All Forum Posts by: Roger Kelley

Agree with all above- remember, it is legal to sell the Brooklyn Bridge with a Quit Claim Deed. All they are selling is any right or Title they MAY have in the property.

Well, I asked for input.............

I've been looking at SFH for the last year off the MLS with no luck; when I found one that made sense, a bidding war was ensuing. So I thought I would buy this one to get my feet wet and learn process, and to learn what experienced investors take for granted. This complex has a 75% owner-occupied; and seems to rent quickly. My plan was to rent for 2-5 years, then sell.

So others can learn as well...... how would you recommend the unload? Market is down, so realtor and IRA transaction fees hit the profit. Try a lease/option? Sell by owner (shudder....)? Something..?

doing a short sale (accepted) on a condo for 57k; rehab costs around 5k. Rents are 800-850, hoa is 204. Paid cash for it. A 10% back to my IRA, plus it should sell for 80k today; near 100k in good times.
Debating on financing this though (I'm told a 60% loan) to free up that cash to try to do another. Opinions? Like, dumest deal ever or mediocre deal or good one- if you finance? Thanks,

Thanks- I do own it, but HOA rules do exist. This shouldn't trigger it, and I will figure out the doors to lock my stuff away. I'll see if i can get a positive from my agent on those changes, but he is a wiley one..........

Thanks!

Thanks- I'll be doing that. Looking for a "legalese" type answer. Sorry, I wasn't very clear.

I have a office condo that I'm not using a lot of, since the downturn. I listed to rent a room of it on Craigslist, and got a Web guy who wants to work after hours and weekends trying to start his web based business. My problem is my business insurance may not cover my equipment and records if theft occurs; because I gave someone else a key. The agent suggested having HIS business insurance name me as an additional insured- and when I quit snickering, admitted that I didn't know for sure that he doesn't have insurance. But I would be real surprised if he did.

Any suggestions? He lives in a condo, and just wants a place to work away from family that isn't Starbucks; a reasonable idea, I think. I just want to make sure I'm still covered. I'll have him sign a lease, of course, and pay in advance, but I don't know what other options I could try. Thanks!

Having 15 years of running my surveying business, all I can say is amen. It doesn't sell books, seminars and tape series- but lordy, its the truth.

Consult local lawyer, of course...... but a QC only sells whatever right she MAY have in the property.If she has no right (probably,if the foreclosure was done properly), then she got 250 from a sucker. And I'll legally sell that sucker the brooklyn bridge, if I find them........ with a quit-claim.

Correct again, Jon. Quite a bit- a 5 bed 2.5 bath listed as 3/1. Strange to me that the Report and the listing- both from HUD- didn't agree. I guess cross-checking is a lost art.....

Follow up......
Jon had good advice. Went looking at several, and the HUD report was accurate. Z&Z were not- by a large margin. Older houses with non compliant bedrooms and (probably) bathrooms that the county doesn't even know about; but that realtors will sell on.