All Forum Posts by: Marc Freislinger

If there are no similar properties to compare to, I would estimate the value using the income approach. If it's for sale, you can ask the listing agent for the actual rents, otherwise you could look for similar sized units (same beds/baths) in the area in duplexes, triplexes or fourplexes. Or call a PM company and ask them to estimate the rents for you. 

If it's in the purchase contract, title should have handled it, but unfortunately that's why we have to make sure we read every line of that HUD. They are people too, and make mistakes.

You could try going through the listing agent first, point out that the contract stipulated that you were due the security deposit. If she stonewalls, escalate to her broker. If the seller straight refuses, it would be time to speak with a lawyer. Some E&O insurance somewhere might cover it, or you might end up in small claims court.

What did the purchase contract say?

Normally, the rent would be prorated and the security deposit would be transferred to the new buyer on the HUD at closing.

If that didn't happen, and the contract says it should have, you'll probably have to sue the seller for your money. If the contract says otherwise, you might be SOL.

 Yes, it's possible. I believe I've seen the wording "Unknown Occupants 1-10" or "John Doe 1, John Doe 2" etc. As someone else mentioned, it's probably best to hire a lawyer to do it properly. it's fairly cheap compared to the fines for an unlawful eviction.

You can still call animal control, though, and have them do a welfare check on the animals. 

To get to the heart of your question, I don't think you're co-mingling if you're currently operating under your personal name. You're not technically operating under the LLC yet, right? Once you ARE operating under the LLC, then those funds cannot mix with your personal.

Insert standard "I am not a lawyer, seek legal advice" comment here.

@Suzy Crawford - I would recommend Rezamp. They are great guys and will probably do it for a reasonable cost. 

I would probably team up with a large wholesaler to put the deal out on email blast if you wanted the quickest/best response. 

I'm interested in this question as well. I've read that 4 times is optimal, but have no real world experience to back that up. Hopefully someone else will be able to give us more info!

Hey Charles,

What is it that you're looking for from a partner? Is there a reason you're focusing on auction properties? That's a tough market in Phoenix right now.

Congrats, Josh! 

You've been hard at work the entire 6 years I've been around. You've earned it.