All Forum Posts by: Sherry Lewis

Tatyana, refer back to my previous post to you. As for your latest post I am sure you are just venting because what you are talking about would make you liable in a lawsuit. This is a business. I know you are really pissed right now, but you need to keep a cool head. You just threatened to make your tenants lives miserable in a public forum on the internet. You need to take a few deep breathes and pull it together. Is this a bad situation, yes, but this is not going to help you resolve it. You have had multiple pros tell you time for K to go and your first focus is on the tenants. That is important too, but you must first terminate K and get your paperwork. You stated yourself that you think there is a chance that they paid her rent and she is claiming not to have received it. You need to get your ducks in a row, don't put the cart before the horse. Before you go there with the tenant you need to make sure they have done something their not supposed to. You don't even know for sure if there was a dog deposit made; for all you know K could have it. I am not saying I think they are great tenants by any means, but you have to make sure you have something actionable before you go after them. You cannot possibly know that until you have dealt with K and gathered your documentation.

Peter,

Welcome to BP! You will find many wonderful pros here that are quite helpful. I will not even pretend to be qualified enough to answer all your questions, but I can tell you that there are many opportunities in the US Market right now. Hopefully you will get some great feedback from the more experienced investors on the site. Usually the weekend is the slower time for responses but I expect you should receive some at the beginning of the week! Again, welcome Peter and much success in your RE ventures!

Ok, so I am looking at it wrong? Honest question. I thought that most banks will not let you wholesale a short sale. Obviously that is where you will get the best turn around profit, but unless you can pay all cash for the property and do an a to b and b to c deal... It seems that is what makes it more difficult for a wholesaler to make deals they can close regularly. Again, I said it was just my opinion and would appreciate feedback. I take all posts as a learning experience as I am still pretty new myself. Thanks so much!

Tatyana you have definitely been down a rough road. I am not as experienced as some of the other posters but I had to chime in "my food for thought".

Based on what you found out about the previous evictions, you definitely have a bad situation on your hands. Starting the eviction process immediately is crucial.

As for K, you should have a lawsuit here worth more then your $400. It seems to me that you not only have the right to get your money back, report her to the State Real Estate Licensing Commission, but should also make official notice to her that any expenses or damages you incur due to her fraudulent activity will be her responsibility and you will pursue any legal avenues available to you to be made whole. You should be able to get your lawyers fees and any damages made to the property returned to you through the court system. Normally I would say the tenant is responsible for damages, but considering the tenants you have, you know you will not get reimbursed; hence your hiring her to make sure to avoid those tenants. When she entered into a contract with you she had no legal right to enter and placed tenants in your property that did not meet your initial requirements. You may have had a verbal agreement to start with, but in civil cases its not beyond reasonable doubt; you have enough email correspondence with her and a lease that she had her name on for a property you own to prove that their was in fact an agreement. I personally would make it my mission to be made whole and I would hold her responsible for it. That is what she was paid for. If she had done anything she was contracted to do you would not be in this mess. Did I mention "Fraud"?

Well like I said, I am not as much of a pro as these folks, but if I were in your shoes this is how I would proceed. Feel free to let me know if I am way off mark here guys.

Alex I am just guessing for you here, but I think its because its such an expensive market. There really is not a lot of wiggle room on properties to make a wholesale profit and leave enough profit in a deal that would interest an investor. Like I said I could be way off mark, but everything I have read so far about the LA market suggests folks in LA should look outside their own area to do a profitable business.

I am curious and maybe one of the more experienced pros can assist with this... If the property has been boarded and abandoned for 3+ years, the bank that was holding the foreclosure has been busted and jailed, is it possible for the county to claim in condemned/abandoned and take possession? Then you can buy it directly from the county? I don't know if this is something that can be done, but it is just a thought. Would love to know if I am way off base here. Also Kevin, I would just keep in mind when you are reading replies to your posts; always take a look at the numbers of the poster. How many times have they posted what is their influence rating etc. Good luck on your ownership search!

Congrats on your first deal Michael! Now I have to ask, how did you end up with negative influence?

Eva,

I have several tax liens that I purchased from them. They are basically just the middle man for the counties so they don't have to do all the legwork. I have had no problems with my purchases. Good luck to you!

I am going solely on my readings here at BP so take what I am about to say for what it is...

I believe you can do a contract with an Option to buy allowing yourself an out if you cannot find an end buyer. I would suggest you write an email to Jon Holdman on here. I have never seen a question he did not know the answer to! Hope this helps!

Katie I would suggest that you could go further out then that and use a property management company to oversee your property. They normally get 7-12% of your rent but its well worth it if they handle collecting rent, leasing out, tenant issues, advertising, general maintenance, repairs and improvements. It would also open a much broader market for you. I would make sure to make contact with someone reliable on the ground in the market you are interested in. They in turn can help advise you on where best to purchase in your selected city. Thats my two cents lol...