All Forum Posts by: Mehul Mehta

Jane Alstatt - lets touch base during the day.

Thanks a lot Roy, I am looking at Dallas, Texas for the investment. Let me know when we can speak and i will call you.

Jynell Berkshire appreciate reaching out to me. I am considering Florida and Texas market right now. If you operate in those market i will be more than happy to consider the services you offer.

Thanks a lot guys for the reply and keeping the conversation going :)

In last two to three days have met lots of good people here and started good relationship !

Greg Cadwallader

I will give you a call today, I am looking to invest in Florida or Texas. And would be interested in talking to the mortgage company. And would get in touch with Ryan for the title company.

Sam Van Horebeek

I am looking for cash flow and long term capital gains.

I am looking for cash investment of around 50K at this point.

Property management to take care of the property.

Strategy is to hold the property for lifetime :)

Regards

Mehul

Dear Community Members,

I have got a proposal from an wholesaler for buying a property deal, so need your suggestions and advice on things to keep an eye on. As I am based overseas and will not be in a position to physically check the property.

The wholesaler has prepared an 'Assignment of contract' but before signing I want your help in giving some insight on the following questions that I have in my mind

1. How do I check if the property exist (can I check government record online to know who is the owner of the property?, Can I get in touch with local realtors who will do this for me? Will the realtor charge me anything for this?)
2. How do I check on the category of neighborhood (A or B or C etc) for the property?
3. What is a good assignment of contract price to be paid for this (like 10% of the property purchase price, or a fix price 3K to 10K?)
4. How do I check if the assignment of contract is legally correct/binding (can someone recommend a lawyer?)
5. What will be the charges for the closing cost? ( Is there a standard matrix to calculate this?)

Some answers for the following questions are still not clear from the agent
How much work needed to rehab the property & estimate for the same?
How much time it will take for rehab?

Once I acquire the property based on the above,
1. How do I check in govt records that I am the owner of the property?
2. What is the average rent in the area for such property?
3. How fast I will be able sell the property in the particular area


Regards

Mehul

Michael Ibosiola - really nice speaking to you yesterday. lets keep in touch. 

Greg Christensen - I know its not going to be easy to with onground team from oeverseas. At the same time its not impossible. I will work hard to make this happen. Specially when i have a great support from the forum.

Mark Nolan - thanks a lot for a nice tip Mark :)

James Wise - thank you James, i have narrowed down 10 cities in last couple of days and would like to narrow down to 2 mostly. Would look for some support from experienced person like you.

Dan Oliver - I would like to have more details of your area, if we can talk sometime.

Carlette Ebanks - I am interested in your area of operation, lets talk sometime.

Justin Stamper - i would look to buy with cash intially and then try to finance through bank.

I currently live in Dubai and considering buying property in USA. As one can understand it’s a daunting task to select an area out of 52 states. Which state, then county/city and neighborhood?

As I am overseas, I will be dependent on the onshore team to complete a transaction. I want more experienced real estate investor’s guidance, opinions and ideas on how to go about it.

Below are some of the tasks that I am planning to undertake

Finalize a state/county/city/Neighborhood – How to I arrive on an area (GDP, Population, Employment, real estate growth or any other criteria) ? How to finalize a neighborhood? Is there a website where I can get rating (ABC etc.) and how reliable it is? Do I search for more than 1 website?

Search Brokers/realtors – this will again depend on which state/city/county to look

Contractors – For Rehab this will be the most important people. How to find them apart from getting reference from realtor?

Property Management company – How to find a particular area?

Value Estimator – are these independent or from the bank?

Property Software: Do you recommend any software to for searching property, neighborhood and calculating a deal?

LLC formation: and get Employment Identification Number (EIN) and then apply for ITNS. Do you have any recommendation for this?

CPA/Yearly Tax Return filing – need some guidance on this in terms of reliable and reasonably priced.

Lawyer – For drafting contracts or making offer

Title Company – to check the company details?

Inspector: to confirm the condition of the house.

Insurance provider: where to go for getting proper coverage and get competitive rates

Mortgage Broker – I am not sure if they lend to overseas investor?

I am not sure if one needs any other person in the team apart from the above.

I found BP community is not only informative but also very inspiring! I am looking forward to make more partners, friends and share things as I learn it.