All Forum Posts by: Richard Weinberg

@Salomon W.

I do and recommend a very thorough screening including an application, credit check, criminal check and eviction check on everybody that will be living in the house and all persons, even the pet is named in my state compliant lease. No exceptions. If it all goes sideways and you need to evict, you will be glad it’s handled like that.

Good luck!

@Gillian Bellinger

I have been using another closing attorney in Winston Salem if you need another referral as well.

@Chancellor Swan

The link to the BiggerPockets page on foreclosures looks like a good technical description. Is that what your really looking for?

We have purchased a half dozen foreclosures in the few years and I can speak to the buy side and some due diligence best practices if that helps.

Once you get past the technical side of a foreclosure, how it happens, why it happens, etc... your left with the fact that some property has been repossessed by the lender, or surrendered back to a lenders possession.. it’s probably not cared for, been off the grid and vacant and perhaps abused in the process....but with a bunch of research, careful due diligence and homework to assure your buying it right or passing on it, you may be able to buy a great property well below market.. far enough below market to rehab and remarket and or own it as a rental with a good portion of real equity on day one after rehab.

Some industry insiders will tell you most REO Foreclosures are not good deals, and many are not because the bank is trying to recover their investment.... but if you know your market, that neighbor hood, the pricing, features and comps, you could start to know a deal when you see one. Do you have more specific Questions?

Good luck

@Charlie Moore

I have a pest control contractor for every house and they are proactive quarterly. Fixed expense and proactive. Tenant has a problem... help is a call away.

Good luck.

@Richard Weinberg

Sorry typo.. applications for everybody 18 yrs of age or older.

Good luck!

@Camille Treacy

There are several good choices. I use ezlandlordforms and I dabbled in Cozy. Both good choices.

Free advice... Do not take...Do not take shortcuts on Tenant screening... use online applications, credit checks, eviction reports, credit checks, written proof of W2 job for everybody that will live in the residence 28 years of age or older or psss on the applicants.

Then when the applicants approved and accepted, use certified and approved state compliant written contracts. It’s easier and cheaper to it right these days than to take shortcuts.

Good luck!

@Tee Allen

Don’t walk away... runaway!

You can’t help her without making her problem yours. Find a different property or wait till it goes to foreclosure and buy it at that time.

Good luck

@James Mirror

I have bought several properties on auction and have been in similar circumstances including one we close on this coming Tuesday. It’s been made clear to me that we do not own that property and should not only not be doing any work there but even entering the premises before we close can be considered a violation and trespass. From a business perspective if you send somebody there and something gets damaged or they get hurt... do you open that can of worms?

Before you close it’s really not a good idea. That said I was talking with my landscaper about a potential piece of property and he accidentally already cut it before I closed and I had to pay for the cut. But, I got lucky, nothing went wrong. Good luck!

@Jennie Jones

I am a very supportive landlord that takes a tenants phone call with courtesy and handles their concerns promptly. I do not visit the inside of properties routinely and respect my tenants and their privacy. I don’t want to condone a lease violation and won’t tolerate illegal activity. If you stumbled across legal activity, you must address it or later when something major goes wrong you will become liable because you knew of the illegal activity.

Walk the straight path and you will do well.

Good luck!

@Erik M.

My CPA has told me ... anybody I pay $600 in a calendar year needs to give us a W9 and gets a 1099 in January. As I understand it... that’s the law! Good luck!