All Forum Posts by: Joe Homs

@James McGovern great question.  I guess it depends on the state you live in?  I really want to know which screening service shows demonstrable income, since this money is usually in the form of dollar bills not reported to the IRS? 

Would you be required to provide a pole in each room?

Good Investing...

@Rahul Ram California would not be the best place to start something like this.  By a "diversified foundation" do you mean that it would be OK for you to lose money every month in California?  Only to hope that down the street you can make up for it in capital gains.  

I would suggest buying for cash flow and not appreciation.  You can buy cash flow and still be able to write off the depreciation of that property each year without taking money out of your pocket each month.  

If you are doing very well in the stock market, not like me, then maybe look at some REITS that also give you depreciation.  I am the opposite.  Anytime I invest in the stock market I lose that money.  Have not invested since the 1980's and have not lost a dime.  However, I am doing very well flipping homes.

Good Investing...

@Timothy Koh what you are looking to do (for the best value) is a "Live in Flip."  This comes with built in equity, but you will need to rehab the home along the way.  Hold it for more than 2 years and your capital gains are sheltered up to $500K.  There should be some more inventory coming on the market in March 2024.  Get pre-approved now and start looking with a very experienced investor/agent who can help you buy the right property, in the right area.

Good Investing.

@Chris Harrison it never hurts to ask.  Try and create the best deal you can.  Do they need money out of the transaction?  How much are they willing to take back with seller financing?  Lots of ways to look at this deal.

Good Investing..

@Jane H. you should just give them a 60-day notice (in writing) and make sure they sign receipt of it.  You should be good to go.  If they don't want to leave, then you would have to begin a formal eviction.

Good Investing...

@Eric Liu welcome to BP.

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@Timothy Albright then it's all about making him and his lawyer (deal killers) feel comfortable with you.  Good luck.

@Timothy Albright yes, but you would not own the property.  You only have a right to exercise that option and then buy the property at that time.  I would try to do the seller financing if possible and make them feel more comfortable by offering more of a down payment, getting a cosigner, go through an underwriting process with a lender, etc.

@Matthew Espana do you have a deal that you are working on or want to learn how to do sub-to deals?

Good Investing...

@Timothy Albright yes it would go into foreclosure.  You can always try and negotiate a "deed in lieu" of foreclosure.

Good Investing...