Emon

Armani Emon has started 31 posts and replied 81 times.

Post: Help with one of my deals

Post: help me determine this deallll

Post: help me determine this deallll

Post: Connect with me, you're only as good as your team!

Post: can someone please provide me with assistance

Post: can someone please provide me with assistance

Post: Landlord discussion and questions

Post: Landlord discussion and questions

Post: First Postcard mailing tips

Post: First Postcard mailing tips