All Forum Posts by: Account Closed

@John Farady exactly. Since the more cases you can show the government, the more bail out money you get?

A duplex that I own is getting the entire sewer line replaced as the original line has failed. My question is will this increase the value of the property or is this going to be considered a sunk cost to just keep the property running?

My thought is tenants expect the sewer line to work. I'm not increasing the quality of life for my tenants but can't find any good information online in terms of the property value going up or remaining flat after the work is done.

Thanks for your feedback!

When the forbearance announcement came from the Federal Government, I was curious about the details of how it worked. So I called several banks that hold mortgages for my residential rentals and asked how their programs worked.

To be clear, I didn’t ask for forbearance, I just asked about the details of how it works.

Earlier this week, I looked in my credit report and found that 2 of the banks I spoke with reported a note to the credit bureaus that my loans with them were in forbearance!

When I called the banks, customer service from both banks told me they automatically enroll people into forbearance right now, even if you just call to ask questions about the program.

Please look at your credit reports and make sure there aren’t notes on your loans from forbearance that you didn’t ask for.

@Jeffrey Daniels Thanks I have a potential deal, 130k asking price ARV 185k, about 15k in repairs. Numbers seemed kind of tight that's why I was asking how what's the least of profits a flipper would take.

I purchased a property in Dade County in 2013. The property was on the same parcel as another condominium building.

The purchase contract stated this in the additional terms-

“Seller, as a condition subsequent to closing, shall remove and sever the subject properties from the condominium regime.”

When I recently went to sell the building, the buyers attorney informed me the land was never separated from the condominium with the city. Furthermore the city will not allow the separation as it would not meet their size and setback requirements. The buyer therefor backed out of the sale.

After extensive investigation, it was discovered that the sellers attorney executed the separation of the property with the county but not with the city.

The city will not issue any permits for work on the property unless it rejoins the condominium association.

Rejoining the condominium could trigger them to ask for backpay of 7 years HOA dues. It will also reduce the value of the building as it will be tied to a HOA and have ongoing fees payable.

I am trying to decide the best course of action forward.

1. Make a claim with the title insurance company because I feel they never should have issued title insurance on the property to begin with. I am unsure if I can make a valid claim and would value any feedback here.

2. Request the seller and his attorney hire a zoning attorney to battle with the city and obtain a variance to allow the plot to be legalised.

3. Sue the seller alleging they had an intention of fraud. I would argue they were aware the city would not allow the separation due to the size and setbacks, hence they sold the property and said the severance would be done after the sale. I am not sure how much I would try to claim in damages though?

I purchased the building for 80k. Funds spent over the years adds up to 40k.

The recent contract I had to sell the building was for 150k.

Good afternoon everyone!

Im currently creating my business plan for my first investment and I have doubts about how to proceed after being accepted for a loan. What's the best way to give the money to the seller and also what steps do I need to take finalize the deal? 

Thank you for your help!

I am new to the Subject To strategy and have been attempting to gather as much information as possible.  Most of it seems pretty positive but I was warned that a property that I purchased could be seized by a court if the seller files bankruptcy.  

Is this true?

How do I mitigate this risk?

Thank You for your time!

I may have to opportunity to purchase a 13,500 sq ft property in which a SFH sits on the north half and the south half is undeveloped. The home would have a CoC return of ~4.8% and is being looked at by many buyers. Not a very good CoC, but then there is this:

During this pandemic, I am having difficulties hearing back from the city as to whether or not the lot can be broken up into two separate parcels. Looking at adjacent houses, this property should have been broken up in the past but never was. The idea is to split the lot and build either a "shotgun" style duplex or a SFH once the funds to do so are available (a.k.a. many years in the future).

The dilemma is do I pull the trigger on this SFH (which will be my first investment property) that has a very low CoC return in hopes of being able to develop the other part of the land in the future. Or, do I keep scootin' down the road and hope something else pops up in this very tight, pandemic squeezed market?

I have nearly made up my mind on what to do. I just want people to give me the confidence to do something for this first investment property

So this title is sort of click-baiting because i was looking for a quick response for a consensus.

I have a seller who've I've been going back and forth with since October 28th. It's a nice corner lot home that belongs to a late women's estate ran by her two sons. One son (S1) decided to occupy the home, has addiction problems, and the home has no electricity or running water. I spoke to him by approaching him. He told me he's ready to sell when his brother is ready to sell and he's the executor on the will. I got in contact with the brother (S2) and it's looking like that is NOT the case. At first, he lied and told me there was a third trustee who was halting the sale but after talking to him in December, he said he was waiting 'till his brother got on his feet. Early April, Put a bottle of sanitizing wipes and the door and told S1 to tell his brother. He thanked me and it was a good way in. Contacted him 3 weeks ago and he expressed disdain in his brother and how he was not motivated to leave (even though he says that's what he's waiting for). Told me he hadn't seen him and he'd go over there that weekend. I offered to go speak to his brother on the situation and how i can help by buying the home, he said he'd speak to him first. Waited until this past Sunday and told him i'd be across the street and if he'd like to meet at the home (to coax him into a showing), but he responded slightly aggravated with the last sentence being, "We have nothing to talk about until he leaves."

This home is in disrepair. S1 has a cat and a pet squirrel living with him. The garage is filled with cans and roaches, and the video I was shown has the home a mess. Beer cans, rotting Tostitos salsa on the counter, ALOT of misc trash. S2 said the smell was so unbearable he could only record the 2 minutes of footage he did inside the home and had to wash it off him when he got home. He wants to potentially charge him for backrent and delinquent taxes at closing (said he'd pay 2018 taxes, 2019 delinquent), but also considered fixing it up himself and living in it (how do i get him to think this is a bad idea?).

How can I help him? How can i get them to sell? This has been long-standing and he seems like an enabler. I was thinking about going to speak to S1 again and getting him on board and showing me the home so i can deal with this, but i also don't want to disrespect S2 by doing that. Any advice??

I figured I could refinance my home to get a lower mortgage payment while lowering my interest rate (current rate=5%). The home is worth 200k and I only owe 35k, but banks tell me that is too low of an amount and I don't qualify for refinancing.

Can I pull out enough money from my equity on the mortgage and then refinance the whole debt? That would lower my payments and allow me to give a bigger down payment. I know that refinancing is a new mortgage under new terms, and that the lender pays the first mortgage off before giving me the new one. I'm confused as to where the money from my equity comes from. Is it a different loan than my mortgage? If it is can it be combined with my mortgage since I'd be borrowing from the same lender?