All Forum Posts by: Prashant P.

Why not do both?  You have created a business that appears to be successful.  You can do that while also diversifying into apartment syndication.  

You find your local real estate investing group or Facebook group for your area.  There you can find attorneys that will help you draft a lease.

I caution you against using a generic lease.  You may need state or city specific information in the lease.

Philly is online through **********.  There is currently an auction going on for vacant land.

I went through a similar situation.  We tried to refinance but ran into some issues.  Another option is trying to get an extension for the current lender.  If you on time, most will take the extension.  You will have to pay for it.

You should run the numbers for refinancing and selling it.  When selling lower your price and maybe offer an assist.  For us the logical choice was to refinance.  After we looked at all scenarios, we decided to lower the price and get rid of the house.

You should escalate this housing authority.  Sounds like you may have a bad case manager.  The housing authority will get involved if you are reporting damage to them. 

I have done this with very cheap auction properties.  It really depends on the investors risk tolerance.  You should advise them that the home may have structural damage that may take hundred thousand plus to repair completely.  Or the house may have squatters.

It may be worth asking what the investors end game is with the property and if they have experience with this type of deal.

In my opinion, it really depends on you and what you can tolerate.  If you buy a property in this type of area you have to realize the property will get trashed, it will most likely not be maintained and you will get calls for dumb things.

Saying that, you will learn to toughen your property to withstand tenants.

As someone else mentioned, you can also go Section 8.  As long as you are comfortable talking to people of all walks of life and know how to deal with the housing authority you will not have any issues.

You find try to find a real estate Facebook group for the city where the property is located.  Make a post that you are searching for someone to do a walk through.  You can usually find a new realtor or investor that will work with you.  I have done this in the past and it worked for me.  I did give them a very detailed list of what I wanted and example pictures.

You should check for which permits are required for the work you are doing.  If you are doing major renovations, you may need an engineer which will add extra costs.

I would recommend you invest in Simplisafe alarm system.  It serves to purposes.  Protects your home during construction and also gives you a way to see when contractors are coming and going.

The one thing I have learned is that you should outline in your Operating Agreement the specific roles of each partner.  You should outline which partner has the authority to make repairs/purchases and to what dollar amount.  You should also outline who, when and how will add more capital if needed.  When times get tough your partners may be reluctant to put in capital.  

At the beginning you may not consider these things because the deal might look solid.  These things will become important when issues pop up.