All Forum Posts by: Ray A Delfi

I missed that adoption piece, five years you said, and now she has issues. It’s all wrapped around the adoption. During the process, you have to maintain a stable home and they are inspected periodically. This is now an ethical issue more than a legal issue. There is a baby involved now, before it was just her. Hypothetically, what if she was threatened by the agency that these issues needed to be rectified or her application may be terminated. I would loose my .... too. Once you fall in love with a helpless child your motherly instincts kick in to hyper drive, there is no fighting it. It would be the human thing to do to find common ground. Doing construction in her apartment may be a bad option too, from what I read in one of the comments above. You’re in a pickle and I feel there are high emotions involved in both sides. Put them aside and talk it out. She’s still paying rent and from what I’m gathering it’s only the heat that’s the issue.

@Amy Zemser there is always the cash for keys option.
Option1) Depending on what you have in reserves, I would get a budget in order; first deduct utility repairs, then turn over repairs/cleaning, listing/holding costs and the rest give to the Tennant to move out. 
Option2) As for the eviction, I went down to the county clerk (lucky for you it’s right there in Kingston). Ask for a landlord/Tennant’s rights packet and ask them for a eviction checklist. For me in Newburgh the lady at the county clerks desk gave me everything I needed and even some sample documents and told me what to file and when to file what documents needed to be motorized and so on. Doing the preliminary work (and doing it right) will most likely get you a discount from the lawyer as you did most of the heavy lifting. Just give them copies and the index number and you may be on your way.

@Anthony Marquez for me to buy from a wholesaler it would have to be in escrow I would get their full report of the property and then I would pull my own records:

-check Zillow/realtor.com to make sure it’s off market and get what ever public data there is on the property

-Tax/Parcel search GIS

-call to the building department for open violations

-Run my comps rental/sales

-Deal Analyzer - for several strategies

-if it’s a good deal I’ll order a title search

-submit an offer or accept there offer

I could do all of the above in about an hour. Problem is, I haven't met one "wholesaler" that does it right. I get calls from wholesalers all the time and they are simply horrible on the phone disorganized and have no preliminary information on my property. I've called post cards I've received and they don't pick up or they act surprised when I call and I also call every bandit sign I see and the same response. I've actually been looking for a wholesaler who puts the amount of effort and detail in finding a good deal as I just simply don't have the time. I believe in EMD, as it makes you have skin in the deal and you will ensure you are putting a good product out there or are prepared to close on the property yourself if you can't find an investor willing to purchase your contract. If all else fails the seller gets the EMD and will appreciate your efforts a bit more for trying to help them out.

@Raymond Locker to upstate for me, but a good resource would be Realestate agents in the area or post message in one of the REI groups in that area. I'm guessing your from out of state and this was a virtual investment?

@Ray A Delfi Edit: ...up-sale you not update

@John Thedford just when I was about to say where’s John...Always a pleasure.

@Ashley Berry welcome to the community, you'll get good advice and some bad advice here and what may work for some may not work for others, but take everything you receive in BP as a stepping stone to dig in a do research. My drive towards education was going to one of those REI "Get Rich Quick" free seminars, I took a lot of notes but realized it was all ambiguous just to update you to learn more. I took my notes and did a deep dive on my own and found Bigger Pockets and continue to learn. Like I said everything you read here take what you can but always see how it can be applied in your market, run if by players in the REI meetups and see what's working in your area, you may even bring up a solution or strategy that haven't thought of and will give you a bit of credibility and value with in the group.

@Tyler Rowland a lot has been said in this post but I wanted to share that increasing the rent and also adding value to the property is the ethical way to go for both the market and the interests of the property. The opposing less ethical landlords that raise rent and don’t maintain the property or add value are the ones that should feel guilty if they had a conscience.

@Jeff Lee if he’s finding you deals pay him good and they will keep coming. I would weigh on the commissions as it would be an incentive for you to offload the deal quickly. While the commission, on paper, is disbursed by the seller, the cash actually comes out of the buyer’s payment to the seller. You can simply factor in the commissions on your asking price. No money, directly, out of your pocket and you gave your agent an incentive to find you properties and sell them. Still don’t see why he needs you though...lol.

@Barry Pekin @John Thedford same keywords same drama... I’m starting to enjoy these, but yes, I also agree with john!

@Juan Carlos Castillo

She probably knows the law and knows that she can’t walk you through the property like a LICENSED agent would. Unless you are experienced, I wouldn’t buy from a wholesaler. You’ll have to be able to do your own due diligence on both the Wholesaler’s track record and the property. Talk to a few agents tell them what your numbers are and if they are willing to submit offers below the asking price that meet your price points. Remember the agent is getting paid on commission of the sale and not all the leg work in between, you’ll have to meet them half way. There are also turn key property companies you can seek out or other investors that have purchased a property to fix and flip. Having a buyer with proof of funds during the rehab may be in their best interest to lock in a deal with you if the numbers work out for both of your interests. In this case have the agent represent you as they are licensed to protect your interest and you can learn a lot from them as you stick with them through the whole process. Document everything, take notes so that you can make it a repeatable process for your next deal.

@Torrence McClendon welcome to BP! I’m here to learn and share what I’ve been learning! You can’t break BP to definitely poke around there are so many perks. I’m currently recovering for many years of bad financial decisions repairing my credit rehabbing my first and only Duplex I’ve held since 2007 and getting my finances in order for my 2020 New Year “Got my realestate grove back” resolution! Not sure if I’ll do out of state unless it’s turn key and the numbers are right, but I’ll be more than happy to be your boots on ground if you every reach out to the New York’s “6th Borough”.