All Forum Posts by: Siddharth M.

@Chris Martin  - Yes you are right, didn't buy at the foreclosure sale. I bought this house from a private lender who foreclosed on the house. As soon as the foreclosure auction period was over, I bought it from him and had him finance it.

Let me reach out to other eviction attorneys who possibly specialize in these type of situations.

Appreciate all your help!

Thanks guys!

@Curt Davis  - I did reach out to a couple of attorneys, and they gave me different course of action. I understand that the homeowner becomes a tenant automatically after a foreclosure so my guess is, it won't be any different than evicting a normal tenant. I could possibly avoid filing a summary of ejectment and directly go for the writ of possession.

@Chris Martin  - Thanks for sharing the statute!

I wanted to find out if I can bypass summary of ejectment process since as per the form and/or process, the defendant should have entered into possession of premises described as a lessee of plaintiff. In this case there is no lease.

Pardon my ignorance here, you mentioned about the order of possession, is that any different than the summary of ejectment/writ of possession? 

If I directly file the writ of possession it needs the judgement date, which I believe is mandatory? Can I file the write of possession in the court without the judgement date?

Also what's a SP number?

I recently acquired a property in NC which underwent a foreclosure. 

I need to evict the previous homeowners and will start off by offering cash for keys.

What's the legal process from thereon in case they refuse my offer?

So in this case,

1. The realtor should be flexible to amend the contract if necessary so that the contract is assignable

2. The realtor should work with the seller to let him know that the contract will be assigned to another end buyer.

Is that a fair assessment?

It's definitely easier to work with the seller directly, however in cases where the leads come in through a realtor, I wasn't sure if we could assign the contract at all.

Do realtors allow contract assignment if the property is not an REO or a Short sale?

A variable component such as the HOA can be a deal breaker, will keep that in mind, thanks Marc!

Marc - you are right, I was looking at no maintenance for the first few years as an added cashflow, but considering the price for the 2/2.5, with traditional-4%, the final cashflow didn't work out that great ~$100.

Ben - Just curious, how did you equate this to 80k? If at all I could refine my way of working these numbers.
On a diff note, You had such a great inspiring podcast! One of my favorites

Thanks Anish!
And yes my first priority has been to look for SFR and MFR, however I wasn't sure if town homes provide for a good investment opportunity and you provided some good pointers on that.

Hey guys,

This is my second post and for the past few months been scouting for buy&hold properties with the help of a realtor. I have also started to work on my marketing to get hold of some motivated sellers.

I stumbled across a new townhome (2013) for 160K (2bed, 2.5bath), which based on the location (Ballantyne, Charlotte) could rent close to 1200. HOA=146 (includes water+sewer+landscaping).

Now if I go with traditional financing and run my numbers with a 20% down, I don't see making a decent cashflow (should be atleast around $200) per door?
I just wanted to run this by seasoned investors to understand if townhomes prove a good investment for good cashflow and ensure I am not missing anything

Good information Brandon, and yes I will be glad to post my updates/progress and if it helps anyone just starting out nothing like it