All Forum Posts by: Jay Barndt

HI @Account Closed, while i do not know if Florida has any specific details on eviction but around my area most of the rentals are for college students structured as you said "by the room" and from what i have seen it boils down to the Rent agreement/lease. if they have not paid or are breaking some aspect of the terms they may be evicted in the same manor as any other rental. i would definitely contact a attorney and go over what they would need.  Best of luck,

jay.

HI @Jarred Aune, this sounds like a possible deal, with them having a mortgage on the property owner financing is out the door as it is only structurally possible if they own it free and clear. you could do a "subject to" on the deal and as you said make up the payments and pay their mortgage until you can sell it or sell the deal to another investor.  some questions come up in my mind though,

how much are they asking? and whats the property worth?

Are they moving out? if not what is your plan for that. 

how far behind are they and how much?

what is the mortgage amount? and the payment.

will they sell for what they owe?

your question on the sale proceeds- if you do this as a "subject to" or how ever you get this under contract make sure you have a attorney draw up the paperwork for the terms of the deal and a separate paper for the sale agreement with price that you agree on. once you sell the property you can cash them out on their agreed price. i do not have exp with this transaction only studied them.

this could also be constructed as a "Lease option" but without much of the details its hard to say at this point.

Best of luck and hope this was of some help. 

jay,

HI @Jonathan Ghrist, Welcome to BP, good to see your ready to take action. with your exp i'm sure you will do well in REI, i see you have listened to the podcasts and i assume you took advantage of the free course in the education tab. so the next step i would take is what is your current goal, what do you have to do to reach that goal? strategy or path to pursue? fix/flip, buy an hold, wholesale or a mix of them. i am still new to REI myself only have 3 properties currently but analyze deals daily and try to make offers every week though so far non have panned out but it is exciting to try. so again welcome to the community and wish you the best on your REI adventures,

jay.

Hi @Luis Gonzalez, while i am not from OK, you may be able to get help from other people in the community by adding some numbers/details (if you have them) price/rent/tax. ect. while we are all from different places in the world chances are someone may be studying your area and might be able to lend you a second set of eyes on your deal. Best of luck with your REI adventures,

jay.

Hi @Apurva Sanghavi, sounds great that you found a package deal and would like to see some numbers if you don't mind sharing, but as far as financing i tried to do a package deal with 5 properties and i called around to a few banks and the common theme i got was to find a bank with a portfolio lender or commercial lender.  the portfolio lender i was attempting to work with laid it out as,

80% LTV of the package, 620 fico, 20% down, and i unfortunately cannot recall the int rate.

the hardest part of financing any deal is getting the down payment because you will almost definitely need 15-20% down. but shop around to credit unions, local small banks and see what you come up with.  never hurts to call and ask.  that is my current exp with attempting to finance a package maybe more members of the community have better ideas or information.  but best of luck.

jay,

Greetings @Rafal K., Welcome to BP, this is the best place to connect with investors and like minded individuals and expand your REI knowledge with limitless possibilities. do you invest in conshohocken or philly? i know there are endless properties available for sale both by agent and owner, though my experience it is a rough area of PA. but would like to hear about your experience in the area, best of luck with your REI adventures,

jay.

Hi @Paul Parker, Congratulations on your Close! awesome to see people getting out there and moving forward and having success really inspiring, thanks for sharing! best of luck in your REI adventures.

Jay,

hi @Cody Hahn, i have family members that own mobile home parks and they do not invest in the homes just the land for lot rent. mobile homes around PA do not hold much "if any" value and without allowing tenants i would not see any value in investing in it, finding buyers for them can be frustrating as banks find them worthless and wont fund anything manufactured, without a foundation, and even worse if it still has a title not a deed.

example:

i bought a mobile home on 1/4 acre for $7,000 to rent out, even after rehabbing the trailer and making it rent worthy the appraiser said "the lot is worth $15,000 the trailer not much of anything due to it still having the wheels, while it does have a deed it is not on a foundation and still not considered a permanent structure which hurts the value"

since you said the park does not allow tenants it would not be worth your investment to flip/wholesale due to just a lack of value.  hope this was helpful

Jay,

Hi @Jose Castillo, in some cases it is illegal in some states without the proper license but it is not illegal in MA, as always i would as a Real estate attorney if there is anything specific that dictates what is/is not legal in your state, there was a forum thread of this topic last year that may be some help,

https://www.biggerpockets.com/forums/12/topics/217...

while i do not have wholesale experience i assume it would be based on your documents and how you structure the deal and i can only imagine that agents selling homes would cause a stink, "they usually do" but always CYA and make sure you are not crossing any lines "again attorney" ..

Best of luck in your REI adventures,

jay.

Hi @Ashli Addison, welcome to BP and the REI world, yes i agree there can definitely be an information overload with educating yourself in REI, but its good that you are now jumping to take the next step and get some forward motion on your business, while you will never stop learning taking the first steps and making real progress is a big accomplishment and one step most new people never take "study from the sidelines" but best of luck with your REI adventures and post up any deals/success/questions you get, we all like to see each other succeed,

good luck,

jay,