All Forum Posts by: Phil Salazar

Can I set up bandit signs to lease, buy, and sell property in the Tacoma, Spanaway, Puyallup, Lakewood areas?

Does anyone know the code or any restrictions or guidelines to follow?

Call the county. Another idea, call the fire station near your property.  One last idea, if you are on friendly terms with your neighbors, offer a gift card, dinner or (fill in the blank) in return for cutting up your tree and hauling it.

In my humble opinion: If you are selling for less than what you paid for, I'd request buyer to cover all closing costs.  As long as you have not signed, you can request an addendum to your agreement to include buyer covering all closing costs. 

All closing costs are negotiable. 

Can other seasoned investors also weigh in on this?  This is an idea and a strategy that I have used in other states.  I'm not well versed in the laws of Texas tho'.

Have you looked into Transferring ownership into a Land Trust?  The loan remains untouched until you sell or refinance.  The ownership shifts from privately owned to entity owned and Beneficiaries of the Trust remains anonymous and not public record which will not trigger the due on sale clause according to the Garn-St.Germain Act of 1982.  A good real estate attorney should be able to write that up for you.

I have a bank loan and own 3 acres which is my principal residence and a couple of out buildings.

I wish to sell using owner financing (I'm thinking Wrap around mortgage)  half of my property to a family member.  Question:   Do I need to subdivide and get a new property line showing that there are 2 -  1.5 acre lots in order to sell?   Or can I sell using seller finance to my family member without subdividing?

I will purchase the property after making installment payments when I fix up the property and get it reappraised.

Looking for an attorney who does Land Installment Contracts

Seller agreed to Installments which cover existing loan of $1000/ month for 5 years.   She will apply all of that towards the principal purchase amount to pay down the $170K    No interest, no deposit.  I'm looking for an attorney to draw up a Land Installment or Contract for Deed.   My plan is to fix it up and rent out 1 unit at a time until all 3 units are complete.  Then, have it appraised and refinance.  Any comments/ input, suggestions, similar "war stories"?  Thanks.

I am looking to do a BRRRR and wanted to get some feedback from local active investors. Are banks lending currently on investment properties in MD?

In February of this year, right before the Pandemic hit, I just bought a Duplex in the same neighborhood of the target property, using my VA Loan. Currently, I am living in one unit and renting the other and my overhead is $400 per month. The target property needs lots of work but seems like it could work.... Here are the numbers. 2800 sq ft 3 unit house. 6 bedrooms 5 bathrooms. ARV of property: $340,000 - $360,000 Needs about $150,000 in repairs and upgrades. Purchase price: $140,000. My goal is to fix up, rent it out get reappraised then pay back private lenders (family members) and roll it in to a conventional loan. My question is, how is this strategy possible in light of the Pandemic and economic climate at this point? Any input/ real life experience would be gratefully appreciated.