All Forum Posts by: John Clark

A contractor filed a mechanic’s lien against me but misspelled my name, so the lien doesn’t show under my legal name or the property in the Dallas county system. Only my counter-affidavit, filed under the correct name, shows up.

The lien is flawed:

• The work was unauthorized (he admitted this both in writing and over the phone).

• He agreed multiple times to be paid upon sale of the property (made in writing).

• He declined a good faith payment plan I offered multiple times on work he did by mistake, and even turned down the option to list the property for commission as he is also a realtor. At the time I wanted to salvage the relationship as I saw him as a potential mentor.

• He stated in writing there would be no additional fees, then added fees and demanded immediate full payment.

I documented all of this in my counter-affidavit visually with texts, emails, and a timeline.

Has anyone had a title company search a lien like this? Wondering if it would even flag, and how they'd treat something this sloppy. The house is edging towards completion and I want to offload it and move on to the deal as soon as possible.

Thanks in advance.

Good evening to all, 
I'm 34 and have been land-lording a quadplex in Pawtucket, RI for the past 4.5 years. I've recently gotten a HELOC and while I would like to complete some renovations at home, a part of me has also been thinking about scaling and buying my first commercial apartment building. While my initial goal was to look into properties that would provide immediate cash flow (somewhere in OH), I've also noticed a few 6-unit properties in south side Chicago that I feel could garner much appreciation and eventual cash flow due to it being in a major city. Any insight (or a mentor for guidance =]) from someone who's gone through this experience, or has in depth knowledge on either of these two markets would be greatly appreciated.

@John Clark  Sorry, the backstory did not save on my original post. But I've updated it, and it should show up soon (BP says it takes 15 min or so).

I purchased it in 2022 and rented it out; then a water pipe burst in a unit above mine and totally ruined my unit. I could use the equity in my primary home to rehab it but I think I might be overextending myself.

Sorry, I am new to this... In terms of the scenario, I think you mean some of the financials.

- Unit is about 470 square feet and is gutted to the studs

- About $150K due on the loan (monthly payment $957)

- Mid-term rent is $2,200 to $2,400 per month

- Rehab cost is between $70K-$100K

- Monthly Condo Fees: $506 (likely to go up $100-$300 in the next few years)

- ARV is about $260K-$280K

(I'm going to have to edit my original post. I wrote in a good amount of detail but apparently it didn't save/post) 

 That's true to a point. Second considerations are which buyer is most likely able to complete a deal. And that's where the buyers agent is more or less incentivized to help the buyer close depending on how much they are getting paid...

Hello all and thanks for any tips in advance.

 My realtor is selling  a trashed out home that’s owned by a widower in their 80s, they are already behind one month on the payment and will more then likely be looking at 2 months shortly.  The home will need new, flooring, paint etc.  If the home were in good shape it would likely sell for $200-210k based on the comps and sit for a 2-3 months.  They owe about $140k on the property and an investor has offered $130k to purchase it site unseen (it’s trashed on the inside) but will look at it tomorrow and likely go lower. I offered to buy it subject to but I’ve never done one before.  What would be a good amount here if every cash investor is coming in at the $120s? The realtor would like them to pocket some money (translation) the realtor would like to make a 6 percent commission managing both sides. Lastly how does a subject to transaction work as far as closing fees? Thanks in advance.