All Forum Posts by: Luis Salavarria

Hi all,

It is awkward to admit but I am having problems with a partner of mine and after he basically destroyed a deal, I am in need of a knowledgeable attorney -that you would recommend to your mother- in Houston, TX. What I need right now is draft a document to have him make monthly payments to me until he pays the 10500 I put into the deal. If that does not work I would need to go further into legal action. Do you know anyone? Thanks in advance!

Luis

Hello fellow investors,

I am currently investing in Houston (rehabbing a property) but I would like to see what it takes to go into the buy and hold market. I have been watching Brandon's webinar on the matter and I love the BRRR strategy but I don't know how to implement it in real terms. Is there any investor out there that could help me with this? Ideally, I would like to meet but I guess it's probably better to communicate in here first. Thank you very much in advance!

Luis 

John, believe me, I have thought about walking away but the numbers are still good...

Percy, the problem is the seller does not want to close until the IRS lien is cleared...

Hi Rick,

You are right, the price does not change for me and it is the seller's problem. My only concern was the time it takes (considering the IRS usually takes a long time for everything). That is why I was looking for a possible solution to shorten the time it takes to acquire the property. Due to the numbers, I don't want to walk away. It's just kind of frustrating all this waiting...

Hi Wayne,

Well, they are actually fine in terms of equity since the sellers built the house themselves and with no financing. The house is being sold for about 185k and the lien is 90+ thousand. I'm guessing the problem for them is to "let go" of such a big chunk of money to the IRS... My question is still what I should do, stay put or is there another way? Thanks for your reply!

Regards,

Luis

Hi,

I'm still new to BP but find it really useful when searching for answers to different (crazy and no so crazy) questions. Well, maybe some of you can help me with this. 

I am in the process of buying a property from a friend wholesaler. We were set to close in October but there was a problem with title. The owner of the house has an IRS lien on the property of about 90+ thousand dollars and she is fighting it with them through an attorney to see if they either lessen it somehow or they wipe it clean (she says the lien applies to her father who is deceased and not to her). Well, the attorney is "working" with the IRS, or so he says, to solve the matter. The thing is that we've had to postpone closing twice due to not having an answer from the IRS.

Well, I have several questions about this, what should I do? continue to wait for the seller who is waiting in turn from the IRS? do I "force" her legally to sell me the house not postponing the closing date any more? has anyone seen a case like this? what did you do? The deal numbers are like this, Buy Price + Rehab is about 210k and ARV is 300k.

I would really appreciate any input since this is kind of driving me crazy! Thanks so much!

Hi fellow BP's,

I have a question regarding notes. I recently contacted an investor who is trying to liquidate her portfolio of owner-financed homes. Currently she has about 80+ properties and wants to sells the notes. I have some experience with other parts of RE investing like fix & flip, new construction, buy & hold, etc, but to be honest I do not know anything about buying notes. Is there anyone that can help me with this? or at least point me in the right direction? I understand the basics of it but I really don't know where to go from here. Can you guys help?? Thanks so much in advance!

Luis