All Forum Posts by: Chinmay J.

@Dan Schwartz - If you ask me, responsibility is a strict NO, and as far as the costs.. it depends. If you can tack on the extra HOA fee on top of the rent and the market can still bear it, by all means go ahead. Now, it also depends on how much HOA fee we are talking. Some properties have $100 month, some have less than $50 a month.. Some have over $200 a month.. It all depends...

No... Its not common. Not at least in our area @Joseph Lewis. You have to be careful with this. If the tenant doesn't pay, the HOA can put a lien on the property. Its ultimately your responsibility as an owner to pay. The market trend doesn't support tenant paying the HOA fees and it makes no sense from business perspective.

@Matt Murphy - What do the numbers look like?  Purchase price, holding costs, rehab costs, commissions etc...?

@Nancy Curran - I think his intention is to make it commercial business for tenants and retail customers alike. That's just a guess though. I could be wrong. Plenty of laundromats in low income neighborhoods, where people don't have washer/dryer in the building or in their unit.

@Chris Jackson - Out of curiosity, why are the tenants not paying for other utilities like gas and water?

@Rebecca Chapa - There are thousands of banks, credit unions, direct lenders out there you can and will gladly do refinance for you. Why are you waiting 6 long months and getting treated, for a lack of better word, like CRAP?  Did you sign any piece of paper saying you will solely use them to get permanent financing, and won't go elsewhere. I can't imagine someone who has been in business for a decade and half doing a rookie mistake like this.  Please say it ain't so.  What am I missing?

You can consider working for an investor as a bird dog as someone has suggested in the thread. He can give you a finders fee. Small amount.  

Also, I would never work on just trust. If you have intentions to pay me, you shouldn't have problem putting it in writing.

@Account Closed - Here is the thing.... A lot of people (like those on this thread) will sell you the rosiest pictures about wholeselling. Wholeselling is basically you getting in a contract with a motivated seller, and then assigning the contract to another motivated buyer who can close the deal in X number of days.  

Now remember. Whenever you do a real estate transaction of any kind, you are required to put down what is called an EMD (Earnest Money Deposit). Regardless of whether you are an actual buyer or a wholeseller, you will be putting this down. You are at risk of losing this money if you are unable to close the deal. Some people have said that they were able to put down $1 or $10 as EMD for a wholesale deal. Trust me, when I am a seller I wouldn't let someone have that little financial interest in the deal. If you can find such sellers in your neighborhood/target area, by all means go ahead. Also, as a wholeseller, you will need a list of motivated buyers.

If all you are looking for is to research the houses and present them to us/me, We/I, don't need you for it. That's what realtors do for us. A lot of investors like myself, are realtors too. I can research properties myself. Now if you can find some off market properties for me and just hand over to me, what incentive do you have for yourself without any binding agreement between you and the seller or you and the buyer to get you paid? You do that, and you just volunteered your time and got nothing in return. 

Here would be my advice. Educate yourself.. Start saving.. Perhaps get your real estate license and get access to MLS and potential buyers and sellers. J Scott who has written a great book on flipping highly encourages that you get your RE License. The book is only $30, and perhaps the best investment I've made so far. Down the road you can try house hacking (where you buy say a duplex, live in half and rent out the other half.) Of course, when you have a little capital, you can consider wholesaling.

@Chris Boyd  - I understand the whole "Build it First, and they will come" philosophy. Just tell us the legal implications of not being able to find a buyer in a timely manner - mostly for the benefit of @Account Closed.

Yes... I have, and have really good relationship with one of their lenders. Get back to me if you are interested in his name.  I would never put my name behind someone with whom I haven't had first hand experience.