All Forum Posts by: Anthony Conway

Hello,

I also just got the opportunity to meet Charles Dobbins and hear a little bit about his story. He stopped into our REIA group in Charleston, SC, just before the weekend that Steve explains above. He explained his quick life story and what brought him to apartment investing. He is a practicing attorney that deals strictly with all aspects of Multifamily Investing. I talked to him after the meeting about a current multifamily deal my company was working on and he was very helpful. Overall i got a good vibe from him and would like to learn more from him. That being said, I know you can find the same info on BP just compiled in different ways.

Tell us more information on the house. Size, purchase price, renovation cost, listing price, rental rate. What are the COMP's in the area selling for?

Yes it will be a cash deal. Yes the seller wants this property off his plate. I figured there would not be a problem, i just have to take the contract to a different lawyer. 

Hello, 

   I have had a house under contract for about 6 months now. I put it under contract knowing that it was in appeals court and told the wholeseller that brought us the property, i will not close until it is out of courts. It is in appeals court for a property line issue that started 2 years ago. The lady next door that is appealing the property line placement has free legal representation and really doesn't care how long it takes. I have read all court documents and she has no leg to stand on in this case and her property is also being foreclosed on.  I have the contract with a local lawyer, but i do not think they have ever dealt with this and they want to just wait it out. Well i am sick of waiting and ready to close the deal.  My question is can i close this deal as long as i (buyer) is aware that the property is in appeals court? My initial thoughts with the property was to flip it, but i don't think a end buyer will want to buy a property in the courts. So i have looked at two more options for ourselves, Buy and hold until cleared from appeals court or buy and land contract until cleared. basically the same 2 options. Any help on this situation would be appreciated.

Sorry i can not help with your problem with Mt. Pleasant. But when you do get some leads generated, I am a cash buyer looking for flips and rentals in the Charleston area. So please put my name and email on your buyers list. 

What do you think the rental rate can be in that area $600 a month or more?

Also look on the county website to see what loans where taken out on the house. If the last loan on the house was taken out at $150,000 and it is at the auction for $100,000 almost certain that a representative from the bank will be there bidding on the house up to $150,000 to cover there ***. If the primary loan was $150,000 but taken out 20 years ago then it has been paid down a lot and it might go for $80,000 or so. There are certain flags that should catch your eye when looking though a list. Owner equity in a house is the biggest thing. It is hard to get a good deal if the current owner does not have equity in the property. Like i learned from bigger pockets turning someone else's equity into your assets is key to making money

Allot of them should be vacant. Look in windows check doors. Most of the time just looking at the outside will give you a good idea of what the inside will look like. You can check with the building department to see when the last building permit was pulled for anything big inside like kitchens and baths. I always just add in kitchen and bathrooms to our estimates when i can not see them, because most of the time they are going to need them. If you can not see the inside you have to get the property at a deep discount for sake of the uncertain parts inside. Plus even when you see the inside and the person is still living there, there is a chance of vandalism after you buy the house. Knock on the door and talk to the person and look inside when you are talking to them. Most of the time it is a new process for the person being foreclosed on so try to be helpful to them and they might not vandalize the property as much. The person being foreclosed on is usually tight with money, in one case i offered to help move her out and buy her appliances off of her if she worked with me. She was very thankful for that and never had to even evict her, plus bought her appliances for a deep discount also.

Nice sounds like Gabriel found the right guy to talk with then. I have dealt with some section 8 rentals in Cleveland, OH and don't have any horrible stories, must of them are pretty good actually. But i still would not buy a house for $100 in some parts of the city. So all i am trying to say is do allot of research on the area you are investing in before you invest. But on the other hand i have some close friends that love investing in war zones and they show numbers that are way better the mine.

Andrew,

Yes i agree everyone has a niche and every city has a good and a bad. I personally am not a huge fan of long distance investing and was just warning him that there are allot of tough areas in toledo. Now just because they are tough does not mean that you cant make money, usually just the opposite. So yes i am wrong for telling him the whole city is a war zone and he is on the right track by asking investors like yourself that are in the area. Do you have a good realtor or property manager that you can refer Gabriel? Long distance investing just doesn't make sense to me, but thats just because i can afford the area i live in, unlike California where i couldn't afford anything either.