All Forum Posts by: Luke M.

@Carl C. 

Hey Carl,

Are you talking about Vassar College?  I've been looking for a multi-family or maybe a single family in the area, and was considering student housing as a rental option.  Taxes in the area are pretty high though, so it's putting me off a bit.  Do you know of any wholesalers in the area?

Good luck getting it up to code, but it can be very profitable (at least here in NYC). I know of one listing where they just parked an RV in their driveway and I think they get $75 a night. As far as the tiny house Idea, why not get one of the ones that are on a trailer and park it behind your house. If the code board comes knocking, just move it.

You can find lenders (local or otherwise) that keep their loans in house, and will commonly lend up to 10. Keep calling banks, and keep searching online. Good luck

Yeah, way too many red flags on this one. The grammar's a big one too. I actually found it on Redfin, and it was linked from Forsalebyowner.com. I'll report it to both, and maybe follow up with police.

@K.Marie Poe Thanks for the offer, but I've got no intention of going any farther with this. Thanks!

I emailed an all-cash offer on a FSBO property in San Diego, and the owner accepted. He then started talking about not going through escrow, and didn't really give a reason as to why. I told him I could close quickly, but I insist on using a closing company. He then wrote this email, and I can't understand how this could possibly not be a scam at this point. Has anyone ever encountered something like this before? His email below:

"Okay good .. i need to let you know we have to get this done without escrow, we go on another method and it was the same method i used in selling my property in Pennsylvania and it worked out well. So now you make $5000 down-payment to proof you are really serious while i continue with the paper work and how the title will be changed .. but if you agree to make the down-payment, then i will send you a contract to sign which will be like a proof that the down-payment has been made already to me even though you haven't, just to make you feel safe and also believe you will have it done after signing the contract. so you send me your full name and address i will send you the contract VIA EMAIL you sign it and send it to me back on here then you make the down-payment and i will have the paper works and also get the title done with will take about 3 working days to get done. After all this is done then you send the rest of the money to me.

Couple of questions though if you are want me to finance you, but if you are paying cash you don't need to answer them not necessary ..

How old are you?

Can you send me a picture of you?

Are you married? How many kids?

What do you do for a living? How long have you been working there?

Do you have good credit score?

What do you make monthly?

@Ankit Duggal Hey, I know this is an old post, but could you expound on your strategy for having two property management firms, and utilizing a local realtor as an asset manager? All of my properties are out of state (I live in NYC), and my system has been working, but I want to fully tuck into a market, and have it nailed down. Loved your podcast episode, by the way!

@Tilde Cameron Have you had any luck zeroing in on a market in Philly since you started this post?

@Andresa Rosa I'm looking for some buy and hold areas. I'm driving down from New York tomorrow, getting on my bicycle, and peddling through the neighborhoods to get a feel, and search out the demarcation lines. Do you have any neighborhoods you'd suggest for buy and hold?

Ah, ok. This is one of the hybrid states that operates in both liens and deeds. Thanks for the heads up, and clarification!

Thanks. So in your state, when there is no priority, who would initiate foreclosure and receive the property?

I've come up with a strategy to target a market with potential for massive growth in the next few years, and purchase first-position tax liens on vacant lots properly zoned for multi-family. I know it is a bit of a stretch, but I'm hoping to eventually acquire one that doesn't get paid off. Since taxes are low in the area, it shouldn't cost too much to pick up a few of these, and even cover the subsequent year's liens until the redemption period has closed. This county's auction is online.

Here's my question: Is there a way to determine if this is the first year that the property is behind on taxes, so I can ensure I get first position? I don't have a relationship with a title company in the area, and I'll be doing this from a distance.