All Forum Posts by: Dave Melton

You'll have to pay tax on the gain as well as the interest collected. The good news is you only pay on the portion received.

I've had good luck with cash for keys. When it becomes apparent I'm going to have to evict I make them a one time offer. $200 be out in one week 10'days whatever time frame works and ends on a Monday . I have a simple doc stating they have vacated effective the agreed upon date that they must sign to get the check. It has saved me a month or more plus legal fees and additional lost rent. Doesn't work for every person every time but as a whole I've had a high rate of success. But if they are non responsive or don't follow through, I file eviction and move on.

Everything re to quickly in this market, your market may vary. Maybe an odd duck doesn't command top dollar but it would still rent.

What does the seller want? Is there any equity? Is the mortgage current? Does the seller simply want out from under it? Does the seller need enough cash to put a new roof on his principle residence? Perhaps he is behind on payments and you'll need to make the loan current before you could assume, wrap, C4D, or whatever. You have a seller willing to sell. There is a balance due on an existing mortgage. You need to know the state and balance of that loan. Then you need to k ow what the seller really wants and figure out if you can get him what he wants. If the seller won't go along with creative solutions you might just need to go HML.

Why not just assume the note, make the repairs and retail the house? Your in for a total of $30k, after repairs you met $80k profit, sounds like a win to me.

Installed properly the screw jacks should last indefinitely. The question is why are they necessary? Are floor joists broken? Have the sagged as a result of water damage? Are the joists not adequate to support the load? I'd generally prefer to fix the underlying problem and not need the jacks.

Dog issues aside, She signed and paid a 1 year lease. If she chooses to break the lease there is generally a consequence in the form of 1 to 2 months rent (this should be spelled out in your lease). If you choose to terminate her tenancy then you would owe her any unused rents, once the property has vacated.

A wrap around is when th you buy the house on an unrecorded contract for deed (called land deed contracts in some areas). You have to trust that the seller is above board and won't incumber the property more than your balance due him. You might also consider talking the seller into carrying back a second mortgage for all or a portion of the down payment.depending on the sellers equity position you might also consider buying "subject to" where you assume the sellers mortgage.

You'll want to speak with an eviction stroke St in your area. When I buy a foreclosure property at a foreclosure sale the real estate commissioner gives me a general warranty deed. I do t have to wait for the feel I need only wait for confirmation of sale to be file the eviction. If I buy an REO from a lender I have to wait for closing whereupon the selling bank will deliver me a general warranty deed, so that I can begin the eviction process. Your state or local laws might work differently. The only time a lender would sell their interest by quitclaim from my experience is before the actual foreclosure leaving me to complete the foreclosure before I could begin the eviction process. Again, your area might be different but in my area if the lender is selling on a quitclaim it's so they don't have to do the eviction and they aren't able to deliver a clear deed.

I'm paying $45-50 per sheet, that's material and labor, hung and finished, ready for paint. Your area might be more, might be less. I've had some crews that charge a much higher per sheet rate for smaller jobs,