All Forum Posts by: Tony Wallis

Thanks Scott. Did a bit more digging and it is just a change of ownership form that needs to be done. Like you said, pretty simple process. 

I am looking for guidance as to where to find info on what needs to be done when a section 8 tenant is in place with a lease and the property is sold. Sellers responsibilities, new owners.....Is it a state by state situation or are there federal guidelines that need to be followed?

Heard Pace Morby (he was great) on BP Podcast the other day and sparked this question. I have a listing coming soon, was a rental for last 4 years, and the owner is out of state and is not an investor. Rented it becasue he could not sell in 2017. Did not screen and got bad tentants. Tenants are out but left a mess. House has big upside with ARV around $325K. Seller wants out but to sell as is, we would be very lucky to get $250K which is his number, if he gets close to that, he is happy. He does not have funds to do any rehab and is concerned about paying 2 mortgages. Thinking about doing a "subject to" agreement where seller gets 250 or lower if we can negotiate when we close. We pay mortgage (2k) for a month or 2 max while we do renovations.
Needs paint, new kitchen, roof. Roughly 35K (includes 15% buffer) Identical house 4 doors down sold for 325k with multiple offers 4 months ago. Looking for thoughts on structuring the deal. 

Where is the best place to find forms for landlords to notify tenants of rent increase, sale of property, need to vacat….TIA

Investment Info:

Condo other investment.

Purchase price: $112,000
Cash invested: $45,000

Vacation Home that we will keep until we build or find a place on Squam Lake to buy. Appreciation investment as no rentals allowed. With ownership change in the community the values have jumped. Our value is up 25% since August 2020.

What made you interested in investing in this type of deal?

Got our foot in the door for a very desirable location, Squam Lake NH. We want to live in this area full time in the next 3-5 years. We got a slip on the river between Big and Little Squam which is next to impossible to get. Continuing to build new relationships and growing my real estate business in the lakes region of NH.

How did you find this deal and how did you negotiate it?

Went to list it, saw the potential and bought it.

How did you finance this deal?

Seller finance for 1st year now have a mortgage thru local Savings bank.

What was the outcome?

Spending the summers at the home and loving the mountains & lakes.

Lessons learned? Challenges?

Financing was really difficult because of the type of condo.

Thanks, good perspective! 

What do you use for a source to get updated vacancy rates for a specific city or even neighborhood? 

Great info, thank you! 

Can anyone speak to buying investment property using a self directed 401K?  My understanding is the cash flow must go back into the 401K and it must be a non recourse loan. love to get some input / feedback 

Looking to find off market opportunities for buyers in specific markets. For example, I have a buyer looking for a condex in a specific town. 2 questions: 

1. What tools are being the most effective in getting responses from home owners? 

2.  What tools are working the best to get length of home ownership and contact info?