All Forum Posts by: Charlie Price

Cherish Nicole How long has the person owned the property? How much money dies he/she need to bring the loan current? How much is the approximate loan balance and what is the market value or range of the home? Does it need repairs to be sold? If there is enough equity there, one idea is to purchase the house, or get a partner to purchase the home "Subject to" the current loan. Find a local closing attorney/title company who will do these types of closings. Bring the loan current, purchase the property while leaving the current loan in place, rehab the property for sale and sell it quickly. I've done this a number of times with success. It's very creative and works well. Say it takes $10K to bring the loan current.....$10K for a light rehab. Give the owner $5K to do the deal...as long as there is $50K or more in equity then you can get a nice payday in 60-90 days or so! Good luck, keep us posted.

We have a very desirable triplex in Midtown/Downtown Atlanta. We live about 6 hours away or so. Further when we're on the road in our RV traveling around. We have transitioned literally dozens of tenants on same day with this property over the years. Most of our tenants are educated yuppies making good money. Most seem to be flexible and kind great paying tenants. We almost always get the current tenants to gladly show the property, and many times they even find our next tenant through their personal or professional network. It seems to work out easy and fine for us. Of course I say this and my wife is the one who manages this property. LOL.

David Miller Shawn Lowery Yea, I agree peanuts in the big scheme of things. But the current owner is one of those uneducated guys you can't ever seem my to get to the closing table. I can't get him to do much of anything. He simply found another closing attorney/Title company. They did the title work and it came back "clear". Not sure I understand how that could be since nothing has changed in the past 2 weeks. I talked to the title company and best I can figure the paper pusher at the title company just didn't catch the mistake from back in 1994. I am totally comfortable with the risk, as long as we receive a title insurance policy. After all isn't that what it covers? I figure there is such a small small chance that the person would ever come back into play that it would just not happen. And if it did, then the new title insurance policy would litigate or pay to rectify the situation. However, my wife is absolutely not comfortable one bit. Although very educated and in RE industry for 20 years or so with over 1,000 transactions she says NO WAY IN *^LL we're buying a property with a clouded title that we know about......Ao only way it will happen is if I can somehow get it cleared up or get the seller to do that. Anyway, I'm going on a six month trip to Alaska and back in with my family in our RV starting next month. So I guess I'll let this one sit....its very possible and even probable based on my interaction with the seller that this deal will still be around next year! I will put a call in to the current title insurance holder though as @David Miller suggests. Seems like they would want to have it resolved.

Sounded like a good deal initially. Too bad it didn't work out for you. We have a nice triplex in Midtown ATL. Owned it for about 10-12 years. Don't think even one unit has been vacant for 1-2 weeks the whole time we've had it. We have increased rents every year. Currently at $1,350 for 1 BR/1BA, and $2,100 for very small 3BR/1BA cottage home. We also have combined water sewer bills. We just pass those on to the tenants at $45 per person living there. (ATL Water/Sewer rates are outrageous, and they say they need to do like a billion dollar over haul on their city sewer system!!) Anyway, sounds like your not giving up. That's great. ATL has been a gr8 market for us, and it seems that it will continue to do well from what I see. Go Falcons! Best of luck!

1. Heard about BP about a month ago on some RE podcast. Signed up and started reading. and making a few posts. 2. Got together for coffee with a couple local investors. 3. Attended a small meet up RE investors meeting with some of these local investors. 4. Found out about a wholesale deal on two single family rental properties in my local investment area. 5. Made handshake deal to close in 3 days. 6. Purchased 2 properties side by side on about 1 acre. Both 1950's block 3BR/1BA single family homes for $25K. With decent roofs. 7. Sold one to a friend before I closed. "AS IS" for $600 month 5 years payments. And he will manage & do any repairs needed on the next door property for me. 8. Cleaned and painted the second one and rented it out for $795 per month with $795 deposit in 1 business day. All in $28K....1st 5 years gross rental income = $16,740/year. Wholesaler made a nice little profit @arianne . My friend got a nice little 3BR/1BA home for $0 down & 5 years of cheap payments, and I'll get a nice cash flow to help pay for my 6 month RV trip I'm taking with my family from Florida to Alaska and 20+ National parks! THANK YOU BP

Cost bases of $65K--Gross rent at $1,200....3.5% Loan....in Florida. I'd be a keeper and on lookout for more deals like this. Buy 2 or 3 more, wait 10 years and you should be very happy!

With little information available, I would initially say that you could offer a lot less. @ $270K I would want I. The neighborhood of $3,500-$4,000 gross rental income/month minimum for a 5 unit. Unless your in a high demand area with lots of appreciation potential, I would pass on this deal, or offer in the $180K range.

I've run roommate houses before. Don't run them any longer. Bigger headache then it was worth. There are pluses and minuses. I did them all on separate leases. Like $400-500 each. All utilities included. It was always a little challenging to find roommates that worked well together. And the "common" areas were always a challenge to keep clean. But it work out okay. Yes, I did run background checks separately for all parties.

I look at Zillow often. I agree with the comments that Zillow is one tool of many to use. At the homes I look at it seems that it is close about 80% of the time. Zillow of course does not take into account the odd ball or different properties and unique situations. But as a general rule of thumb I find it fairly useful.

Aaron Z. Wow, this takes me back 35 years ago when I was in High School. One of my dad's old rental houses in Northern CA - Eureka. did not even have enough space to crawl under. It was a small home maybe 1,000 sq ft or so. He and I dug the whole thing out using a 5 gallon bucket and pulling it out with a rope one bucket at a time! Took 6-7 large truckloads out. Jacked up the house, poured new piers and leveled the house out. Strung up some batt insulation and called it a day. Or I should say maybe a month or so! I'll never forget that one! Everything turned out great when we were finished. Never something I would do if it was up to me though.