All Forum Posts by: Patrick Smith

Thank you for the response. $212 total, yes, but this is using high CapEx and Repair percentages at 40% combined. I got to 40% by using a very detailed calculation based of how old some repairs are. I feel incredibly confident about the 40%, even though I know most people don't budget that high.

It won't BRRRR enough for me to get the money back out right away and that's why it's not making a lot of sense to partner up for this. That is why I am wondering what people think? Thanks again for your response.

That's awesome!  Congratulations!

I need help and insights from anyone who has had a partnership where the goal was to be 50/50 on a buy and hold rental property. The property is a duplex that will cash flow $212 each month. There will be $5,000 in equity at 85% LTV at closing.

My scenario is as follows:

- I will put in the cash to make the deal happen = $30,500

- Partner will take out a conventional mortgage to finance the balance. 

I have considered a couple ways of how to get my money back, but I want insights from you.  So the question is,  how do I get my money back?  (Bad deal is also an acceptable answer) 

Just to follow up in case anyone is searching in the future.  The county records, in my county, are easy to search and provides critical information.  I determined after a quick deed search that the bank did own the property and the mailings and phone calls I made would have never helped.  Sure, I did get some experience with mailing and calls, but now I know to go to the clerk's office with a list of properties and omit any that are currently bank owned, but not yet foreclosed/for sale. 

The letter is in the mail! I'm going to search the county's records on Monday to see what I can find out. Really locking forward to it - might even get to use a microfiche! She may not end up even calling me back, but all of this will be fun and surely useful in future endeavors.

@Jim Goebel thank you. The tax records show the owner listed at an address in the same city. I drove by that address and it is occupied so I believe she still live there.

I'm unsure of what to do on the phone if she says that she is unsure of ownership. Run away? Lol.

I have tracked down a single family that I am interested in purchasing. I have located the county records showing an owner at a different address. I am comfortable reaching out to the owner, but I am confused on something.

In the front window there are documents posted from MCS - Mortgaging Contract Services, stating that the property is vacant and has been winterized, and to call their number for any maintenance concerns. It explicitly says that they are unable to provide any sale information. After looking at the MCS website's it appears that they are acting as a property maintenance manager.

Does this mean that the property is actually bank owned rather than the individual on the city's tax record? And therefore I should not contact them? This is my first time ever dealing with a vacant property.