All Forum Posts by: John Sandcastle

I own half of a duplex and the owner of the other side has walked away and the house is going to foreclosure. I did a property search and it still has the owner listed, not a bank eventhough they did put a foreclosure notice on the house. The notice got wet and was mostly unreadable to no help there.

The first issue for finding the bank is to have them fix the gutters which are broken and dumping water into my basement, a rat problem, and overgrown trees. Is there any action I can take to get this corrected(besides doing it myself, which Im about to do). I already call and complain to the county to get the grass cut but they will not deal with any of the other problems.

Secondly, I would like to find out who owns it so I know can track the house and know when its coming up for sale. I would love to own it and know, based on others in the area, it will sell at a great price.

Please let me know if there is a way and how I can find out who/what bank owns the property now and if I have any way of getting issues corrected that are effecting my house. Thanks

I was just using $35 as an example. Ideally I would like to go in half with him to see how it works out. Thats why I was asking about partnerships or llc together and then him buying me out of it.

Thanks everyone really appreciate the detailed and quick responses. Really enjoying this entire site and forum, learning alot

Ok, thats part of me asking here becuase I have no idea at this point what I can and cant do.

Yes but the person Im going into this with would be the person I would be selling to. maybe he could refi an existing house to get the money to make the cash purchase from me, plus my return?

does any of this make sense from an investor stand point. Obviously I dont have alot of experience with this and will need to do a lot more research before moving forward. but is it even worth looking anymore?

ok just reread what you all said and let me see if i understand. to refi we would have to wait a year? so getting out in 3 months with a refi is out of the question, right?

so with the above scenario, $35k is out there for a year, then he refis, buys me out, my rate of return is 20% so I would make $7000?

Ok thanks for the info. Looks like the next step is talking to an RE attorney. Do you know any specifics about the tax implications of doing this?

He is fairly new too, only has done the 4 properties so far. I do know the market and they lower end properties(rowhomes), about $50-$60k arv getting about $800-$1000 in rent. So if I loan $35k(purchase and rehab) and we can turn the place in 3 months, even with an appriasal of $50k, Im thinking it makes sense. My issue is with "getting out" as fast as possible. I understand getting the rental property is a possiblity if he defaults and Im willing to do it, as i have rentals of my own also, just thinking of otherways to put my money to work.

I'm wanting to fund a friend with RE deals and not quite sure how to go about it. If im using the term correctly, it would be a private lending situation but these would be for rehab and hold rentals. Now my idea is to provide money for the purchase and rehab but want to be "bought" out so I dont have to deal with the rental side of things. essentially i help him build his rental property portfolio while getting a good rate of return on my money. I trust he can find good properties and do the rehab, he currently has 4 properties now that he has rehabed and rented which are cash flow positive and Ive done a few flips with success but always self funded so not sure about the investing/lending side. Is this even possible/legal? What are the tax implications? Can he refi to get the money to buy me out?would be looking at about 15-20% return within about 3 months. does this make sense? What would be the best way to go about this? partnership, llc, etc? If llc would he then buy me out after refi so the property stays in the llc name?

Sorry for being long winded just have no idea about this side of things.