All Forum Posts by: Tomas Calvino

Hello,

Do you believe in cash for keys? If you do and have done it before. 

How long do you wait to offer them the cash? I'm guessing you'll serve notice first, but do you get the legal work started to try to scare them into paying? I'm guessing if you want to avoid an eviction you'll offer the cash before you start paying a lawyer. 

I know everyone has had different situations. So how was yours? 

I'm interested in reading how that went. 

As far as I know, most lenders wont lend a 30 year mortgage on anything less than 50K. So if the purchase price is only 25K I would look into private lenders. Does the property need work? If so what is the approximate after repair value?

Thanks for sharing your story. I'm more interested in hearing these stories than the amazing once in a lifetime deals that someone else may have gotten. 

I think @Andrew Syrios makes a good point. Maybe you could offer some more creative entertainment other than bingo and movies. If that is all you could do for fun everyday, it would get boring pretty quick. I could definitely see them paying for better entertainment. 

Hey Greg, welcome to the area. I'm a buy and hold investor and a Realtor in the area. I'm mainly looking for buy and hold deals but I would love to get together sometime and talk about investing.

One of the biggest benefits I find being a realtor and trying to invest is the fact that I can go into any house, pretty much whenever I want. I don't have to schedule a showing with another realtor and I can also submit as many offers as I can type up. Most realtors will not want to submit hundreds of low ball offers for you if that is the strategy you are taking. To me, it is definitely worth having. I don't think it is 100% necessary. But it definitely does not hurt to have it.

Well, I listened to the podcast show 109 twice now, and I believe that the LLC or trust is the best way to go about asset protection, as long as it gets done right which is why a lawyer would need to do it.

I just did not know how it would affect it because the lender pays the insurance. And if the insurance is under the LLC, then they would definitely know title was transferred.

So I know that I need to put my properties under my LLC instead of my personal name. And I hear that when you quitclaim the deed, the mortgage company rarely calls the due on sale clause as long as they are receiving their check. However, I would also have to change the insurance to reflect the LLC as the insured. Since I pay escrow money to the mortgage company and they pay the insurance. Wouldn't they find out the property is under an LLC since they are paying the insurance for an LLC instead of my personal name?

I know they could find out regardless by just looking at the public records, but this way would pretty much serve it on a platter for them wouldn't you think?

 I also respectfully disagree with myself realizing that it is a large multifamily. If you are referring to a single family home, I would follow what is on my lease. But I can definitely see how it could be a problem with a big 24 unit considering the roaches could be caused by someone from another unit. 

I agree with @Barbara G., an email will do just fine. If there is something he did want you to do, he would email you back. If he's good, then he might not. (although that would not be polite) As far as the rent payment, I also had trouble sorting it out in the first couple of months, once he finds a way he likes, it should be like clockwork. But don't worry about them not paying rent, you just follow the protocol if they don't. But you can't always be there making sure they're happy. If they have a problem, they should come talk to you, as long as they know that, you should be good.