All Forum Posts by: Justin W.

Long story short, I am from a small town in a rural area. Small town big shots sometimes make their own rules and that's the type involved here. They worked as a team in this entire thing.

So here we go...A person sold a piece of land 3 years ago, reiterated in the deed "this conveyance is made subject to the restriction that no mobile or manufactured homes shall be placed upon the subject property." as the restriction had been in a previous, distant deed. It was very very important to the seller as its next to their home.

The property was then chopped, sold 1 time  but all deeds still carried the restriction, but by referring back to previous restrictions. 

All lots stayed legal but one got a manufactured home shoved on it and sold immediately, before even in place.  

All sales of the property involved the same realtor, the same lawyer, all within 3 years.

The realtor pretends to not have known about the restriction, the lawyer is sort of playing dumb but talking about mediating as I point out they missed the restriction that they themselves originally put in. I have not yet notified the buyer who clearly has no idea of the restriction. I'd love to but I don't want to get myself into trouble. 

Is the realtor liable for anything here? Are they responsible for knowing the deed? They are absolutely involved more than just being the realtor but some of that seems back door. They even financed some of the deal....according to public docs.

I hate the idea of getting a lawyer involved. Any other course of action? And did this realtor violate any codes?

Who enforces these restrictions anyway? The county said they don't.

Curious if anyone has experience with Tax auction properties..... In my state there is a delinquent tax auction held once a year, then there is a 12 month redemption period. If not redeemed the property is signed over to the winning bidder.

A couple of details. The money is paid with receipts on the day of the tax sale.  The deed also reads as the sale is THAT DAY in about the most clear way.

But the deed isn't filed until AFTER the redemption period.

So you have a deed that says the property was sold on say, September 27th 2022. But the deed is signed and filed in early 2024 after the redemption period and after the county gets it all together.

When would the IRS consider the sale final?

I am with Michael McGinnis and a few others.  That car is a reliable model and will last....You DO need a reliable car to commute 70 minutes so be careful about buying a clunker.

There are plenty of credit unions that will refi you at 6% or under if your credit score is really 700. Go out and get the refi, then you can start looking into investing.

Jmo

The middle photo is the worse of it so far.  The rooms look decent, mostly light scratches that don't show up well in the photo. The middle photo is near the kitchen which was probably not covered by like the rooms were.

I'm just not sure what is considered bad and what is fine for rebuff and finish...for a C+ rental

BTW thanks for the help Lee!

HI, I am on my first investment and it is a live in rehab then rent. This is a c+ neighborhood for my area(I think), lower but working class. 

I did not budget properly for flooring and know it is not wise to pay 2-4$ per sf to refinish the hardwoods so they can be torn up in a couple of years so my options are a rebuff(screening) then coats of poly or laminate. I do not want to put in carpet but would consider it.

My problem is I don't know how to gauge what my floors need. I am thinking that for a rental here they simply need a rebuff and coating.

EDIT: photos aren't loading.. Ill work on that

Thanks of the help, Aaron. I have been using % and maybe that is a bad idea considering I had been looking at homes costing 80-100k. Roof and the other things you mentioned will cost the same as or nearly the same for this home as in those more expensive properties. That is a good point that I have not seen elsewhere. Thank you. 

I am not sure about spending what you mean about spending 3-5k immediately. I am basing my numbers off of rent ready homes or making rent ready homes. If I need to spend an extra 3-5k then I would have to change the numbers. 

Getting these homes for 20k less would put me at say 30k for roughly 700$ rents. Are people still finding that type of deal in good areas in 2016. These homes look to be in very very good shape and are not the standard rundown 2/1s we often see.

I have decided that I am more interested in 100$+ per unit rather than a certain COC ROI though I should probably set a minimum COC ROI.

I hope I don't sound argumentative and I appreciate the response and anything you have to add.

Hi everyone, I am new to REI and new to my town though I did live here once before. My goal is cash flow, equity pay down. I also want to get my feet wet without getting in over my head with rehabs.

I have been looking for some other niches outside the 3/2 due to all the competition. Being new it makes it harder to find the best deals on these, at least until a network is created. I have begun to notice 2/1s. Sometimes the neighborhoods are D-ish and I try to stay away from those but I am finding some of these 2/1s in B-,C+ areas and some are listed at 45-55k(or less but with work needed) rent ready and rent for 650-750. Nice little houses I wouldn't mind living in myself.

Looking at it purely from a Cash flow buy and hold strategy I would like to know what problems I might be facing with these? 

Possible higher vacancy? Anything else I should be aware of? In my area nice 2/1 apartments rent for 900+ and C/B- apartments are typically 700+. 

I have searched around the forum as well and read quite a bit about these. I was hoping somebody could punch some holes in my numbers. The numbers are meant to be basic and each property can be evaluated on its own at a deeper level.