All Forum Posts by: Crystal C

The house is in the beginning stages of forecloser and the owner threw it on the market to try to sell.

Look at the property history:

Book/Page Sale Date Sale Price
14390/46 8/3/2004 239,900
13709/533 10/24/2003 99,900
3540/0280 10/8/1970 2
16862/0227 8/13/2007 226,950

This tells me it was a rehab at one point.
My guess, without doing further investigating was that he couldn't rent it out, and make any money, and now he's forclosing.

Living in your first investment is really the best way to go in my opinion! That's how I started and I'm still slowly taking off. Good luck to you!

That's ok. You've helped. At least I've got something to go on. Now if they DON'T let me can I re-fi? Or would I have to wait?

AHHHH....So I COULD walk away with money at the closing! Now how do I go about bringing this up to the bank before we purchase?

I'm looking at a 3 family that is asking $197,500 and the assessed value is $248,500. Does this mean that I can purchase this property and then refinance and walk away with money right away? Or would I have to make the needed repairs first then refinance?

AND

I thought you had to own a piece of property for a certian amount of time before you could refinance what are the loop holes here. If there are any.

Thanks. I know the sec. dep. belong to the tenants. I guess i should have worded it differently. Just wondering where the money went once we switched owners. I've only bought vacant property. Your response helped. thanks!

When purchasing a multi family.....what happens to the security deposits that they paid the previous owner? Do I get them? Or do i have to fork over the sec deps when they leave?

THese are all great! Thank you!

If I purchase a 3 family and all the units are rented out and none of them are under lease agreements can I have them sign a lease agreement? The angle I was going to use is the promise that I won't raise their rent.

Boy seems like we started out on the SAME track! I TOO started my investing by living in a condo. It was my first purchase and I learned a lot from it. I was 22. From there I moved into a 2 family. I now rent both units out, and I'm looking at a 3 family that looks like it has great cash flow every month.

It was very inspiring reading your post. Lets me know I'm on the right track!