All Forum Posts by: Winston D.

You are definitely right about that Manny.

It seems like you have done some homework on the property, its market value and rent but I would make sure those numbers work for you.  My typical rule of thumb is that my rents have to be at least 1% of the property value and my cash flow has to be at least $300.   

Also, you should make sure you have a good idea on the condition of the property.  An inspection should be included as part of your contingency/terms.

Next thing is the mortgage.  Speak with the seller and find out what the note terms are and what the penalties are.  Most loans have a due on sale clause for a specific period while others are limited.  If the loan is not assumable, the best way i to buy it subject-to the existing financing in place but in addition to that my practice is usually to buy the property into a land trust.  Also, check to see if the mortgage has balloon. 

Hello Fellow Bigger Pockets Real Estate Investors!

I am looking to network with fellow investors, cash buyers and wholesale investors in Dallas Texas, Atlanta and Tampa and surrounding areas.  

I would do my own research the property and see what the tax bill owed is, the redemption rights and determine if the net price to buy out the holder of the tax certificate and the home owner and rehab and sales cost is significantly below the FMV then it could possibly worth it.

Remember, the investment company has an interest in the property to the extent of the tax certificate and interest.  If not paid before the man's redemption right expired, they will owner the property outright.  This man is a very motivated seller and he does not haveall the time in the world.

I would ask him about his situation and see if he is motivated enough to sell it on your terms

Thanks Doug.

Where can I find investors or landlords who are cash buyers and are seeking to buy investor investment property deals at significant discount and savings?  I have excess inventory deals at 

http://discounthousesale.com/