All Forum Posts by: Mike P.

Hi BP,

I found a really cheap duplex that I negotiated down to $500, basically what is due in back taxes. The owner said a contractor told her that it is/should be condemned. She doesn't have the money to fix it or tear it down. The contractor she spoke with said that it needed to have the floor joists repaired.

My plan is to assign his sales agreement to an investor for 2K or so. I'd like to do some basic due diligence this weekend and drive out to the place to get some pictures and a licensed contractors remarks in regards to repairs needed. ARV looks to be around 45K.

Any ideas about how to find a contractor to ride along with me? Is this deal so cheap that I shouldn't even worry about conveying repair needs/ expenses to the end buyer??

I've got an investor that wants me to list one of his SFR and handle the short sale if it doesn't sell. I've got another one of his rentals listed right now, and I'd like to help him out with this one too. The problem is, he has been trying to evict the current tenants for 6 months. They won't let him in the house. His next court date is in a few weeks and he thinks it will help move the process along if its listed.

Would another investor even entertain the notion of buying a SFR with bad tenants and just continuing the eviction fight? This house is in a warzone. fair market value is roughly $45,000 for this 4BD 3 story brick colonial. I've got two other listing in this area and they seem to only attract cash buying investors.

I'm a Keller Williams agent at the Bethel Park office. I would be happy to work with any investors in the south hills. Just text or call.

Mike Poulliott

412-407-7708

[email protected]

The classes are in East Liberty, here's the website:

http://www.realtorspgh.com/Education/NewLicense.aspx

Monday/Wednesday from 5:30pm - 9:45pm, July 8 till August 28. I've heard that some brokerages will pay for the fee ($450).

Hey Ian,

I'm also from the Burg. I just joined BP a month ago, this is an excellent source of RE material, I really can't believe they are giving it all away for free! You hooked into the main line here. I'm also starting RE classes soon, July 8th in fact. Good luck to you!

Go Stillers

I'm scheduled to start my RE license classes on July 8th, they end on August 28th. I would like it for a broker to cover the costs, the classes, books and test are $450. I have no idea what other costs are involved with this deal. I think that it might costs anywhere from $1,000 - 3,000 per year to maintain the license, fees and MLS access, I'm only speculating though.

I'm interviewing with a Re/Max Brokerage owner on Monday. I'm also going to set up meeting with a bunch of other brokerages around town too, just to ensure I get a fair deal. I don't even know what a fair deal would look like though. This is my situation:

I've been recruiting for the National Guard for 7 years, I don't plan on leaving that position unless I can replace it's income (80K Gross). I can get away with working 20 hours a week and I basically set my own schedule with total anonymity. I want even more flexibility in Real Estate. I'm not trying to be the salesman of the quarter, year or anything like that. I just want to have fun with it while I gain access to the MLS and fast investment property deals to wholesale and buy for myself as rentals. Maybe one day I will transfer completely to RE but I feel I need to start here to even find out, I can't recruit for the military forever. I need to learn more about RE to grow an investment portfolio of rentals.

Any advise? I really have no idea how RE Agents operate and what's acceptable.

I was denied a pre-approval and am looking for a partner on this deal. The seller will give it to me at 25K so she can pay off her muni tax lien of 12K and satisfy some of her 10K IRS lien. The IRS lien will stay with her, not the property once it's sold. She is lowering the listing price from $47,500 to 30K. If I can find a partner to sign for the mortgage she will sell for 25K.

The Deal:
2 bedroom 1 bath SFH
Assessed in 2013 at 51K
Rents in the area average $750-$850 for a 2/1
Taxes - $1900
No structural or mechanical issues
Needs carpet and maybe paint.

I called the owner today and offered her $20K, 12K for the back muni taxes and 8K for herself... she accepted! I told I'd meet her tomorrow to get my contract signed.

So right then she tells me that her ex-husband had an IRS tax lien that she thinks might be attached to the property. Just my luck. The law office charges $135 to do the search and it takes 2 weeks. Is it possible to do an online search for tax liens? I know we have a website here in Allegheny county for searching deeds but you have to pay to get on it.

Thanks Bill, I will heed that advice. Do you know of any articles, guides or documents that explain how to analyze a wholesale deal and what a fee structure should be?

I had no intention of changing the rents on the folks that are currently in the house, this was part of our negotiation while we were discussing seller financing. I would have no way of telling what a wholesale buyer would do though and the tenants understand that possibility.

Do Banks use the Due on Sale clause in this scenario? I've heard that Deed of Trusts include everything under the sun to protect banks, like you can't store gas on your property, you can't lease your own property... Basically any vague language a team of lawyer could use to protect a bank is now included in these DTs. Of course seller financing is legal and so is leasing and storing gas on your property.