All Forum Posts by: Ralph Chiaia

thank you @Jonathan Greene

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $191,000
Cash invested: $45,000

I haven't gotten a tenant in yet. I'm thinking of ways to speed the process up, like offering a gift card as a leasing bonus. What's better, a gift card or a flat screen TV?

Great info. Where in a contract can I find if I need to wait to double close?

I re-read the whole contract yesterday and don't see it saying explicitly anywhere that it's limited. 

@Jonathan Greene thanks for the info. I’m sure this is a pretty obvious thing to you, but can you expand on what you mean by a ‘waiting period’?

@Wesley W. Morbidly zero. We don’t charge for small stuff. However we are lucky to have pretty easy tenants. From what I’ve heard there are way worse tenants out there than what we get in Park Slope, Brooklyn

@Bob Floss II that’s hilarious! Maybe I can charge them a fee for finding their auction site online! Lol

@Carter Crowley thanks for the info. Where can I find in the contact if they’ll allow (or prohibit) assignment?

Also, according to a YouTube video, if I buy it in an LLC I can sell the LLC to my friend for a small fee. Does that seem like a solution or totally unnecessary?

Hi!

I have a few investment properties that I bought as buy and holds starting in late 2018 and I find myself in a new position. It’s a bit of a pickle actually. I’d love to have your help with what I can do.

I went on hubzu.com and found a good deal on a condo. I bid and won the auction. I put down the earnest money deposit. Everything looked like it was going smoothly until i got tp HOA approval. I thought it would be easy peasy but it looks like the HOA is about to reject my application because they don't want me renting it straightaway. Now my question is do i have any other recourse? i have it in contract. Can i wholesale it to a buyer? i happen to know someone interested in buying it. Can i wholesale a property in contract in spite of the HOA likely turning down my app? How can i proceed or do you think its best to just walk away from this deal. Thanks for your ideas.

@Nathan G. I think the OP may be best served by hiring an agent or property manager to handle all this

@Charley C. What's your best suggestion for creating cash for downturns? Do you take out a HELOC while the economy is strong? Do you sell holdings and leave cash in the bank? stocks? I'd love to hear your strategies. Thanks!