All Forum Posts by: Donny Widjaja

I think you should discuss this with a lawyer just to be sure.  

If I were in your shoes, I would describe how much each people in the JV get paid, and who is responsible or in charge of doing certain things. I've heard a story where the funding partner is trying to make the decision on the renovation project as well.

Hi Chris,

The short answer is "invest more time learning more about  real estate at BiggerPockets".  Once you know what you want to do, such as flip or buy-and-hold, then you can plan the milestones to get to your goal.  What kind of financing do you have?  Since you mentioned that you sell your business, I'm not sure if you have any other source of incomes.

I tried mailing out yellow letters in my area, but when houses are snatched up by the hours that's most likely not the place for you to be mailing out yellow letters. I prefer buy-and-hold, but then the hot market is killing me because most people would rather go with MLS listing. When I buy a property for rent, I would like to get some cashflow, so I start looking for other areas where I can get good cash flow.

There are many ways to invest in real-estate and you just have to find the one that works for you.

In case you are looking for other options.  I recently invest in high-dividend stocks.  After I picked up the stocks, I am collecting over $100/month dividend with no effort.

If you are targeting a low demand market, you can still make an offer with 20% less than what the property is listed for in the MLS. However, the tricky part about this is finding an agent who wants to work with you.

Thanks @Wayne Brooks.  The 1% is just to show the format of how the name is shown in the tax, for example "John Smith % Jane Smith Estate."

Hi BP members,

I am looking at a property that is owned by an "estate", for example: "[name 1] % [name 2] estate".  

Based on my research I believe that property is an inheritance (probate).  I talked to the person listed in "name 1" and found out that he has relatives. 

Is the person whose name listed in the tax lien (in this example, "name 1") is the sole owner?  I believe we can't base it on tax lien only since the official owner is the person who hold the deed, correct?

I asked "name 1" about the other relatives but he has not been in touch with them for more than a year, and he lost their phone number.  How can I figure out who are the legal owner(s) of this property?  Can I try to ask him to sign the contract first while hunting down the other relatives?

Thanks for all your help

@Felipe Ocampo ,

To answer your question, I would like to make a distinction between contract (lease agreement), and application.

The purpose of signing a contract (lease agreement) is to hold that person liable if things go sour between you and the tenant.  If her son is going to live with her in that house, you can certainly get all the adults who are going to live in the rental house to sign the contract.  

The other big piece of the puzzle before letting a tenant move-in is who is going to pay the monthly rent.  You usually use the application to run the credit check and background check.  She told you up front that she is retired, and I assume she has a fixed income.  I appreciate honesty... she is not stupid.  If her son is not going to live with her, does her son willing to be her guarantor?  Are you prepared to take this risk?  

You are the landlord, and it is your house.  So, you make the rules.  Some landlords don't want to deal with dog owners, and most landlords don't want to deal with people with bad credit / low-income tenants (except for Michelle and Bruce Fisher, https://www.biggerpockets.com/renewsblog/2014/07/1...)

Of course, if you are a new landlord, it is not recommended to deal with chasing your tenant for rents every month or eviction process.

Good luck

I just did a quick search on airbnb for San Jose, California and I found many houses.  While talking to a lawyer is a good idea, you can always start by asking airbnb's customer service.

Hi Tonya,

I don't know where are you on your business right now, but many business books warn us about getting tangled on this starting things like picking a business name or picking a website design that will cause us not finding deals or doing actual business.

You can always change the name later, or come with an alias (or doing business as).

As for website, it is very common for online retail websites (not major company like Amazon, Target, or Walmart) to have multiple websites but actually run by the same company.  You can have one sure for your company, one for your wholesaling business, and one for your property management business.  

@Mike Cumbie,

You are correct, I'm trying to sell a house that I still owe money on, and I want the buyer to pay the loan to me based on my loan terms. 

Hi Awesome BP Members,

I'm trying to get a better understanding of FSBO. I currently have a house with $100K loan balance. I know people use Subject-to or wrap strategy to actually buy and immediately sell the house with seller finance. So, I should be able to sell my house with seller finance, correct?

If you've seen any good article on this topic, please share it with me.

Thanks