All Forum Posts by: Michael Franko

Thanks the feedback!  The family that was there is crazy, and I'm not sure they have any "right" to be there.  They left the day it was condemned and haven't been seen since.

I will keep digging.

Hello

A property across the street from my parent's house was condemned yesterday.  Backstory, the owners died a few years ago and relatives had taken over the property.  The county records still show the deceased as owning the home, and the taxes are 3 years behind.  The city was called yesterday because of a water issue on the street and, for some reason, needed to enter the home and found the basement to be completely flooded and the relatives still living there.  House is a total disaster, but the lot and location are desirable.  

My question is, since the property is now condemned, is there any way to buy it?  Does it go to auction?

Thanks

Mike

I am a new investor and I have recently connected with someone that is willing to financially back my deals.  They are not real estate people so I need to be the "industry expert".  My question is how or what is the best way to structure a deal?  Can we just buy the house together?  Do we need a formal entity?  I understand there are unlimited options but I'm looking for some ideas.  Some of the properties I'm looking at we could pay cash for does that make a difference in the deal structure?

@Henry Clark Thank you for responding!  Normally firefighters would have the "time," but I got promoted a few years ago and traded my 24-48 for an 8-4 desk job.  It definitely has its pros and cons!

@Chris Levarek Thank you for responding!  I agree the forced appreciation is a good way to go, but some of the properties I have found are already cash flowing.  These are either on BP or through contacts I've made for "Off Market" properties.  I thought a property that was "turn-key" would be a good way to get started for my first deal?  Is it a safer play to force appreciation? 

Showing a potential partner, family or not, that the property is making money I thought would be a safer way to keep them interested going forward.

I'm new to the game and have been analyzing deals on BP for the past few weeks. I'm stuck on coming up with a down payment. I have family that would be willing to front the money but how long should I estimate to have their money tied up in the deal? Most of the properties I'm looking at do not need much rehab.

Thanks for your time and advice!