All Forum Posts by: Account Closed

Hey All,

I just had a quick question. I have bid on a HUD home and I am looking to find an attorney in the charlotte, NC area that is familiar with Double Closes.

If anyone has used one in the past your advice would be greatly appreciated!

Sincerely,

Robert

SO i stumbled across a website that focuses on commercial real estate. Specifically with tenant interaction. I thought it was quite interesting since the website is written by a gentleman who has been in the commercial real estate industry for many years and has a lot of insight on what tenants look for in their target properties etc.

Just thought i'd share it with you guys since it was a good read for me.

http://strategictenantadvocate.com

feel free to leave me comments back if you like the articles like i did

Hey All,

So heres the breakdown of the situation. My girlfriend and I are looking for tenants for our first rental, and stumbled across a renter that wants to do a 2 year lease.

First thought is HECK YEAH! secure monthly cash flow.....
But here's the catch.

The renter has great rental history and has references that we can call on to verify that information. The catch is that this person has been paying medical bills for her mother's cancer treatments since 2007 and is finally thinking of declaring bankruptcy in order to come to a settlement on how to arrange those medical bill payments. I'm inclined to think that this isn't a good idea at first look, but she has been paying these bills since 2007 and has had good rental references for the same price as our unit during that whole time period.

I'm still a little hesitant on this tenant, it is a family, with two small children both earning incomes but the primary question I want to pose is if we go through with this what could be the ramifications if they decide to go through with filing for bankruptcy, and any potential wordings in the rental contract to protect us the landlords.

This is in North Carolina for reference to tenant laws and any of that matter.

GUYS! feel free to tear this post up with constructive criticism.

good rental history for past 5 years whilst paying medical bills
ramifications of a tenant filing for bankruptcy etc

Hey Biggerpockets,

I've partnered up with a local RE investor in my local market and we have pulled up a list of duplexes/triplexes that have out of town ownership. I was going to target tired landlords, those that have bad tenants, financial hardship, and those in potential other issue that would want them to need help in releasing ownership of the property.

I was going to ask to this community if there is anyone else that has targeted Small Residential Multifamily properties through mailers and with what you have had success.

The ultimate goal is to secure a property duplex/triplex to live in so that I can live "rent free"

Thanks for any an all input.

RGL

suppose Jerry Puckett may be a little busy after his podcast. which was good by the way. IF anyone else wants to chime in with anecdotes that would be awesome!!

Travis Thornton, Crazy enough this is a situation that you'll also see in Charlotte, NC. There are quite a few houses around here that are vacant, and have been foreclosed on years ago (2-3 years), that are owned by Bank of America and still have not been listed with an agent. Usually with larger banks they are handled by asset managers. The hardest part is finding out when and with whom they'll list because they have such a large inventory to disperse that they may even sell them off in bulk when the time comes. If you can get your hands on an asset manager for distressed real estate in that area maybe just maybe they'd be able to provide a lead as was mentioned above.

I still find it quite interesting that there is this supply that has yet to hit the market and I think the banks are waiting until the time is just right to unload them at better prices so as not to take such a drastic hit on their bad debt.

Good luck!

Jerry Puckett, Hey Jerry. Would love to get up with you in order to get started on building a list for my area. IN one of the other threads I started someone said you had helped them out and I'm ready to get started!!

Talk to you soon

wondering if @Jerry Puckett would have anything to add at this point on compiling lists and any way that we can connect on obtaining his services. I'm sure a lot of people would be interested!!

Ok not to piggyback on his question but i'm wondering if this would be a viable strategy for Scott Shafer to go by. I have no such experience with this technique nor do i know if it exists but it seems like a feasible way of getting things done.

Any way of getting a private lender to lend the Downpayment on terms for a year or a little more, which by then you could get refinanced and cash that person out?

Dont know if this holds any truth but could be a way to get things done until you can set up some type of other permanent financing

Bryce Y. and Blaise P.. the combination of the information that you two gave me will give me a great head start on compiling the exact data that I need. It is greatly appreciated!!

I'll be looking up the specifics for the state codes in North Carolina and how that relates to the type of building.

Cheers!