All Forum Posts by: Tris Rollins

@tomgimer and @stevenstraughn...thank you both for sharing.  All angles to look at things is beneficial. 

just bought an reo that has solar.  Bank doesn’t seem to have any answers as to whether we would hear from the solar company or if we have any obligations.  Anyone dealt with this on an reo?  What questions should I ask?  Never dealt with solar yet.  Bought home for $180k, all in will be only $187k.  aRV at $235k. Only real caveat being solar.  Thanks!

@Jorge Ruiz - you are the man, thanks for taking the time to do that.  Very cool.  

@Jason Lavender

@Emily Powell

Thanks all for tips/help. If I may, I likely will only have 1 to 2 properties for a period of time, mainly so I can get my feet wet. Do I really need an LLC at this point or would insurance do the trick? I like the anonymity of LLCs as well as tax advantages, but didn't know if it was worth the time/money for only a couple properties...at least for now...I keep reading forums about LLCs vs Umbrella etc. Thanks.

Just as an update, I met with the owner on this property and toured it.  He is getting a divorce and sold all his properties, this is the last one.  Tenants both have been in the property a long time.  One 3 years, one 14 years.  He said he doesn't have a contract with the one that has been there for 14year...big deal?  Says they both pay on time and all cash.  The one for 14yrs is a dirty tenant for sure, but pays on time and, I guess, never asks for anything...I met both tenants, both very cordial.  Any advice?

Two Questions:

1. I am about to close on a deal.  If we close in the middle of the month, would I ask for prorated rent for that month???   How does that work?  Or no?

2. Also, I have never done a deal without a realtor and for all cash, do we just use an escrow company? how does this work?

Thanks!!

https://msc.fema.gov/portal/search#searchresultsan...

I answered my own question.  Anyone can go on and search an address at this link to see if their property is in a flood plain.  The property i am looking at is not in one. phew. 

Sorry Guys, PP $45,000. All cash deal would be CoC ROI of 10%...if financed around 23%. Yes, I got my 5% on my calc for CAPEX, amongst other things...I like to add %s just to be safe. I am kind of a sandbagger by nature.

One thing I was looking at was Flood Plain.  It could be in one.  Any idea of where to look this up?  I can email the owner, but I guess its good to know for the future as I search.  

Check out this deal. I ran the numbers and it looks like another potential for me. I ran through the calc and if I do all cash it would cashflow ~$450/mo...Owner doesn't want RE Agents involved....wants all cash, quick close. So that kind of makes me question...but what do you guys think? Assuming no major CAPEX projects, this looks like a no brainer, right? Other things I should look at? research?

Well kept duplex (2 family) with immediate income potential. Long term tenants (14+ years), and upper apartment was recently renovated. Current rental income $1145/ month.
Taxes are approximately $1100/ year. Landlord pays utilities- approximately $200/ month.
2 stall detached garage in great condition used by landlord only.
2 bed, 1 bath upper and lower.


Rare opportunity- motivated seller!

@Emily Powell - you rock thanks

Thank you both for sharing your experiences.  6 weeks sounds quite reasonable.  Emily what exactly did you call the financing option or did you just explain what you needed and your lender provided?

@Emily Powell

@Jason Lavender