All Forum Posts by: Michael De Rosa

That is a nice return for 45 days. Keep up the good work.

@Brit Foshee what was your turn around time on the flip? 

@Account Closed mentioned it but SS braided hoses are a great way to start. Another way to decrease your risk is to make sure they let you hook up the washers. Do not assume that everyone knows how to properly hook up washer hoses. Also include in their lease that they must shut off the water to the washer when it is not in use.

Have you looked into getting a house near campus or a bus stop and renting by the room? That is a great way to get started especially while going to school.

I like to hunt down the owner. The harder it is to find the better it can be. I went to look at one property last week and I found a gas cutoff notification notice on the door. I went back to the office and started my search. First I found a contact for the LLC that owned it. Then I was referred to the property management company and then I got a call back from their agent. Sometimes it just takes a little bit of time. As a last resort a skip trace can be useful when locating an owner.

@Michelle Walker By contacting the attorney, do you call the attorney who filed the Lis Pendens and then ask them for the contact info for the delinquent home owner? If so do they actually give you their contact information?

I always like the idea of trying to tennant proof your apartments. If it can be broken, it will be broken. A washer can add value but if it breaks you are usually expected to fix it, even if your lease is iron clad. A nice compromise might be to rent the washer/dryer at a lease to own rate per month.

Is there a reason you do not want to go through your brokerage? If you are worried about the fees then find a broker that will have lower fees and switch. Another option would be to weigh out how much the fees are vs what you could loose if someone poaches your deals.

Another option would be an assignable contract that you get the sellers to sign. 

Lastly you could see if your broker will allow you to get a listing that you keep off the MLS and not have to pay anything on that.  

Not all of these options will be available in all areas so you will want to do further research in your market but it will be a good start. 

Yes more information is needed. As far as the bank allowing you to put 2nd on title, they can't say anything about that. 

I like what Sue Kelly said, can you finance the entire thing and ask them to come up with enough cash for the equity you would pull out?

I am trying to buy an investment property from a lady who owns it free and clear. I am trying to draw up a proposal that would allow her to sell the property to me without having to get slammed with taxes all at once. 

Is there a way to wrap a 1031 exchange and an installment sale all in one?