All Forum Posts by: Jason Palmer

I've been looking into joining REI Vault and stumbled across this thread in my research. Do all of you still have the same positive impression of REI Vault? Is it still performing well for you?

Hi Collin! I'm in Jacksonville and I currently have a triplex for sale. If you're interested call me at nine zero four four four nine eight five one two. Thanks,

Jason

Thanks for the response Claudette. I have the attorney running title right now to avoid any other surprises, and I don't mind being a landlord as I have 14 rentals. My concern is, legally, would these "tenants" have special rights that would prevent or delay an eviction since they were the actual owner who has lived there for over thirty years? I've been told by a couple of people to avoid the situation because a judge would never throw them out with a simple eviction because they lived there as owners and were converted to tenants. I'm getting a great deal on the house, but I've agreed to let the owner stay as a renter as part of the purchase. They were unable to pay taxes for the last several years, but now make a decent enough income to (hopefully) pay rent

Hey guys, I was hoping to get some advice on a contract I have. I've approached an owner whose home is going to tax deed auction next month. They've agreed to sale to me and signed a contract, but would like to stay and rent from me. They can't afford to pay off the taxes, but do have enough income to pay a modest rent. My question is, once I take possession and have them sign a lease, should I need to evict them at a later date, will the courts treat it differently since they used to be the homeowner? They probably wouldn't have the wherewithal to go through a lengthy and expensive legal battle - barring assistance from Legal Aid - but I still wouldn't want to risk it. I'm in Florida, by the way.

Thanks in advance for the help.  

My advice is to not sign his contract. There are too many deals out there that you can control the terms of. Besides, looking at your numbers, I hope the fire damage is minimal because I can't see an investor (which is who I assume you'll be targeting) that would want to take a house at 25k and put a minimum of another 20k (assuming, based on average fire damage) in to the deal. Whatever you do, don't let your desire to get your first deal under your belt cloud your judgment and cause you to get in over your head. If you get hurt on your first deal it may kill your enthusiasm, not to mention your bank account. 

I just wanted to say hello to everyone. I'm an investor in Jacksonville, Florida. I was a police officer here for 18 years, doing investing on the side to supplement my future pension, but recently things have really started taking off and it overtook my full time job, both in time and pay, so I resigned and am now doing full time investing.

My main strategies have been holding rentals, and more recently flips (with very extensive rehabs). I've done a few wholesales, but only as an aside to my main niche of holding, and I never set out with the intention of doing it. With that said, I want to mainly focus on wholesaling now. Not because I want another job, but because in my opinion, that's where it all starts. The main goal is to cast as big of a net as possible and keep deals flowing into my organization, at which time I get to choose which ones to keep and which ones to wholesale. My problem is not a lack of knowledge or available information, but more of an analysis paralysis. There are so many ways to accomplish my goals that I truly don't know where to begin in building a profitable wholesaling business. I'm not one to ask someone to hold my hand, but it would be nice if someone could point me to a checklist of some type that basically breaks it down step-by-step so I don't waste time going down the wrong path and I implement an actual system instead of blindly throwing darts. 

I'm really looking forward to getting to know some of you. Thanks in advance for all of your help!