All Forum Posts by: John S Lewis

@James C. sorry what is "AFAIK"?

Looking for a RE Attorney that can help with RE law for Delaware and NJ.  Does anyone know any here on BP that I could bounce some question off?

Thanks.

@Joe Splitrock thx. Can u describe what you mean about managing the property and being able to deal with it?  As I'm new I just want to make sure I understand your definitions.

Thanks @Jennifer Slaughter!  That is very sound advice.

@Account Closed 

That is one huge education!  I had no idea about all the things you mention.  I just thought the term slum lord was for someone that rents out crummy properties in high crime areas - thus a slum.

Thanks for setting the record straight.

thanks @Ryan Murdock

thanks 

@Chad C.

makes sense

So I think I found a good deal.  The owner says he's made money and now wants to get out of the biz and sell down his holdings in the next 5 years.  He also claims the property I'm looking at is always rented.  Then I noticed on craigslist that he has ad's for the place to be rented.  Is it a normal course of due diligence to get rental records?  It's possible the leases are up I guess.  But of course I want to be sure.  Thanks.

So, since I've started as a pro member here on BP, a lot of the properties  in my price range are all in run down neighborhoods with high crime.  Does anyone have experience with these types of rentals?  Is it just a no-brainer to stay away? 

So I want to bid for a 2 family, but I don't have a lot for a down payment.  The numbers on the rental tool here at BP are great if I can offer 5% down, with a purchase price of 23% less than the offer.  Are there any tools here on BP or elsewhere that will lay out the financing from the sellers side?  In other words, beside using a run of the mill amortization calculator, what other tools can I use to get the seller to go for my offer?