All Forum Posts by: Blair Poelman

Speed and creativity are key. MLS deals that fit the wholesale concept will most likely get taken very quickly by people who have no interest in wholesaling. You've got to move faster than those other buyers, and you've got to get to be creative.

Also, as a common courtesy, your agent needs to know what you're up to BEFORE you send them out.  Speaking from first hand experience, I'm not stoked to attack the market for somebody who's not ready, willing, and able to take down what I can wrangle UNLESS I know exactly what the game plan is and I can maintain the same level of control, and I'm confident my client can pull this off.

As far as how to structure it -there are a lot of other discussions that can give you several different ways to do it.

Their name is still on the lease, however a lease usually does not dictate what tenant pays what amount.  So as long as the rent keeps getting paid, there's really not a lot that you should worry about.  

However, if the remaining tenant defaults, even though one bounced, you can go after both.

As a landlord I would never let somebody off the lease just because the couple broke up.  You could let the previous lease go and start a new lease with the remaining tenant.  In this case you may or may not have to refund the security deposit and then collect a new one on the new lease.  Ideally you would simply transfer the security deposit to the new lease, but because the vacated tenant may have some interest in that security deposit I would say it's best to check local tenant laws on that one.

going through the courses and spending the money is brain damage, but if you can afford the time and the association dues (everything about NAR and being a realtor all comes down to paying dues) and you're serious about doing this for yourself and you're smart about it, having access to more information than the general public will give you a competitive edge.

However, very few things will ever beat good'ol fashion hustle.

@Miles Stanley

Lots of good, or bad things can happen when you relieve somebody of their problems.

For example, if you take title subject to, you're inheriting all those problems. Or if you take title on a quit-claim, you're getting whatever interest that seller had, along with any clouds on that title.

Most common way is to have a traditional closing that clears title and pays off any liens, issues a title policy, and gives you true marketable title - that is only encumbered by whatever you have encumbered it with (mortgage, trust deed, UCC 1, Promissory note, etc.)

If you don't / can't go through traditional title (say for example, you buy at a tax foreclosure sale), I'd say it's best practice to go through the quiet title process.  Somewhat long and a little bit expensive, but until you have a clear title report, you don't have clear title.

Note above that I said "most common", not best.  The "best way" is going to vary depending on the deal.  As a general rule clear title is always desirable, but depending on what your strategy is, you may not care about title at all. 

That's probably a question for the city. I doubt the 2 parcels makes any difference when you own the both - even if they were actually separate at one point in time.

If it all operates as one complex they're probably going to look at it as one property. 

I spent all day today in Sugarhouse and Millcreek looking at deals. I'd be happy to help out. 

While sec8 is a federal program, my experience is that each municipality has their own special way of doing sec8.  Some are easy to work with, some (like Indianapolis) really suck ballz to deal with.  However, in every situation I've been involved with the tenant has a case worker that dictates how this issue will be handled.  Was the case worker involved in the placement of the tenant?  

Also, if they can't get the gas turned on, they really shouldn't be able to live in the unit.  Sec8 is very specific about this.

Call the housing authority or the case worker. You may be either paying the gas bill, or finding a new tenant. 

It's crazy to think the 1% rule is a hard & fast rule.  It's also crazy to think there are entire cities where 1% is impossible.  I live in a town where the 1% deals are not easy to create, and even more difficult and rare to just stumble upon, but they absolutely are out there.

Some 1% deals are residences, some are parking lots, and some are a flat concrete pad with cell-towers disguised as flag poles.

If you were to compare every 1% deal across a tough town you'd probably find lots of creative angles unique to each deal.   

There's 1,000 ways to skin a cat.  You've just got to find the one that pays 1%.

P.S.  A lot of management co's have a handy-man on staff.  Sometimes those guys are licensed as a handyman, or they're just a handy man that can get things done.

This really depends on the property, and the property manager.  I know plenty of slumlords that use street laborers (guys they pick up at the home depot parking lot).  They're not trained, let alone insured.  Talented and hard-working - often times yes.  If you're doing the work on your own property and you are the one hiring these guys, then that's your biz and you do whatever you want.  It's your property and you should have insurance.

When you hire a professional property manager the standards of service change ( or rather, they should change).  You hire a pro to get a pro-level job.  They in turn should be hiring pro's that at a minimum have gone through licensing.  The insurance thing can fall upon the property owner, and this should be addressed in the management agreement.

Also, keep in mind that "licensed" doesn't equal honest or competent, and unlicensed doesn't mean incapable.

When it comes to large properties such as apartments 5 units & bigger or larger homes, I'm always using licensed, insured, bonded guys.  Too much liability on something with that big of a footprint.  Also the type of work - if you're dealing health dept. violations and having to handle mold or lead, for the sake of your tenants or buyers, you really should use a professional and do the job right - otherwise you're the one left holding the bag when a kid tests for elevated lead.

I've used both licensed and unlicensed and I've had both good and bad experiences with each.