All Forum Posts by: Alex Deacon

@Jamal L. I will assume that they are not paying their rent or are causing troubles for you and thats why you want them to leave? If my assumption is correct then go through the eviction process. You can also offer them money for keys but there is no set amount and if they agree make sure you get something in writing. Perhaps speak with some local REO agents who do this all the time to get folks out of the house for the Bank before they put the home on the market and get some tips from them.

@Jack Tucker I would tread lightly and make sure your due diligence is very detailed. I strictly buy single and multi family so anytime I go out of my comfort level I seek professional advice. I would strongly suggest hiring an attorney and a real estate agent who know that sector well. Lending on something like this is a whole different ball game.

Good Luck

@Jason Henderson You may be able to force a tax sale. i my county you would have to go through the proper red tape and force the property to go to tax sale. At that point it will go up for auction at what we call here the sheriffs sale. other than that you would have to research and try to find this person. perhaps some of the neighbors know the old tenants and they can help you track them down. One other way is pull up the address on Zillow or some other site. They may still be listed for rent and maybe the owners contact info or the property management info is still on line.

@Polo Vazquez I am an agent myself but when you are an investor you have to keep your options open. I would have signed a 3 month contract but none longer than that. Just to make sure this agent is good and knows the business. You can always extend the contract if they are producing good results for you. I wouldnt want to be tied down to one agent as an investor to be honest.

@Phil Evans I have done it and had no issues.

@Erika C. I am not 100% sure you should check with your CPA but I am pretty sure the next property has to be of greater or equal value than the one you sold and you have a limited time to select one and the property has to be a similar style of property. You can probably google the info but best to check with an expert

@Alexander Hamilton Seek the advice of a good RE attorney. Most will tell you to insulate your personal wealth from your business wealth by incorporating. Or and LLC.

Yes it will cost more to borrow money through an LLC but you need to learn that as your portfolio grows so will your exposure to legal liability. Also make sure you have excellent insurance. You dont want to shortcut on legal advice or insurance.

@Zachary R Sink Here in PA the wife gets 1/2 regardless when it was purchased. You need to seek a good attorney to walk you through your situation. best not to seek advice from BP. Every state is different

@Marco Petit Before you enter into this I highly suggest you speak with a good real estate attorney. BK can be a real pain and cause a lot of grief and delays. If its a good enough deal its worth going after but just be careful and detailed on the agreements

@Mario Martinez Start with some good RE books and then go to your local RE investment groups and start hanging around successful investors. Not unsuccessful ones. There are 100 to 1 bad verses good. find the good investors for mentors.