All Forum Posts by: Ben C

Hi,

I am just started with wholesale. I have some free time lately and are driving around for possible properties. I come across this owner who owns this rental property(he also own other properties of similar situation). he is already late for payment(3-4 months) and he is behind on last year's property tax. the market value of the house wil be around 130000, and mortgage balance is 120000. currently getting about 1100/month for rent. he is not able to refinance and is very motivated to sell, all he wants is get out of this.

it appears to me there is not much to be done except a shortsale/foreclose. but I want post it on BP and see what options will you consider?

http://finance.yahoo.com/news/foreclosures-draw-private-equity-u-150127753.html

most of you probably already heard of this in the past months and it looks like it's going to happen pretty soon. as a newbie in REI, I'd like to hear what the experienced player's opinion on this. couple of questions I can think of.

1. How much will it effect the small investors, will it kill them?
2. Do you expect a over-supply of rental which will bring down the rental price
3. Do you see these firms turn them into section 8 housing

looking forward to see all the comments.

Ben

Hi,

I've 3 college students signed on a rental lease and lease specified that only people and their cars listed on the lease can resides in the property. the neighbor who is a friend of mine told me he is pretty sure their are at least 2 more people living in the house.

at this point, what can I do about it?

should I issues a warning?
collect some evidents? what can be collected and how?

any suggestion to deal with this problem is appreciated.

Thanks

Ben

Thomas,

have you done a search on the site already. there are plenty of posts regarding the same question. check it out and you can post more specific question after going through them. it's all depend on how much you are protecting to determine if it's worth the annual fee.

congrates Brian, that looks like a great job done for a first deal!!!. have you shop around on insurance? $550 sounds high for the value of the property.

Steven, I am looking for tax advice.

Oz M. please PM his/her info

Thanks

Ben

Hi,

Please PM me if you have someone to recommend?

Much appreciated!

Ben

thanks for the reply everyone. I do have it in the lease for the rights to inspect the house given 24 hours notice. I will be going there for a inspection, at least every two months. I use email to notify them, not sure if I actaully need to send a mail.

My neighbor saw tanents smoking inside of garage with door half closed. don't know what exactly they smoking. all of them said they don't smoke in the application,but I don't have a non-smoking policy in the lease(lesson learned).

I want to talk to them about this but don't know how to approach it. any suggestions?

Thank yoU!

Hi All,

I had few posts earlier here so just an update on my first rental in NC. I was finally able to rent the townhouse out without using a PM and did some fixes myself before the tenant move-in. so far it's been quiet a experience already. I already got couple of calls so far,but was able to revolve the issues myself. just to prepare myself, I am seeking for help here for recommendations of good Handyman and Real Estate Attorney(not the ones do closing, but ones that knows tenant-Landlord laws and and represent me in court when needed).

Thanks in advance!

Ben