All Forum Posts by: Charles Socci

There is great value in listing for sale properties on the MLS. Your audience is immediately much larger then a FSBO listing, with virtually no effort. Other sites pull from the MLS, and give you that much more exposure.

Offering up the sale with a commission is most likely going to yield you a quicker sale nearly every time.  

FSBO is fine, if your market is so fast paced or short on inventory that things sell the day they list, or if you are selling below market value, and the place is going to "sell itself".

Sounds like you want to be a mortgage broker.  You need to follow your states lending laws.  There are all kinds of regulations and licensing involved.  You need to make sure you are not committing usury.  

Perhaps you can find a local mortgage broker to speak to.  If you are really interested in it, then pursue a job at a financial institution, and absorb everything you can.

Recently we have been so busy that I actually started getting day labor to come help with demo.  Licensed, insured day labor from staffing agencies.  We have a local staffing agency that specialized in trade temps.  You call them up and say I need however many guys with whatever tools you think they will need, and they send them.  The great thing is that if you are doing demo, you are getting experienced demo guys, and paying a reasonable hourly rate for demo.  If you are doing electric, they will send you electricians, roofers, etc.  If they get hurt, they have workers comp.  So, if you think 4 guys can do the job in 5 days, and you pay $15/hour, thats $600 per man, $2400.  You do need to have a foreman there that has an idea of whats going on.  That will keep them on task and doing as you wish.

I try to avoid it.  The last thing I need is that $25000 irreplaceable family heirloom diamond to pop up missing.  

I know people that have bought homes on credit cards.  If there are homes that inexpensive in your market, that is always an option, or an unsecured line of credit.

Someone I know bought a 25k house in a distressed area on a credit card at 0%!  They did quite well with the deal.  

If you are worried about a false asbestos report, hire a testing firm, not a firm that does testing AND removal.  If someone tells you that it has asbestos, but you don't really believe them, get a second opinion.

 This is right off the NC legislation page for process of lis pendens-

A

copy of the notice of lis pendens shall be served upon the owners and parties in interest in the building or dwelling at the time of filing in accordance with G.S. 160A-428, 160A-445, or 153A-368 as applicable. The notice of lis pendens shall remain in full force and effect until cancelled. The ordinance may authorize the cancellation of the notice of lis pendens under certain circumstances. Upon receipt of notice from the city, the clerk of superior court shall cancel the notice of lis pendens. (1995, c. 158, s. 1.)

We say "Mr. and Mrs. Whoever signed the note and mortgage and unknown tenant in possession", since as you pointed out the lender would have no idea who is in the house at the time of the foreclosure.  Your NC statute reads parties in interest in the building or dwelling at the time of filing.... sounds like an unknown tenant being served to me. 

Chris, You are right, of course they should check with their courthouse, but I have NEVER seen a foreclosure suit filed that does not state "unknown tenant in possession".  It is law school 101.  Attorney's that are too smart for Florida State even learn it when they go to school out of state.  

The tenant was served in the foreclosure as well as the prior property owner, and any subordinate lien holders.  The court system may empathize with them, and may not let you throw them out in 24 hours, but you can do an eviction and get them out.

Depending what you foresee your eviction costs to be, you may want to offer them "cash for keys".  Tell them if they leave peacefully, you will give them $xxx to return the premises to you clean and with no damage.  You might even get to keep your appliances.  $500 or $1000 might save you ten trips to the landfill, and some drywall repairs.

Sounds good to me!!  Obviously, the more partners you have, the more the pie gets cut up.  If it was the money person and the contractor, then 50/50 sounds great, especially if you have multiple houses going.  Some deals are going to be better than others, that is just how it works.  In a mutually beneficial partnership, you both need each other.  The contractor is happy because he doesn't have to put all his resources out (cash), and the money investor is happy because they can buy a project that needs more then they could handle themselves (a paint and carpet flip).  The contractor will handle his licensing, insurance, permits, actually getting the project done, and the investor handles the financing.  The contractor will warranty the completed work, which is even more benefit to the investor.