All Forum Posts by: Paul Williams

Thanks @Jeff B. and @Jeremy Pakalka.  The only reason I'm needing it now is because I was scheduled to use that money to buy another property and since we've already delayed this 3 weeks waiting for the funds, they are not allowing any more extensions.  I'll miss out on a good opportunity if I can't get the money.

3 weeks ago I sold a house. Closing went well, and several days after closing I checked with the title company to see why I hadn't gotten the funds yet. They said they hadn't gotten a release of lien from a company that I paid off over 5 years ago. Before closing, the title company asked me for proof the note had been settled, which I provided. (Note, I settled the loan for less than the full balance and received a settled in full letter saying it had a zero balance- dated Aug 2011.) The title company decided before wiring over the money to me that the settlement letter didn't protect them to their satisfaction. They requested a release of lien from the lender, and the lender is saying it will take another 2+ weeks to issue the letter. That makes 5+ weeks total until I get my money from closing. The HUD showed I was getting a certain amount, and nothing was listed as needing to be settled from this lender. Can the title company hold my funds like this? Is it legal? Since I signed a HUD saying I would get a certain amount, can they pay me any less?

I recently interviewed three management companies in Lake County, IN, Property Boss and Heritage Homes.  I was impressed with both of them.  I've heard of Reeder, but haven't researched them or dealt with them.  I ended up selecting Property Boss.  They have been managing for less than a week, so I can't really say whether they are better than the management company I left, which was CAPS. I used CAPS property management for several years and they did a good job.

Good luck on your choice!

Chris Azer If you can find a reliable and honest property manager, you can invest almost anywhere. I don't buy anything in my area because the return isn't that good, and where I do invest, I've got a very honest and reliable property management company. Best regards.

His name is Clif Gibson.  He's a great guy.  I'll send you his info in a message, because it won't let me post it here.

You might want to try to arrange a short sale. This could be a win for everyone involved. Then you could pick it up for the price you should.

@Robert Ferrell Just a word of caution that kind of bit me with commercial- Commercial doesn't rent out as quickly as residential does, at least it didn't for me. I have enough experience with SFR's that I thought I could make a really nice profit on buying commercial properties and then renting them out right away for more than the payments. Commercial can go months without any inquiries. I bought 2 commercial properties near the same time, and one of them didn't have any serious inquiries for about 6 months. Then someone called and asked if I'd be willing to sell it, which is funny, because I had it listed for sale or lease. They didn't see the listing, but they drove by the building and liked it. We sold it 2 months later, because they wanted environmental surveys and other things done.

My second building I bought 2 years ago and have been waiting for a buyer or tenant ever since.  The holding costs for a few months is bad enough, but going 2 years is really aggravating.

Just make sure you have some kind of plan and maybe a backup plan for the property, or some way to back out of the deal if you need to. With commercial, it is common for a landlord to sue a tenant that moves out before the lease expires for the entire amount of the lost rent for the remainder of the lease and win. I've heard of a number of these cases, and they tend (at least in TX and IN) to be an easy win for the commercial landlord.

Ask around. You may be able to connect people and then get brought in on a deal. If not, maybe you can get some experience and learn something. You can attend REIA meetings and learn stuff and meet people. You may also be able to talk with your contractors and home builders and find what they're looking for in a house to remodel, then talk with wholesalers to see if you can match something up. Then maybe get a cut or a commission or something like that. I hope something I said helps.

-Paul

Note, I don't know the price or some of the other particulars.  You'd need to discuss that with him.

Hi Jane,

I've got a friend looking to sell his warehouse. It has some nice office space, loading docks, etc 10 minutes from Downtown Ft Worth and 20 minutes from DFW Airport. The building is a little more than 21,000sf, and is cashflowing with tenants in place. He's moving his business and has some available space. I can put you in touch with him if you like.