All Forum Posts by: Hector Maldonado

Hi Guys I am working on a deal in Providence RI. I have a seller who wants to sell me his house because he can no longer afford the payments. We agreed that I would give him 5k down and 5k every three months for a year after the initial down payment of 5k. The total I would be paying the seller is 25k. I would also be assuming a 235k loan at 4.2 percent that he has been paying for ten years now so there is roughly another 20 years on the loan. The payments are around 1200 per month including taxed and insurance. I have heard of wrap mortgages but am not quite  sure how they work. I am also taking into consideration the due on sale clause if there is one. Does any one have any experiene with this?

Please Help 

Thanks

Thanks so much Anthony. You have been very helpful. I was actually thinking about creating a list on list source but also wanted to check other options. This actually gives me a good starting point. So again thanks for the info.

Thanks Stephen. I will try that

Hi guys. I am currently trying to send yellow letters to pre-foreclosure in the providence area but I don't have access to the MLS so I can't use it to search public records. When I go on the providence .Gov site it doesn't have an option to input address to look up information on the property such as the current owner and current adress. Does any one know how to go about gathering such information?

Please help

Thanks

Thank you Karen. I will be giving my accountant a call. To go over this more in depth.

Ok, so I've been using the rental property calculator lately and reivaluating all my properties. I've also been using it to evaluate properties that Im thinking about purchasing. Because of this tool I've shied away from properties that I might have though were a good deal in the past. ( Thank you Biggerpockets). Now although I away save as much money as possible for repairs and CapEx I never put it in my expenses until I actually have the expense. So my question is this, because repairs and capEx are expenses that I am saving for each month but I am not actually using until something actually has to be repaired, what happens at the end of the year when its time to file taxes? Do I write what I have been saving for repairs and capEx off or do I have to pay taxes on that money because it was not actually spent (which I think would actually defeat the purpose by the way)? If the answer is yes, I can write of what I have been saving as an expense what happens when I actually do have to make a repair? Do I then not rite that off because I have already been writing it off as a percentage each month? And if so what happens when the cost of repair is higher than the amount that what has actually been saved ? Do I then write off the difference? Im a little confuse on this one. Can anyone help me with this please?

Thanks ,

Oh and please excuse my writing. I am not the best at it but I do try. lol

Haha.@sajju shah. Thanks for the advice guys..

Is anyone here from/familiar with the Detroit Mi market? I have been searching the MlS and CR and it looks like there are some good deals there. I'm from Ma and I'm looking to venture out. There are deals here but I'm looking for more affordable properties. I saw a 42 unit building for 50 k and thought it was to good to be true. After doing a little research I found that units could go for 350 to 650 per month and the vacancy rate is about 6%. Does any one out there have any experience with this market?

Thank you Michael. Its great to be aboard.

I am a land lord and general real estate investor. I currently own seven 16 units and am looking to have 40 by by 2017. I'm here to learn and share ideas with like minded individuals.