All Forum Posts by: Max Gradowitz

You definitely want your own attorney.  Particularly one familiar with real estate transactions and assignments.

Assuming it's for non-payment of rent, just send them a letter explaining the situation, the consequences of eviction, and include a cash for keys agreement with a reasonable move out date and proposed price (say, half the defaulted rent amount).  State in the letter that if you don't hear back from them in X amount of days, you will proceed with eviction.  Or have your lawyer do this for you.  If you don't hear back from them in that X amount of days, proceed with eviction as usual.

Multiple clients of mine have successfully BRRRRed properties here. One of my clients did this with a "haunted" house in the downtown area and it ended up being really profitable for him. Bakersfield has a very active rental market so renting out homes and multi unit properties post-rehab is usually quick and easy. Good luck! 

I always recommend Armstrong Roofing. High quality work. You can PM me if you'd like their contact info.

Hello fellow Bakersfieldian! You should consult an attorney about your specific business plan, goals, and expected rights and responsibilities of each partner involved. Then have them draft either a partnership agreement, or have them draft an operating agreement as part of an LLC. Good luck with your business plan!

Generally speaking (although it may depend on your state), residences are perfectly fine on commercial zoned land, they are just really rare.  Local zoning can restrict certain uses, so it's good to confirm that it conforms.  It's not unheard of for agents to miss this if the property looks like a residence, there is no reason to suspect it.  The real problem is that lenders will not do residential loans on a property that is zoned commercial, no matter what is built on them.  I'm not a lender, this is just how I understand it.  You can ask the other side to extend escrow for another 30 days in order to try to get qualified for a commercial loan.  Call some commercial lenders and see if you qualify.  If so, just move forward if the seller is ok with extending escrow.

You aren't entitled to reimbursement for the services performed already (appraisal, inspections, etc) unless it's specified in your contract, which it probably isn't.  If you choose to back out at this point, expect to eat those costs.

Random strangers on the internet cannot give you even a remotely accurate idea of what you should sell a property for.  It's VERY location specific, so much so that you can't determine the value based on rents and other numbers.  That same property with the same numbers in Iowa could be worth $100k but in San Fran could be half a million.  Property value is NOT just based on rent, it's mostly based on location due to appreciation and land value in that area.

You need to ask an agent in your area to run comps. Don't worry about the taxes, comp based on square footage 200 up and down only, with similar HOA fees, within the closest location radius possible. Your agent can do this very accurately using their MLS access.

I would suggest searching online for real estate attorneys in your area with good reviews, that's typically the type of attorney that would be familiar with seller financing.  Be sure to get straight to the point: ask if they are familiar with drafting promissory notes and trust deeds / mortgages for seller financing transactions.  Good luck!

It completely depends on your income, debts, credit, etc as it does with any loan.   I'm not a loan officer so I have no idea how easy or hard it'll be for you to refi later, you need to speak with one to have a better idea on that.

A bunch of random people on the internet can't accurately answer whether you overpaid for a property.  That is part of your agent's job.  Ask them.  They will run comps and be able to answer this for you.