All Forum Posts by: Kyle Penland

Why don't you just convert one to a stand alone apt and keep the boarding house?  Just a thought.

No, not unless you work something out with the current owner can you buy it now.  Whoever is on the deed now I would assume can redeem it however if they don't have the money now, chances are they won't have the money then either.  I am not a superstitious person, if the deal made sense, I would buy the property.  After all, I'm not living there.

Big question is are you flipping or renting?

All my contracts where I purchase with a renter I get that at close or credit...

Nice work!

Sometimes people are stubborn to the point where it hurts them...This owner likely does not need the money and will let the property sit until possibly a home owner comes along crazy enough to give them 200k for it...Happened to me 5 months ago.  I offered 20k on a 150k arv foreclosure...They rejected it.  It needed 50-75k in work.  It sat for about 3 months with my offer still standing.  Then a home owner came along and gave them full price offer!  Good luck with this one, but I personally would focus my efforts to another one and keep contact every other month.

I don't understand...Are you trying to sell your personal residence?  Or are you looking at a home in this situation?

Most good deals are deals no one else wants. So they will require work! This is not always the case but in my market its the case pretty much 99% of the time. You will only find out if its a deal to flip if you know the ARV and buy and hold if you know the market rent and projected returns. Until you get familiar with those in your market you may be selling yourself short.

You should contact an attorney...Depending on the amount of the security deposit may be worth giving it back to them and being done.  

I wish I would have started much earlier and "house hacked" until I was married...Now, a MF property would not work for my family.  Good Luck!