All Forum Posts by: Jim Campbell

@Ramona Huot

American Standard only... i buy either the "Cadet 3" or "Champion 4" some things you need spend more on so you have less headaches later...

I'm hoping someone comes up with a way for me to work on my houses while laying on the couch, eating a bag of chips, drinking a beer and watching the game....

if they do,  I'm all in...

I understand your response but if I were the seller, even if I am not friendly with my ex, ...I can't see not having title to a property when I am still responsible for the mortgage..

Just my opinion..

Almost any lawyer can help you with this...  they will take care of hiring a title company and filings with Erie County.. your cost will be minimal. 

I have about a million questions ... here are some:

The original mortgage of 80k was in both their names. Current mortgage is 50k. Deed still in both their names....Zillow estimate is 197k...

Tons of bells going off right now... He is giving up 75K for 5K... too good to be true...

Is the bank going to allow the seller to walk away from the mortgage ?

Are you going to have to remortgage since one person is coming off and one is going on ?

Will she allow it.. or she may not be able to financially .

When she finds out that you purchased it will she continue to pay the mortgage like you are hoping she does... You need to be prepared to pay at least half if not all...

If she wants to stay in the house and can not afford to buy you out then what ??

I have several possible exit strategies:
1. Let her buy me out     - If she is able to

2. Buy her out                 - If she wants to sell

3. Sit on it and let her pay down mortgage  - She may stop paying and make you pay it after all she is owed seven years of mortgage payments and bills unless there was a written agreement. Remember your seller hasn't paid a penny since he left and he owns half.

4. Force a partition sale but I’m not really looking to force anyone out of their house   - Will never happen if she hires a lawyer. 

5. Sell to another investor   - If your unable to deal with her who else is going to be able to.

and did you figure in : "A woman's scorn" that will kill any deal ... (from my wife).

Just throwing it out there... 

In New York state: for info go to:

https://www.businessexpress.ny.gov/app/answers/cms/a_id/2443/kw/domestic%20LLC

To check if a name is available go to:

https://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_SEARCH_ENTRY

@Merritt S.

No merit I was not making fun of you and yes I actually did do that...

I do not take an us against them attitude... I try to work with all my tenants all the time..

I stress that if they have a problem or are going to be late with the rent to call me and not avoid me... it seems to work for me.

Jim

@Jay Hinrichs

I send out a letter telling all my a 137 tenants that we are in this together and I was going to cover all of there rents for the month of April.... in response I received 100% of the rents... I have great tenants...

The only good news my friend is your not the only one... I have heard this several times in the last few days...

Deja,

I don't think that being young and female are a detriment to wholesaling, but not having the knowledge is...

The chances that someone else is going to let you shadow them is slim, being that you will eventually be their competitor...

The trick is finding the deals... that is going to be very difficult now. It seems that Buffalo has too many people trying to do the same thing (wholesaling, flipping, etc..) I get several calls a month from "wholesalers" claiming to have deals that are way over priced...

While I think being determined and persistent will help you, don't quit your day job to do this.

I think wholesaling can be extra income but finding the deals to do it full time is going to be extremely hard now a days...

just my opinion...