All Forum Posts by: Michael Cortez

Hi all,

There's a property I'm looking at in Florida that has been on the MLS for just about 90 days. I briefly spoke to seller and got her motivation and some facts about the property. I would like to pitch a sub to deal but not clear what happens to the home insurance portion. I know that once it changes hands the lender gets notified and can proceed with the due on sale clause. It would be a hybrid deal if the seller agrees because she has some equity. Her mortgage payment PITI is about $500 a month and I can rent it for at least $1600. So how would I avoid the due on sale with the home insurance portion? An executory contract?

Thanks!

Hello all,

I have a single family home that's about to be vacant come January. Its a 3/1 about 1,400 sq feet. Its in the 19th Ward of Rochester, NY. About 10-15 min drive to the university. It's updated (S/S appliances and LVP flooring). My contractor said he knows someone who has a home that is being rented by students of the University and he is getting 1K per bedroom. Has anyone used their property for student housing and has rented by the bedroom? Any tips before getting into something like that? Thanks.

Hey everyone, I’m located in Nj. There’s a property that’s been vacant near me since about March of this year. Batchleads shows owned by the state. There’s a realty company sign in the front which I called and they said yes at one point it was listed but removed and no reason given. Any ideas on how to acquire the property? It’s just sitting there. Called my local county and they just confirmed that it’s owned by the state and no plans for the property yet. 

Thanks for any help

So I'm in talks with a sellers daughter for a home in Florida. They're open to selling but of course they want too much for the house. Home is worth $180K max based on recent comps. They had it listed at 250K FSBO then once I started talking to the daughter and showing her comps they said 225K then they said absolute lowest 180K but of course I can't buy it for what it's worth, the home I'm sure will need repairs. The dad is living in the property. I explained a potential sub to deal where I would take over the payments and make a monthly payment on top of that to the father. Daughter said not really interested in that. What else can I do to make a deal? She said the dad owes about 50K on the mortgage and monthly payment is about $450. Quick check on Rentometer I think I can get at least $1500 a month in rent.

Thanks for the help

Hi all, newbie here with a question. I took a HELOC on my primary residence that went towards purchasing my first rental. I'm renting it out for $1400 and my mortgage is $836. From that cashflow $215 is used to pay the HELOC loan. The rental has about 40-50K equity (i closed on it end of January 2022). Should i pull out some of that equity to put towards the next investment property or am i leveraging myself too much? What are your thoughts?

TIA 

Hi all,

I’m a new investor and I currently own 1 rental property. I’m considering getting into wholesaling. Where’s the best option to get the necessary wholesale contracts? I’ve seen a few options online from some of the YouTubers like Lili Thompson has a packet for like $300 and Jerry Norton service is $100 a month. 

Thanks for any tips and advice 

thanks for the insight!

Hi all,

I'm a new investor just closed on my first rental in upstate NY. Looking to get my second one in Jacksonville. Looking at a 3/2 single family in zip code 32208. It's roughly 1400 sq feet sitting on almost 1 acre of land. For anyone familiar with the area is this a good area for buy and hold? Ran some prelim numbers and its looking like a 15% cash on cash with almost a 9% cap rate. It's currently listed at 175K (would offer lower its been on market 64 days). 

Thanks for the help

So I found this older woman on FB who says she is a private lender. Found her through a comment on someone else's FB post. I tell her I'm looking for a PML that is willing to lend down payment funds and holding costs for 6-8 month so that I can get a buy and hold property. Long story short she says she is okay with that and she does not charge any upfront fees. She said for 50K loan its 1K a month. But prior to funds being sent out she would need a picture of the front and back of my ID as well as my SSN. I'm a bit skeptical but her FB page shows she's been a member since 2010 and has 20 plus comments on her posts. I would only imagine if she was a scammer she wouldn't have been on this long. Her profile shows she is in Texas. What do you guys think?