All Forum Posts by: Crispin Walsh

Hi, is there a specific day and time for the meet up? I am a fairly new investor and would love to attend.

Yes I did. Happy New Year. I ended up going with All 3 Realty. I am pleased with them.

Hi everyone. Looking for a Real estate attorney in South Florida. Any recommendations? 

Stephen, I agree with @ Nathan G. that the market you're investing is out of control and people are over-spending. The last thing you want to do is over spend and have little to no equity at closing. Have you considered long distance investing?

Thanks all for your advice. We let the sellers know that we will not close until they get the tenants out. We were also able to negotiate down the asking price to keep us interested and stick around for a month. This way it's in the seller's best interest to expedite the eviction. 

Thanks guys for your input. @ Bjorn Ahlblad we were leaning toward your suggestion. @ Mike Dymski we suggested the "cash for keys" to her but she wasn't fond of giving them anything when they owed her over $10,000 in rent.

Hi all, we are purchasing our first investment property in Montgomery AL and we have somewhat of a strange situation. We were supposed to close a bout 3 weeks ago but the tenants asked the Landlord (the seller) for 3 extra weeks to find a place. We (the new buyers) hesitantly agreed to push back the closing as the tenants had four young children and had no where to go. 

The backstory the tenants hadn't paid rent in a bout 10 months and didn't keep the property clean. The seller is now selling to get rid of the property and even though they verbally agreed to leave 3 weeks ago and have moved all their stuff to storage, they now claim they want it in writing (Notice to Vacate). We were told that they weren't able to find a new place so that's why they are still holding on to the keys and using the property daily. Initially the seller told our realtor that she did give written notice to the tenants, but now it appears that she didn't. We believe that this is a great investment so we are willing to wait on it. 

Does anyone have any advice on the quickest legal way she can get them to leave the property? Our closing was supposed to be today but we put if off until we have a clearer understanding on what's really going on.   

Hi Rob thanks for sharing. Just to answer your questions.

How long was the home on the market? It was listed on the market for a week.

What does the home need in repairs? It does need about $2,500 worth of repairs to get it ready for tenants.

I would advise you to never be into a property for more than 70% LTV completely finished. If you are into it higher than that, you need to ask yourself what is the upside? If there is not a big event that is gonna elevate the price fast, then you are over paying in my opinion. The property is in Montgomery AL and it's not a high appreciation market so we were using the 1% rule (in actuality we're at over 1.5%). My question is when do we use the 1% / 2% or 50% rule? Also, we were thinking for this area the 70% LTV minus repairs wouldn't apply.

Not thing you should fly out, Just hire a home inspection for a few hundred bucks and use his/her findings to negotiate the price down to 38k less any repairs that need completed. We will negotiate the final contract price based off of the inspection.

Excellent advice Tracy.  

Thanks Nathan for answering in depth my question about the LLC. We will certainly look into the umbrella insurance policy moving forward.