All Forum Posts by: Adam Anderson

 I agree with your interpritation. It sounds like this attorny has used their interpretation in front of a Judge, and has won. I guess te lesson is consult your attourny. 

Wow.  I am glag I don't live in Chicago.

So using his logic a tenant can use the secrity deposit for rent any time he wants?

I love PEX. I especially love that is comes in blue and red, so in addition to being easy to install, it makes is harder to accidentally run hot water to a toilet. (I have seen this happen on 3 different homes run with copper)

 This post is a blatant ploy to get "votes". Do I report abuse or give it a "vote"? I give it a vote.

 The issue is I don't have the money for an easy one right now. Two years from now I should have cash and credit for easier ones.

$86,000 is the remaining balance on the mortgage. I don't see how he could take $56,000. How could that even work with a $86,000 mortgage short of a short sale. The problem I runs into is low credit score an low down payment funds.

The owner as resigned himself with the bank foreclosing. Will a bank restructure the late payments? Is there additional incentive is there is damage to the property?

 The whole deal would have to hinge on negotiating with the bank to move payments to the back end of the mortgage. I have heard of people doing it but I don't know if they will do it with 18 months arrears. Would I need to get something from the current owner giving permission to talk to the bank?

I attended a investor club last night and was talking to an investor about a deal he was working on. Here is the details as best I can remember.

Vacant 3 bed 2 bath home with a  $86,000 1st Mortgage that hasn't been paid in 18 months. Payments of $700 a month.

$20,000 lien on the property that the lien holder has agreed to settle for $3,000

After repair value of $135,000

Repair Estimate of $25,000

Houses could rent for 2,200 or more.

I am working on rebuilding my credit. Currently have a 610 credit score that is slowly going up. My wife has just started  a small business an have little for a down payment right now.

Is there a way to structure this as a lease option? Come up with and pay the $3000 to satisfy the lien, negotiate with the bank to move missed payments to end of mortgage and take over the payments, and structure something with the wholesaler to pay him his $5,000 wholesaling fee when we close in 1-2 years or come up with some kind of financing deal.

I should add the idea would be to move out of the house we are renting for $2,400 an live in and fix this house. Any Thoughts?

This has been asked before, but I want to ask the question with a bit of a spin. 

1-What is your favorite improvement you like to make to your properties to increase rent you can collect? (Made up example: I like to install a cupid fountain in the back yard because tenants will pay $50 more a month for cupid statues)

2- What is your favorite improvement you like to make to your properties to increase the durability of your property. (Made up example: I like to put diamond plate on the walls because that stuff in indestructible.)

 Anything can be fixed if you throw enough money at it. 

Like @Masaki Furukawa said if there are second floor stud walls that align with the first floor exterior walls it would be a relatively  inexpensive conversion.

When you are inside on the second floor are the exterior walls vertical, or are they sloped at the same pitch as the roof?

Another option is holding on to it for 20-40 years and hope that Mansard roof come back in style. 

You will definitely need a egress window. Even is this wasn't code, can you imagine what would happen if there was a fire and someone couldn't get out.

I had a home with a basement apartment. The basement was half underground.  The basement had windows that were large enough to be egress windows, but were 4 feet off the floor. To be code compliant, all we needed was to to install permanently attached bench under the window so people could get out.