All Forum Posts by: Anthony Angotti

Welcome to BP from the other side of the state!

Is there anything illegal about buying a house from an estate when you are auctioning off all of their items?

I have a friend that is an estate sale person and is looking into using his contacts to wholesale their house as well.

Also when you sell you won't get nailed in taxes if you just set the money away that you need to pay. It will just come from your gains. If you have to pay tax on a $500,000 plus gain you should walk away a happy man.

That final question all depends on how much you can afford per month. I'd get the price lower and keep it there. Tax is only a percentage and more gain is still more gain. . . I believe you'd only pay tax on the gain in excess of $250,000, $500,000 if you're married. A tax person should confirm or deny that though. 

I'd get it for as low as you can especially because predicting the market 5-10 years out is unreliable at best in my opinion. Don't pay more just for tax purposes. . . That's how you lose money.

Welcome to the community!

I have a good friend involved in Cary real estate and I went to App. I miss North Carolina myself and wish you the best of luck!

 No reserves is a risky business. Instead of tapping all those resources I would suggest trying to find someone to partner on the deal with you. It seems like a good deal and with some networking I am sure you can find a qualified partner. Maybe partner with a GC and hen you don't even need to pay anyone to help 🙂

With all of those details I would probably rent it, but only if I could find a reasonable and good property manager. Do you have someone local that could also drive by every once in a while?

Also, it seems like you'd have plenty of money left to start somewhere new.

I'd rent it and keep that income.

You could start by using the rental property analysis here. The same numbers rules apply, but some additional things to look for:

Metering (same meters or separate), if separate allows you to easily split utility bills among tenants.

Sewage systems connected or separate (helps with plumbing repairs and whatnot).

Rental rates and if they reside on a street with mostly rentals or by themselves. I think duplexes on streets made up of single family homes are more attractive to renters.

The valuation of the property and appraisal will be a little bit more on the income approach in my experience. Instead of looking to comps with recently sold properties look to comparable rentals (bed/Bath) and what they make in rent. Base your value on that.

Mostly the same thought process, but just keep a couple of those things in mind.  

Just my own thoughts. Other may have different opinions.

Financing can be a little bit different, but not drastically so. Depends on how you are financing, but you shouldn't have much difficulty.

 Hi Ryan,

I just bought a foreclosure in Dormont and am getting busy fixing it up to rent! I sent a colleague request and if you need anything at all feel free to reach out!

Tony

 Happy to hear that 😀 

Good work!