All Forum Posts by: Loren Oatman

The truth is in any industry we have bad actors and wholesaling is one that gives a person the opportunity to be dishonest or they are ignorant. When buying from a wholesaler you want to verify what you are being told before you make the deal. Some of the wholesalers are new and don't know better or are dishonest. Trust but verify. I won't do a deal that isn't a win-win. When I place a property under contract, I do my best to find a great deal while still providing value to the seller and the buyer while making money. I do my due diligence and verify what I have been told. I also am transparent to the seller and buyer. If the buyer has a problem with what I'm making I find another buyer. The deal has to be a good deal and make the buyer the margins that they are looking for. 

Some one said they never trust a wholesaler. Trust is built and so are relationships. Trust but verify!

I need attorneys who understand assignment of contracts and closing Virtually, For wholesaling and Fix n flip. Would anyone in the area of Fayetteville NC be able to recommend one. I would appreciate the help. 

@Mike S.Thank you for your help. I have since learned a lot of things and things are going well.

@Jaron Walling

I would only add. Don't wait. I have made that mistake and regret it. Start as soon as possible. Any of the earlier suggestions are great strategies. Nothing better than having no mortgage or having it paid for by someone else. It will give you more money to build from. Congratulations and good luck.

I haven't thought about this for long yet here we go. I would invest for returns and growth which means. I would start a self directed Roth IRA that was investing the max amount in real estate buy and hold. Small and let it grow through management. I think the max is 19500 to start per year. Second. I would invest in some STR properties managed in places that I want go and stay. $300000 aprox (6) leveraged. Third I would create a private lending firm/Company to provide STL (short term loan to real estate investors with an expectation of 8-12% returns with the balance. Long term goal is to build multiple income streams from real estate investing for a better life and providing opprotunities to people.

Sounds like a great plan and just follow what Rob Witt stated. Keep it simple. Read Brandon Turners book on rental property is my addition to your venture. Well worth it. 

I have one for my own house that I had cleaned out this year in NY. It's very old and will eventually need replacing. Normally they are sized for the house with extra-capacity. They have bacteria that breaks the waist down and the overflow goes to a dry well area that handles the overflow of liquid while the waist drops to the bottom of the tank and breaks down by bacteria. Once a year maintenance is usually more than is needed. We usually do every five years. Getting it looked at by a professional wouldn't hurt. I say go for it. Mine is 80 years old and was made of steal. The newer ones are plastic or concrete.

The markets and rents are good. Price point to rent rates are good for most properties. Many older homes that need updating and repair that have opportunities for investors. I just started wholesaling in the central NY area.

I had a second thought on this. As I said, the order is a forbearance not a grant. The tenet is still responsible for all of the rent. Softly remind him that he is responsible per his contract. This doesn't make your current expenses less. Keep good records of all correspondence and inform him of inspections. I would have inspections while he is still in the apartment. Photo of all of the property. Either have someone do it or have someone with you, but don't do it alone.  Put it in writing that he is responsible every month with the late fee. $50. I know that sucks. Thanks NYS. This will keep a paper trail. Of course this is not what you want to do. Take the high road. Keep track of all cost including fees/ loans / interest/ stamps. Everything that cost you when you do get the property back. Lawyer cost. Check your lease agreement and see if you put in an eviction clause that covers the cost. When he does leave TOTAL all you cost and File Suite. With In reason keep your cost low as possible. Then sell it to a collection agency. This is my opinion and not legal advice for disclosure. Screening is the most important thing but not full proof.

Being in NY is difficult to say the least. Many of the people I know who own rentals are having mixed luck at best. Many are in the same boat. I would remind him that he is still responsible for back rent even though he doesn't have to bay during forbearance. And then I wouldn't renew his lease. The new laws in NY put you at a disadvantage. If states that he isn't going to pay back rent owes then I would give him early notice to comply with the new NYS laws. Sad.