All Forum Posts by: Ana Nomys

There is a property in my neighborhood that is in pre foreclosure (1 1/2) years. The current owners are underwater (to the tune of a 325,000 re-fi 4yrs ago) and there are liens on the property from tax liens and entities like health care providers and such. They (the current owners) are just waiting until the sheriffs sale and then just move on when they come to clear and lock the home. That said I finally got in the home and it is a disaster (my diamond). This is not a 10k reno more like a 75k reno on a home with a ARV today of 200,000 for the avg investor but because I own homes adjacent to it it has greater value as the property can be combined with my other properties to allow for a zoning change hence huge upgrade in total land value to me.

I know whom the lender is and lien holders are to include the amounts owed.   I know I can negotiate with the lien holders but the bank is another story.

In my county "some" of the properties when they go to sheriffs sale are bought high because there are so many investors. If the bank gets it back at auction I suspect I will lose out to other investors in the REO process.

ANY thoughts would be appreciated.

PS. Is there a way I can contact the lender (1) somehow if the current owner offers me contact info? If I get the contact info is a bank going to talk to me?

@Elizabeth Colegrove 

Thanks for the cma tip

@Rick Baggenstoss 

Thanks

I have a property under contract (3/2) that has a 2 car detached garage. I want to rent the garage out seperately from home (additional 250. a month just for storage "no hazards, no utilities,) . It has its own driveway seperate from homes and I am going to fence it off from the main homes yard. (garage is in rear of property with its entrance facing another road other than the main driveway). Is their anything special i need to put in the rental agreement for the homes or garages future tenants? How should i approach my Insurance agent about it?

Mike,

Be careful as in reality you pay by weight (not by the yard) if you go over contracted weight for size dumpster you rented you pay!!!... Weather like today can add hundreds to a dumpster. Send a certified letter ASAP that you want it picked up as to not have to pay possible fines from the town and/or holding fees for the dumpster by the carting company...

Great question @Christopher Albritton

I partner with many professionals that have tons of cash. On flips they provide all the cash and we split the profit 50/50 upon selling after deducting all expenses. Again they are just the bank. I am the true "General Contractor" not to be confused with project manager (I Manage the ENTIRE project to include actually having the ability to drive nails) not just take 10%-15% for "managing a project"

If they decide to hold the property for rental I get 50% of the ARV minus all the expenses of course (including all expenses to get it to turn key).

I never enter into partnerships when it comes to the rental per se. If they want my property management co. to over see the management of the rental we have a fee schedule for that but it is a totally separate agreement.

@Jon Lafferty

Keep us abreast... yeppers always view the podcasts

@Jon Lafferty

Hey jon, I am curious how long ago you purchased your first rental property and I see you did it with your 401k... I also see from your posts you are a fan of the creative methods of trying to purchase properties (as I). That said have you completed any sub purchases or owner financed deals? I have only been able to purchase properties through conventional financing, cash or other investors funds.

UGHHHH Call the electric company and tell them you think there is an issue from the pole to the home (usually covers hooks or hinges that the guide wire is attached to that the actual power line follows from pole to home) When they come out if they hear noise they are professional enough that they should investigate. Worse case is they will tell you what the problem is and tell you to get electrician (if it is electrical) Best case they might fix it for free.

Since holiday is over I have started to pack for a road trip to the Midwest by weekend if this problem is not fixed!

@Robert Scholl

Good Morning,

Great post. I have been working with a number of MD professionals and other's like Accountants & Attorneys here in NJ. We are picking up sfh's in mixed use and even residential zones (again on busy county roads and state hwys) and transitioning them to professional use zoning. This allows them to:

Put a sign on busy roads for advertising.

Create small "Local" offices around various medical centers to create space for follow up and light office visits.

Often the MD's can put a staff member in the home to live (to which they collect rent) while running the office as an employee. (check local ordinances for this one as there are often sq footage requirements and rules)

@Rainier Guiang

Is absolutely correct re the ADA and parking. That said the "professional office" status in most cases suppresses the parking issues (again see zoning in your area)

A great side note is that ADA renovations are treated very well in the tax code so often I have no issues in getting all the needed ADA Reno's done under budget. Quite often the Doc's make money on them in the long run ;-)