All Forum Posts by: Brian Van Pelt

it really depends on weather you plan to hold or flip. You need to post more info about what your plans are, what sale prices are for rehabbed homes and what rental rates are for the area.

It's not unheard of for people to miss deadlines in real estate. If your agent did not follow your instructions, talk to him, re-establish your boundaries and move on. Too many times people throw away a good relationship because of a misunderstanding. Re Group and move on. Real estate is an industry where there are time things move at a fast pace and spans of slooooow boredom. If you are that close to closing, give it a few days to see if things work out. I once had a deal that took 6 months to close because of repairs.  

@Lynne Garris

You have to learn:

. to qualify your Buyers
. know the ratios that they purchase for
. Hold them to some sort of written agency so they won't submarine you on a deal.
. Trust, but verify EVERYTHING !

Find a lender who will give you a HELOC on primary usually 80% of equity.

More difficult find a lender who will lend on non primary - Credit Unions are what i use NFCU some offer 60-80% of equity on non owner occupied properties with 1-3 years rental history.

Go for it. you just need someone to to jack up the house and level it on the foundation 

You could contract with the Seller to purchase the property with right to assign or subject to assignment. If Mass allows this type of purchase contract. Then the Buyer enters into a contract with you to purchase the property. At closing your Seller is Paid what you contract for, you are paid the difference. Make sure your attny or title company is OK with this and that it is legal in your state.

. start the evictions like ... YESTERDAY !
. Evictions only need the landlord or their representative to present their side in court with PROPER documents (lease,payment receipts, documentation of Landlord /Tenant correspondence)
. Look into hiring a professional property manager, they handle leasing,rent collections,evictions) for approx 10% of rent
. Do NOT delay

. professional renters look for landlords that let evictions linger for long times

Although you did not get a check for the deposits, you did receive the deposits
. Send him a certified letter with the bill for cleaning and the step repair to your pt address
. Go to his place of employment listed on the rental application that should be with the lease.
. Send certified letter to his place of employment
. Pay for a skip trace to locate him in a couple of months
. Hire a private investigator
. Hire Dog the bounty hunter
or
. chalk it up to experience and break out the broom and mop.

most important of all "Fix that outside step" its a liability 

It depends on the state you are in and how the contract is written:

. Most states require you to disclose any known defects with a property via a Disclosure/Disclaimer
. "As Is" in most states means "The current condition"
. Even if the property is sold subject to an "As is" addendum a Disclosure/Disclaimer must be filled out by Seller

Depending on how the contract is written the Buyer may or may not lose some or all of their deposit.

. I try to get people to send me any excess HELOC funds, but it hasn't happened so far

but seriously

We use our HELOC to purchase and renovate, then pay it off on a flip or refinance after reno for a hold. Then wash rinse and repeat.

I can't imagine 200K will cover 5-10 SFH or a MFA in Anaheim CA ?