All Forum Posts by: Brian Pleshek

Personally, I'd want $300/unit.  But i've heard others want $100/unit.  

@Account Closed

The contractor I'm working with may not be working out.  The work is good, but the guys he hires are all flaky and unreliable.  It was supposed to be done Friday, then Sunday, and they're there today.  I might be interested in getting a recommendation as well.

Brian

You might consider Quartz.  It's beautiful and non-porous.  I did a quick google search and came up with this list of why choose quartz.  I don't have any affiliation with them.  Just another option.

http://info.leezasurfaces.com/blog/bid/81630/9-Rea...

Brian

Welcome @Edward Rangel.  When I took to a traveling job, I moved back in myself.  I was travelling for 5 days a week, and only home for a day and a half(flight out Sunday night).  Renting it out was a great deal for me and I think it will be for you too.  There are many that rent their place out and then rent elsewhere cheaper too.  Good luck.

Brian

Hi and welcome.

Many of the online sites that give you comps will only show you active listings. This is pretty good, but they'll not display the sold one or the withdrawn ones which would be listed on the MLS. Redfin.com, homes.com, there are others. Just ask Google for free MLS. But you'll get your best answer by getting an agent. If you're going to be buying a lot of properties, then it might be a good idea to get a licence and your own access.

Brian

I might have run into one of those creative financing situations like mentioned in one of the podcasts, but I'm a bit overwhelmed as to how to go about doing it.  A lady I used to work with has asked me repeatedly over the last few years that if I ran across a place for about 850-900 per month would it be possible to rent to her.  I knew that it was very unlikely to ever happened, mainly because I'm looking to invest in properties around $1200/month.  But I always gave the non-committal affirmative answer to her.

She contacted me yesterday and told me about her mother and how she was being foreclosed on and asked for some help.  I gave her all kinds of information about HARP and some other ways that she might be able to stop foreclosure.  Then she hit me with, "she's disabled" so that puts all discussion about refinance off the scope.  I noticed that her property was already listed, but it's in the DOM death spiral >100 days.  The selling price has already been dropped four times.

So I asked her what her loan amount was.  She said she didn't know exactly, but that she needed about $70k so that she'd be able to get another place.  So after thinking about it for awhile, I remembered the podcast where they mentioned getting the title and making payments on the existing loan.  So I was thinking about approaching the lady's mother and asking what would it take to make her happy($5000 etc), bringing her loan current, start paying on the loan(after getting the deed) and then renting it out to the daughter(who does not currently live with her) for the price range mentioned above.

This seems like a win-win-win.  The mother gets some money to get into a new place.  The daughter gets a place she can afford.  I get a property with an established loan and no rehab.  Obviously I would have to run the numbers but then I got to thinking, I don't know how to do this.  So I have some questions.

If I can get this at 72% ARV with no rehab, that sounds good, right?

How can I get the bank(mortgage company) to deal with me?  Won't they ignore all my correspondence since I'm not the customer?

Will the bank call the note due in full if they find out that the house has been deeded out of the mother's name?

What about the real estate agent who listed her house.  Do I need to give that person something to avoid any issues for claim on commission?  The house is being sold, but only kinda?

Supposedly the sheriff's auction is set for the first week of December. Is it already too late to do something? I'm guessing not, since it's on the MLS.

What other pitfalls do I need to be aware of?

Help?

Thanks,

Brian

After doing what they suggest above, just start looking at note offers and do the due diligence on them even not planning on buying any.  Practice doing that and determine which are bad deals and why.  Start to hone your skills at picking  Figure out what returns you'll make on them.  Kind of like playing the stock market with a virtual account.  Just see what happens before you actually have money in it.

Brian

As others said, you probably have to save up a little before doing a deal to get that down payment.

Brian

If the numbers don't look good DEFINITELY walk away.  There will always be another deal.  But a bad deal might harm you for years.

Good luck.