All Forum Posts by: Henry Li

@Matthew Apkarian

Hi Matt, I bought my first SFH back in 2010 just to avoid paying rent. To me, paying rent is like helping somebody else building his/her equity. I wanted to be on the other side. And to me, the person who I can 100% trust and rely on is myself. And I hate to leave the commission on the table for somebody else. So I went get my sales person license. Since then I got my first three family house in Quincy... lotz of rehap works, tenant acquisition, management etc.. but I learned a ton through out the years. That's pretty profitable but it also took lots of my time. I shifted into buying small condo which is easier to manage. So through out 2013 - 2015 I got myself a few condo and they all appreciated and cash flow pretty well so far. This is mainly how I got into the buy and hold thing. = )

John D reis John, what kind of bad tenants you are talking about? Are they section 8 or regular? Are they paying rent? And any lease violation?

Brian Cleary Hi Brian welcome to BP. I also just joined the community last week and it already became my everyday brain snack. = ) I do IT infrastructure and I'm also a real estate agent since 2011 in mass. I'm a rental buy and hold fan myself... been doing it since licensed. Welcome on board and good luck !!

@Jessica Zolotorofe

Yep, understood and that would make sense to me. Thank you! 

@Matthew Apkarian

Hi Matt, 

     I just joined BP last week and I'm already an addict to this forum. Nice meeting you here mass friend = )   I'm an IT engineer and part time real estate agent/investor here in Mass. I'm a fan of buy and hold/rent.... and it has been working out pretty well for me as I entered this business at the perfect timing in 2010. I think you are heading to the right direction getting a real estate license as step 1; that way you don't leave any $ on the table when you invest. Good Luck Matt. 

@Jessica Zolotorofe

Jessica, I kinda wish if you practice in Mass... = )     Thanks

Btw, one last question - I know different state and maybe different law office does business differently. Normally if I hire an attorney to do a foreclosure case, do I need to pay upfront money? Or the attorney fee will normally be paid when the case is settled and paid by the proceeds? Just curious.... Thanks ! 

Thank you all! BP is the best! Lots of good info from all of you. 

Maybe every state is a bit different, I'll take this "opportunity" to learn more about mortgage and foreclosure I guess. = )   

Jessica Zolotorofe Ahhh cool. Yea I had my attorney drafted that mortgage. Which the borrower is his LLC. My attorney said to further protect my interest I should get a personal guarantee as well. So I have both the mortgage and the PG. Sounded like with a mortgage foreclosure would be an option even though I'm 2nd right? I also wonder in the foreclosure scenario if it's normal that my attorney fee would be paid by the proceeds after selling the house? What about the interest he owe me? Thanks

Originally posted by @Account Closed:

@Henry Li  Check with a lawyer to verify you have a foreclosable mortgage.  After that, since he is your long time friend I would suggest doing the following.  Tell him if he does not list the property for a reasonable price or start paying, you will have to sell the note.  If he does not comply then just have the note transferred to a front company.  The same lawyer you use to foreclose on him can easily do the transfer.

It is much better if some unknown lawyer at some unknown company does the foreclosure instead of a friend doing it.

Everyone saves face that way.

I'm actually thinking the exact same thing you suggested = )

@Jessica Zolotorofe

I think I'm not too clear about the difference between a mortgage and a note. I thought they were the same thing. The front page I already recorded to the registry of deed does say "Mortgage" so I think it is actually a mortgage...  that it is recorded to the County Registry of Deed. I don't think he can sell it without paying me anyway. It is matter of when.... = (    

Yea, thanks for the input!