Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Erik Romo

Erik Romo has started 16 posts and replied 36 times.

Post: Looking for Wholesale Partners in Michigan

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11

Hello,

I'm looking for someone to partner up to get some wholesale deals going.

Thanks

Post: Land Contract Question

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11

Hello All,

I have a question on how to add the an Amortization to the contract. 

I have done a few Land contracts but the sellers just added the interest in the total price, but I want to know how to add it in the payments.

Thank you


@Steven Picker

Thanks I’ll research for an eviction company.

Hello All,

I recently bought 2 occupied properties from a tax Foreclosure auction, I had a commitment from a property manager to handle them. Then when I received the Deed from the county the property manager was nowhere to be found. I have called a few others but it seems they are not interested in making money since they never even had the courtesy of returning my calls.

I'm located in Detroit, MI so I'm trying to avoid having to deal with the tenants myself since they are my first rental Properties and I never liked the idea of being a landlord especially since I'm a licensed Realtor.

I'm thinking of offering cash for keys but i really wanted to have a Property management company handle the whole thing.

Anyone has any advise on property managers in the area?

Also, Worst case scenario I was thinking of using any of those Online Auction Website to just sell the property if i cant get them to vacate the property in a timely matter. Any thoughts on this?

Thanks

Erik Romo

Originally posted by @Account Closed:

@Erik Romo also, have you considered just selling them to the tenants on a land contract? Tax season is coming up and they will likely be able to use their refund checks for a down payment. You can collect rent until then month to month and enter into a land contract at the top of next year.

The are SFH, and I thought about selling them but I really want to start to get cash flow, so I prefer to rent them for now.

Hello All,

I recently bought 2 occupied properties from a tax Foreclosure auction, I had a commitment from a property manager to handle them. Then when I received the Deed from the county the property manager was nowhere to be found. I have called a few others but it seems they are not interested in making money since they never even had the courtesy of returning my calls.

I'm located in Detroit, MI so I'm trying to avoid having to deal with the tenants myself since they are my first rental Properties and I never liked the idea of being a landlord especially since I'm a licensed Realtor.

I'm thinking of offering cash for keys but i really wanted to have a Property management company handle the whole thing.

Anyone has any advise on property managers in the area? 

Also, Worst case scenario I was thinking of using any of those Online Auction Website to just sell the property if i cant get them to vacate the property in a timely matter. Any thoughts on this? 

Thanks

Post: Looking for a partner for the Detroit area.

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11

Hello

I have about 20 properties in Detroit that we can wholesale. 

4 properties have tenants and the rest are vacant.

Send me a message if you want to partner up or have an interest in these properties.

Thanks 

Post: What if I can't get a buyer after I try to wholesale.

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11
Originally posted by @Paul Hitchings:

You will have to explain to the sellers the following; The key to selling a home, is for the buyer to envision themselves living there and enjoying their new life.  The more traces of "owner" that are present (including but not limited to the owners themselves), the harder it is for new buyers to see their future.  

In other words, you convince sellers that to get the most value, it is advisable that they are gone when  people look at the home. Some sellers, despite your best reasoning, will insist on being home. Okay, just be present with your buyers, keep things short and sweet, no big deal.

For added effect, tell sellers to put as much of their crap as possible in storage. Like everything. Every piece of art, every piece of furniture, as much as they can stand to get rid of.  No matter how nice they think their stuff is, better to have a blank wall than a picture of Aunt Betty. Now many sellers don't want to live like this, but every little bit helps in the real estate game. I ain't sharing no rookie tips, these are pro LPTs and are only for those with fire in the belly!

This is very helpful.

Thanks 

Post: What if I can't get a buyer after I try to wholesale.

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11
Originally posted by @Charlie MacPherson:

@Erik Romo I would talk to a local attorney to be sure you understand MI law on this.

Most likely, you are brokering real estate without a license as you're marketing a property that you don't own.  

If you fail to close and the seller is so motivated, they can not only keep your deposit, but could sue you for damages.  

The state could also come after you with sanctions and fines.

You could also get tangled up in a lawsuit for "Fraud in the Inducement", because you put a property under contract with neither the ability or the intent to actually close on the sale yourself.

http://legal-dictionary.thefreedictionary.com/frau...

The legal way to wholesale is for you to close on the property and then resell it.

Well My attorney looked over my contract and basically there are 9 ways that I can get out of the contract in case I need to, Plus my contract clearly says that i can market the property in any way, so I think In a worse case scenario I can just have the seller keep the Deposit.

Post: Looking for Investors for my Buyer's list in the Detroit area

Erik RomoPosted
  • Investor
  • Taylor, MI
  • Posts 40
  • Votes 11

Hello Everyone,

I'm looking to grow my Buyer's List. I'm currently marketing for deals and would like a quick turnover.

Let me know if your interested.

Thank you