All Forum Posts by: Dan Sieg

Thanks so much for your replies! I actually just realized that the water has to be in my name being that there is just one water source going to both units so it'd be an issue to separate between the two. I spoke with the former owner today after I posted this and she said back in January she had replaced the toilet guts and it seems to have leveled off some since then. I'm just gonna have to keep an eye on it as over the last two years it's been all over the place. Fingers crossed. Cheers everybody!

Hey guys. I recently picked up my first rental property and got a smoking deal on the home. There are tenants already in place. Upstairs unit and downstairs unit. As per their leases already in place I am responsible for the water/sewer part of their utilities. I just transferred that over to my account today and asked to receive a statement showing the history of the water bill. To my surprise I saw a massive fluctuation between extreme highs and average lows. One month was as low as 30 dollars (about on par with what I paid for my personal home last month) and another month in that same year was as much as 348 dollars!! Average for the last 12 months is around 125 dollars. Again... I paid 35 last month for my personal residence. Does anyone have any ideas how in the world a water bill can fluctuate so much? It's not like electricity where the temperature and the season will cause it to rise and fall at different intervals. It's water. Am I naive to think it should be much more consistent? I know mine always has been. Also, how can I go about changing it over to being the tenants problem so maybe they'll learn to be a little more responsible with their usage? 

Hey guys. I have found a smoking deal on a turn key rental property. The owner is in a real rough spot and needs to cash out immediately. The property is a 2 unit house where both the upstairs and downstairs have long term tenants paying a total of 750 dollars/month. The house is listed for 30,000 but if I can close by next Wednesday I can get it for 20,000. Problem is... my go to private lender (a friend) isn't able to make that happen right now. So I'm scrambling trying to get something done. Going through a conventional loan will take way too long and by then it'll either be sold or the 20k price could be expired. Does anyone on here have any recommendations of some hard money lenders here in North Carolina? Or that will do business here rather? I found one online that seemed promising until they told me that their minimum is 30k. Bummer because that's the actual purchase price, I'm just getting an extra good deal. 20k for a 1800 square foot 2 unit house that is currently producing 750  a month is too hard to ignore! I need help!! Any feedback would be great. Thank you! 

Hey guys, Thank you for all the feedback! Very helpful. Before I submitted the offer the lawyer asked me if I was looking to purchase it to live in or to become a rental. To which I replied that I was an investor and have no personal interest in living in it. I would either purchase myself and use as a renter or "depending what was on my plate in a couple weeks" I may or may not assign it to someone off "the buyers list I've been putting together these past few months." I said this to sort of feel him out since I know he knows his stuff. He seemed perfectly ok with it. From the get go I wanted to be upfront so that there were no surprises for anyone. I'm actually about to call the realtor back and explain to her the same. I actually found a website that provides letters that you mentioned @Chaz Reid  so I very well might go that route as well. Send something over to show that I am capable of purchasing even though I have no intention to. @Account Closed  I have a potential buyer who is indeed interested, problem with him is he is a busy professor here at the local college so his email replies are few and far between until the evenings.  

For now I'm going to tread along and feel out the realtor. The lawyer seems out of it now for the most part anyway. I'll let you guys know what happens!

I am a new investor and I made my first offer just last Friday. I anxiously awaited for a response over the weekend and I indeed got some promising news. It was a probate lead which was turned over to the lawyer who became the executor of the estate. I dropped the offer off at his office Friday and his realtor (who he wishes he hadn't hired since he found me himself) called and emailed me. In the email she requests that I send over a proof of funds letter from my bank. I assume this is a good sign meaning they'll accept pending that move. However I have no intention of purchasing myself, but I do have a buyer in mind. My question is... how do I proceed? I don't have the funds myself to proof... so what should I do or how should I respond to her request? I don't want to flat out say I'm assigning the contract as she'll probably back out. Any advice would be greatly appreciated! Thanks in advance. 

Haha, yea that's sort of along the lines of what I was expecting. I like the urinating into the breeze analogy. About sums up the phone call process I would expect. 

Hi, I'm looking at some REOs in my area and found one I'm very interested in but don't want to go through the realtors listed on the website (RealtyTrac.com). I'd like to get ahold of the bank directly and inquire about it. Two questions.

1) Will they talk to me if I'm not an agent?

2) If so, what's the best way to go about getting their info? Or to the right department?

The property says it's owned by HSBC Bank. USA NA. 

I could google that but I feel like I'd be going through a dozen different numbers and likely still not be in the right ballpark. Advice or thoughts? 

@George Kelley  Thanks for your input! I have a meeting with one tomorrow for a follow up! I'll get a first hand look as to how accurate some of the websites out there really are, at least in this case. Thanks again. 

Hey guys, I had a question about this website a fellow investor mentioned to me. Does anyone have experience with it? When you type in a property it brings up the value and then there are some lists. One is "cash buyers" and another is "private lenders." Obvious you would think but I'm curious as to what that means? Like for example... there's a name, address and info about a private lender nearby. Is this person someone that lends money on the regular? Or is the person at the listed address someone who borrowed money from a private lender? I guess I'm just not sure what I would do with the information listed.

Also, anyone familiar with how accurate this site is for finding a value of a home? 

Thanks in advance!

Azeez, Awesome to know you've even heard of those movies let alone seen them! Those are the holy grails of BMX for sure. Laid out the groundwork for what it is today. I've had a huge day today both networking wise (met a few investors in the region through CL) and went and viewed a couple of properties I found. Nothing too crazy but definitely some potential and some overall experience. Jon, thank you for your words as well! Everyone in the industry seems so friendly and helpful so far. I'm sure it's only a matter of time however before I come across a bad egg who scoffs at my inexperience. Oh well, what can ya do?