All Forum Posts by: Benjamin Nitz

Hello,

My wife and I got out first duplex this year and we are looking for some guidance on how to handle a messy situation with one of our tenants. One of our tenants was arrested on some pretty severe charges and will not be returning to the property. His family has taken all of his property from the unit and has returned us all the keys. We were hoping to send a Mutual Early Lease Termination Form to the jail to have him sign and return but are getting the run around a bit by the jail and local clerk of courts. Jail is saying we need to file a formal eviction with the clerk and clerk will serve him at the jail. Clerk is saying we can file an eviction, but it is on us to figure out how to serve him at the jail.

I would like to avoid the eviction process and simply send this letter with a return envelope to have him sign just to have documentation that he has agreed to terminate. 

Any advice would be awesome! 

Good afternoon. Looking for some advice on whether or not it is possible to have a listing cart setup for only distressed property. My wife is a newer agent, and she is telling me her listing cart solution can only be based on area and price range. There is no real options for what type of property.

Looking for some guidance from the experienced folks on BP on the best place to zero in on distressed properly currently listed in the MLS.

Thanks!

@Wayne Brooks Thanks for the feedback. 

@Aaron K. Thanks for the reply. I probably didn't have the verbiage right. My main question is around the Private Loan with my parents. Do we need to draft up a loan agreement, both sign off on it and have it be notarized? As you mention, wait on this until escrow. We would be paying them interest. 

I am trying to make sure I understand this all properly. Mainly looking for piece of mind for my dad. He is concerned about having the loan mistaken as a gift and then running into tax implications down the line for their them or us. 

My wife and I are looking for our first BRRRR deal right now and we are planning to partner with my parents as our "private investors." We are looking to submit an all cash offer tomorrow, but we are unsure how to navigate getting the cash from my parents into our account and showing a proof of funds in a legitimate way from a tax perspective.

Looking for advice on how we should work through this.  

@Marcus Auerbach Thanks again for the reply. Had a little time to think about it this morning, and wanted to shoot you a note. Luckily, my wife is actually an agent, she is about a year in. I am going to have her connect with her broker for recommendations on on contractors. 

My goal is to mitigate risk as I get into this, so I will definitely be comfortable leaving cash in a BRRRR if it means I am able to rehab the big ticket items in the process. Last thing I want is to make the ROI look great only to have that deferred maintenance come back to bite me later. Thanks for the perspective on that. I had this in mind all along, and it is encouraging to know I am on the right track with my thought process.

I have been driving around town a lot looking for distressed houses of interest. I was thinking about just door knocking on some of those to inquire about the owners plans for the property. Have you done that all before or know anyone who has had success with that? 

Scott Schultz/Marcus, great feedback, thanks! 

Hello BP! I'm a brand new investor from Wisconsin (Fox Valley Area). I have yet to pull the trigger on a property. I'm currently learning as much as I can. My goal is to BRRRR. For the remainder of 2019 I am working to finalize my refi lending partner (95% there), connect with a contractor to partner with, secure my private lender (fingers crossed my dad buy into my plan!), and continue going through properties, and fine tuning my rehab estimate skills, and BRRRR analysis.

Okay, with this said, I am looking into REO properties as a starting point. I'm checking the big bank REO sites, homepath, and I am contemplating singing up for the Foreclosure.com BP deal.

My question for the community, is Forclosure.com worth it? Is there value there? Anyone have success finding deals there? Just curious to get some perspective.

Thanks!