All Forum Posts by: Account Closed

Yes, I'm reading in a book that the right of redemption "is that if the property is legally occupied 90 days prior to the sale, the owner has one year within which to redeem the property by paying the back taxes, and pay the investor the purchase price plus 10% interest. If the property is unoccupied or abandoned, there is no right of redemption (Loftis, 2007)."

Thank you all

I am also a newb in the tax deed area. Wouldn't it be ideal to bid in the judicial auction? Does the judicial mean that when you bid for the backtaxes the property is then "free and clear"? Thanks

Yes, my employer matches, I forget what percentage, but not much.

Yes, I had to borrow money from my 401k from my last employer, and it was a "loan". So when I left, I had to pay it back. :(

I'm just thinking if you contribute $17,500 in a year into a 401k, that could be another downpayment on a property. Plus, I have to wait until I'm....60? 65? to with draw that money? I'm 27 now, so that's a long ways....

Thanks to all for your responses! Much appreciated!

Hello all.....

I'm just about to buy my second multifamily property and one of the advices that my uncle gave me was to max out my 401k. Now, don't get me wrong, he owns a franchise and also has about four rental properties....

However......I don't want to wait until I'm 68-70 to retire! Am I wrong to think that the money that I could put into a 401k, that I could invest it into real estate properties?

I think that this this my retirement. I really only see myself working for the next 5-10 years.

Yes, I'm currently waiting to hear from some friends that I know that work at local banks.

Just a thought....what about a lease to own program?
- I'm thinking I could put down about $5,000 and lease the whole building for let's say...I dunno $500-1000. Put a $200-300 as an option to go towards the down payment. Do it for 3 years, and buy the property?
- Be the landlord and take the gross rent, let's say $3000-3500 for kicks and giggles.

I've only read about lease to own options, any cons with this? Do you think the seller won't go with it? Looks like he's motivated to sell. Looks like he's going through a broker, so I can't go around the broker?

Thanks.

Thank you all for your responses.

Credit union - The one I called said it was a business loan and they basically told me to go to the SBA. I know SBA loans usually are very specific, such as a certain development, ethnicity, or that sort.

One of the bigger banks, as I was reading their requirements, they list that you have to be a business owner occupied. They also require about two years worth of records. Luckily, this June will be my two years of owning my fourplex. So, I'm hoping this is a back up.

Local banks - I'm having one of my buddies who's a bank manager check it out for me.

Thanks

Hello all,

I saw a commercial property that I was interested in that is going for $89k, a 4 unit residential with 2 office spaces.

I'm having trouble finding lenders that will lend me the amount minus a 20% down payment.

A lot of commercial lenders only lend with a minimum of $400k. I got a suggestion of offering a cash deal, but my credit card limits wouldn't allow me to take $70k in a cash advance.

Any ideas?

Thanks.

I have noisy tenants above my one apartment. Not that noisy, but they have very loud speaking tones. They follow noise ordinance in the local borough, but I would like it to be more peaceful. Will acoustic ceilings help to capture the noise from above or only the noise that I make? I would like both. I do not wish to do anything with drywall as the ceiling already has new dry wall that is only 6 months old. Thanks!

Can I prohibit smokers from renting one of my apartments, or ask if they are smokers when screening tenants?

I'd figure this be in the "nuisance clause" being that it can be a health risk to myself and other tenants?

I am referencing this site, but not sure if it applies. I am in PA.
http://www.s-fhc.com/FairHousingAct.htm

Nice!