All Forum Posts by: Account Closed

Kellen,
You will be crediting at closing, the buyer with what ever rent credit your agreement allows for, whether it is part or all of the rent paid. Your agreement should say that they receive the credit only for those months they paid the rent on time. They will be getting a new loan of course, so you will need to start early to contact them and see where they are in the loan application process. Good luck!

Michael,
Since you asked, what in your opinion is the best way to obtain good leads for subject to deals? Do you specifically go after these deals, or is sub to just one option of many when you have a motivated seller? Thanks, Mike

Chris,
I agree with everything Mike said. In addition, you can also decide what amount of money you can afford to spend for marketing, and build a marketing plan from that. You can do alot of your own mailers on Publisher or just send yellow letters. Just the cost of postage and materials. You can buy a mailing list from melissadata.com for a few hundred $ and mail to absentee owners or owners who bought over six years ago. Track it and se how it goes, and then make adjustments, and you will probably have alot of leads to work with. Good luck, Mike

Welcome Dean, to Biggerpockets! Are you doing any shortsales in your area? Mike

Vistaprint.com. They have alot of templates that you can customize, and they are free but you pay for shipping.

If you have put an offer in for a property, and you included some amount as earnest money (even if it's only $10) then that is the earnest money. If the seller accepts your offer, then the earnest money, whatever the amount, would go to the title company usually, unless you are closing it in some other way. If you are planning to wholesale the property, you would market to your buyers list or in many other ways, and when you found a buyer for the property, at a price which would include your assignment fee, you would assing the contract between the seller and you, to your end buyer (the assignee). The Assignee either pays you at any point along the way, or at closing, which ever you have negotiated.

Dave,
I have been a property manager for over twenty years, all types, from single family residential to Class A retail. I don't think it's so terrible, you just have to have a back like a duck's (-;, and be consistent in your decisions and policies. I think my experience has been very beneficial to prepare me for my real estate investor phase, which I am in right now. Although I would rather have someone else manage for me now, I am not afraid to take on that duty temporarily to get into a property, or to make the numbers work. You do need to figure out which animal you prefer - residential or commercial, office or retail, etc. The least management intensive is managing industrial parks, while the most intensive is multifamily apartments. Then, with apartments you go from one extreme at market high end rentals to the other end managing Section 8 or tax- credit properties (can be a nightmare). Good luck, Mike

Yes, if you want to bird dog, go ahead and contact them and find out their parameters for investing, then find some properties and make some money by identifying motivated sellers via bandit signs or whatever marketing you prefer.

OK, now I know you were serious. Although that is really jaded, I have to agree in alot of instances. Usually when I have let a tenant pay back their late rent over time, it virually never works out. I manage for some owwners, and I hate it when the owners want to be lenient of compassionate, because I know that in some cases it is stupid and will come back to bite you.