All Forum Posts by: William Moya

@Stephen Brown great info. I am in the Tampa bay area and I am looking to invest in OH. Let catch up.

Gracias,

@Brandi Vigil

Hi, I have done a lot of subject to deals. I haven't done any lately but they are a great too to capture business that many other investors who are only focused on one strategy for example (Wholesaling or flipping)

This strategy give is the opportunity to help more people by allow us to pay more for a house and getting really creative on who we structure the deals.

No bank needed, no credit needed. You will need some short term funds for either giving the seller money to move or part of the equity.

It can have multiple paydays like a spread in the down payment, spread in the monthly payment and recapture of the equity when they refinance or sell the property and buy you out.

But as with any strategy there are some traps if you are not careful.

Ine example is one I overlooked which I can see being an issue these days with all of the forbearance's be done these days.

How I learned what a forbearance was...was when I took over a property and started the rehab before getting the lender's payoff in hand. To find out the payoff letter had a forbearance amount added to the payroll. It was not on the Mortgage statement. And of course they didn't mention anything about a forbearance which in my case was $14,500. Luckily I bought the home with a large enough spread, but my net was $14,500 less that anticipated.

That was a $14,500 seminar lol. I hope this help our community and be sure to be on the look out for this moving forward.

But I love the strategy.

Best of luck!.

Will Moya

@Roberto Sembiante congratulations!

@Joshua Mellor I would consult an attorney regarding your rights when it come to the moratorium since there are specific things you want to avoid saying, but I believe you simply don't have to renew the lease. I believe you just can't evict for non payment. Regarding your other comments I agree 100%. And never tell you are the owner, just the property manager and you are just doing your job.

Best of luck!

@Quan Chau

I had a similar issue with a house I purchased and there was no water leaks. It was a matter of how the country did their billing.

For example I live in the Tampa Bay area. Hillsborough county utilities bill the tenants and will go after them for the bill, while in Pasco county they attach the bill to the property.

And if the title company misses it or of you buy the property with some kind of creative finance yuh ou have to make sure you do your homework and verify they are not trying to stick you with a large bill.

So what I do...is I hold a reserve of a couple grand for a week or so until I verify there are no out standing bills.

Once verified I release the funds or hold back funds as needed.

Best of luck,

Will Moya

@James Pederson

It's tough, my suggestion is never do business with family and if you must have an attorney draw up a clear agreement.

Similar story, I was the investor, he was a new GC.

It was an issue with my son in law and I decided not to bring my daughter into it because it would put her in a really tough position by having to pick sides between her father and her husband. Not good, no matter what.

I did set up a meeting with my son in law, gave him my points of view and my proof. He tried to lie, but I had proof and I also had a witness. He was embarrassed. We ended stopping the business relationship for the benefits of the family and to avoid awkward Thanksgiving dinners.

Sometimes we just have to cut our losses and take it as a lesson.

Also, you didn't mention if you were a licensed Realtor. If not I would refrain from using the word commission depending in what state you live as it might imply that you are acting as a realtor without a license. In FL this is a 3rd degree felony.

Best of luck.

Will Moya

@Alex Kovalenko

Hard head before even moving in, hard time getting him out.

Remember this is your business and never let the tenant tell you how to run your business.

The game is not to get the first one who shows up, always go for the best qualified.

Best of luck.

Will

Thanks Joseph,

I appreciate your generosity. thanks for the ebook.

To your success,

Will Moya

@Ryan Hurst

I have been the real Estate business for over 20 years and in the timeframe I spent about 3 years doing coaching for "Guru's". That was a huge wake up call for me. I personally spent a lot of money on real Estate training and seminars.

I obviously dont know who is your mentor but when I started in the education business I was so let down because many "Guru's " are not active Investors, and then they will hire coaches and mentors some of which are great but I would say that 75% done even own investment properties. But they are great sales people. Similar to car sales people who can sell the hell out of a car but they didn't build the car.

It felt like the day I found out Santa Claus didn't exist. Or Like on the Wizard of Oz when they pull back the curtain.

All this to say, if you like dealing with people and helping them without getting emotionally involved with their problems and not deviating from the business model. A model that involves making hard decisions like evicting families and holding them to the lease agreements and if you have the stomach for that you will do just fine. If not then hire a property manager.

I personally like property management bit I an very firm with my tenants. It's just my job and I explain it to then just like if they don't perform at their job they too would get fired.

Buy I also know of Investors and mom and pop property owners that feel they would save money by going at it them selves and end up losing way more that what they would have paid a property manager.

I know a few who have had a property vacant for 6 months. Etc.

I would also suggest to learn the business.

What I love from BP is that here you get get a ton of free advice.

But even if you manage yourself make sure you account for the management fee incase you have to out source the management someday.

I recommend you learn how to manage so if you have to out source it you know what to expect from another manager.

Happy investing and best of luck fellow BPer.

Will

@Daniel Smyth

I got cold feet and backed out. Buy I know I can get him back on the hook if I can come up with another angle. He actually came down to $500k late in the day. Any suggestions?