All Forum Posts by: Jonathan Emery

Before committing

Thanks all for the advice. I'm interested in exploring the options for the seller and what options I may have I would consider something like this. It is the first something like this has came my way. This is why I ask before before commuting to something I don't know anything about.

A coworker approached me Friday about giving his property back to the bank. I asked a few questions and found he is current on mortgage and no longer wants to pay for this property and where he currently resides. This property is in richmond Virginia. He told me that it needs some fixing up to rent out (a realtor told him). He also thinks he is $20000 upside down. I haven't looked much further into it yet because I'm not sure what and how I can help except maybe give him a contact. Correct me if I'm wrong but I can only think of doing sub2 and rent (if it cash flows) or he does a short sale (which I doubt because talking to him he just wants to be done paying for it). Should I look further into it for sub2? Anyone know anything about richmond? If I did sub2 and it is out of state what would I have to do legally do protect myself differently from an in state property?

Jon

Thanks everyone. I found his phone and called. He didn't answer so I left a message in regards to why I was calling. Now what? Do I wait a day or so then try reaching him again? When do I stop trying to reach him by phone? If I get no response then should I just put him on the mailing list and then move on?

Hi,
I am getting ready to write yellow letters and send them out. I just found out today that the 2 unit house next to my 3 unit is vacant. There are no for rent signs and I know the place needs work inside and out after speaking to my tenants. I did speak to this owner years ago but since lost his phone number. I did find his mailing address on the assessment records. Should I approach this as writing a "random" mailing list letter or should I make it more personal since we spoke once before and I own the property next to it. He may be curious as to how and why I have his mailing address if its personal. Please let me know your thoughts. I hope to mail a letter to him tomorrow after receiving responses.

Thank You
Jon

Any recommendations for a Craigslist app where you receive info when a post is added about something you maybe interested in?

Jon

In my area a multi unit is required to have pest control provided by landlord which can be included in rent. A single family is not needed pest control in my area but if you are concerned about pest it would be good to hire a pest control company to maintain and include cost in lease even if you live close to the property or not. Have a professional do it to help lower your liability.

Jon

I'm planning to refinance my investment property. Before I do this I want to know what I am going to do with my money. Lets say I was able to get $20,000 from refinancing. What ideas do other investors have on handling their refinance money? I want to get more properties. Should I be investing all into one property? Split it up? Keep some for myself?

Thank you
Jon

Thanks for all of the feedback. I like to hear everything someone has to say. I do currently have a 3 unit property that I had for about 7 years now. I did have a few set backs in the past 3 years but I want to overcome that. I don't wish to possibly obtain this property but to learn more. If it turns out to be a great thing then awesome but I have no desire to get the first one I look at. I do understand I have to prepare myself and not rush things. I want to see this property get the numbers if possible and run them so I can learn the process of analyzing a property. I do have my property manager meeting me to do the walk through with the realtor.

I feel like structuring a deal and doing creative financing is where I lack since I never had to do that. I was able to get financing for the first three properties that I owned.

What I need is the questions you have all given me so I can seek the answers and learn the way to do real estate. Please give me advice or point in the right direction for me to learn as much as I can.

Thanks again

Bill,
I did look up the property like you suggested. I found that it has been taken back by the seller once. Why would this be a problem with the seller? Wouldn't it be a bad reflection on the buyer because they probably didn't pay him?