All Forum Posts by: Carlin Randolph

Happy Monday, BP. Has anyone ever heard of buying a home with a mortgage and then immediately putting that home into a loan product that would similar to a HELOC? Thanks in advance for the advice

Hey BP. I'm faced with a challenge that I could really use some help problem solving. I need a real estate attorney licensed in the state of Virginia who practices in the Charlotte area but whose practice reaches out to the Buckingham County area as well.

Situation: 

I have a parcel of property in the Buckingham County area with a squatter. He has been there for some years and we have already filed an injunction to stop the clock on his squatter's rights to the property. We won the case and he appealed. We won the following case and he appealed again. He is still there and in the midst of this fight, a minority owner in the property (who refuses to give up their share but owes me money for their share of legal costs and taxes over years) has given the squatter permission to reside on the property until death. 

I need a solution to get the property free and clear from the minority share owner and to get the squatter off the property. 

By the way.... If you just know a seasoned and talented attorney who practices in the area, please let me know. DM me or respond please! Thank you very much folks!

@Brian Klein,

I have invested in the Reading PA area.ecause of the property values many HML's will not lend in this area. I have found success with the federal credit unions in the area who will cater particularly to the residents in and around the city of Reading. You might want to try those and private lenders who have money sitting in low interest accounts.

Thanks @nick G. I know that they rely on comps  But how do you know the after Repair value ahead of acquisition if the property doesn't comp well? Should I move on from the deal if it doesn't comp well? My realtor is new at this

Rental Property Acquisition - I'm trying to acquire the first rental property in my portfolio. I want to find out what it will be worth after I fix it up so I can get a cash out refinance. so at the appraisal stage, do I ask the appraiser to do numbers on the possible ARV as well as the current value will he do that anyway? please help. Thank you.

ARV – 30% – Repairs = MAO

@Manolo D. Thanks. I try to learn with my head and not my pockets.

@Nick Stango I'd like to ask. Do you usually put the investor on as an additional insured on your insurance policy when you do a job? and how do you provide proof of that? Thanks. Its also noteworthy to say that I'm from New York trying to build my team in the Philadelphia area so I don't know if you are near the Philly area. But if you have any recommendations for GC's please refer. It has been difficult to find a competent company thus far. 

@Tom Keith I'm way ahead of you. The book is super great and I'm a duly elated sponge.

Thank you @Manolo D. and @J Scott. The information you two have given me is invaluable and I truly appreciate it. Going into the Philadelphia area has been a trip for me in building my team. I let the deal go because I am still trying to get a competent contractor in my Farm area... Yup I said Farm area... (i'm on page 219) in TBOFH. This morning I'm trying to figure out if I should ask the contractors up front if theyd be willing to add me as an additional insured on their policy during any given job.