All Forum Posts by: Carly Turow

@Mason Hickman Yes that is EXACTLY what I was reading about. Adverse possession. I think my brain skimmed over the 7 years part, but that's some reassurance right there! 

@Greg M. Oh yes, he's got an attorney! He had one lousy one last summer and switched to a really kicka$$ one who's doing the best she can. Tomorrow she can request a trial and while she does it she's going to tell them to watch out for him filing bankruptcy a third time - and that its absolutely not in good faith, hence the third time. This guy is representing himself, too... reminds me of the post on BP someone shared about the famous pro tennant in New Jersey.

LOL about the missed rent! I mean, I don't think he owes "Rent" after the rental agreement ended last March.. but my bf's lawyer is going to file a new case once this guy is evicted, to sue him for double "rent" for all the months he was living there free. This squatter owes the IRS 575k in owed taxes.... he is an absolute you know what.

Hi BP community!

My boyfriend has a SFH in Tampa, FL that has a "pro tennant" in there and it's an absolute nightmare. My bf is in a long, drawn out lawsuit and HOPEFULLY will get the squatter evicted. Tomorrow is the scheduled civil court date, but this guy may (for the third time in a row) start the bankruptcy process (to put a 30 day stay and prevent the case from getting into civil court).

The short term rental agreement ended last march 31st and since then he hasn't paid and has been living there for free despite no written or verbal permission to occupy the home.

I was reading online about pro tennants and apparently there are ways that a pro tennant can wind up gaining ownership.

1. Upkeep/maintaining the home - he's done this, and has made improvements to the home

2. Visibly and openly living there - yes he's doing this

3. Pays taxes on the home - here's the one that concerns me, and I'd love anyone's feedback if you have any. My bf's bank/lender granted him an extension several times during covid so he hasn't had to pay the mortage since last march or april when covid hit. He's about to ask for another extension because he cant/we cant afford to pay the mortgage of 2,000 AND our rent in our apartment - all while this guy is living in the house for free. But, if my boyfriend isn't paying the taxes (since he's not paying the mortgage) is there a possibility that the squatter could somehow pay taxes on the house and gain "ownership" of the home??

If there's any chance of that, I absolutely need to tell my bf to at least pay the taxes on it before this guy has the chance to.

The last 2 times that there was finally a scheduled court date, this guy started filing for bankruptcy the day before the date. Today is the day before the court date (third time) and I am just waiting to hear this guy is pulling it a third time. 

@William Allen wow those 3 tips are great! I’m going to save that and start getting after it 

@William Allen that is incredibly helpful. Thank you so much for really laying out the process. I bought the audio book “if you can’t wholesale after this I’ve got nothing for you” and what I’ve learned so far in the book is perfectly backed up in your reply. I feel way more aware of the process now. Really, thank you so much!! 
I’m sure that once I get and close one deal I’ll find ways to streamline it better the next time and it’ll get better and easier with experience. Thanks so much!

Thank you @Jay Collins ! I appreciate the book suggestions. I’ll get after it

Hi BP community!

I've been listening to every BP podcast about wholesaling I can find, as well as other podcasts, articles to read, and even YouTube "newbie wholesaling mistakes" to learn as much as I can about the process.

I understand the concept entirely, and the general process. But I've heard a couple different/conflicting messages about the actual sequence of the process.

I've heard that you must FIRST build a buyer's list, and I have also heard that this is not necessarily true because if you find a great deal, the buyers will come (so long as you put it out there in the right places and get the message out)

Once you have a deal with a seller, you then have them sign a purchase sale agreement, which allows you to either buy or assign another buyer. Got it.

But then ---- is it at THIS point after you've signed this with the seller, that you bring that form to a title company ASAP?

OR

Do you then find a buyer, sign an assignment agreement form with them, and THEN bring BOTH forms to the title company (that the buyer most likely likes to work with?)

I also have heard the assignment agreement is easier due to it being a one-step process. However, the double closing (in escrow) sounds really appealing if I find such a good deal that I may make 20k, 30k+ and wouldn't want either party to necessarily know that.

Does anyone know the actual sequence of events?

In both a single closing and a double closing?

ps Other things I am having a bit of a hard time with are:

- finding a purchase sale agreement form to use and have an attorney look over

- finding the assignment agreement form to use and have an attorney look over

- know which title company to "go to" at the time I need to go to them next

- know who to speak to (title company?) about the how-to's of a double closing

- and also.... how to respond if a seller asks me how I'm a cash buyer/how many properties I've bought (none).. Because I have and will be saying that "we buy houses cash. This form allows me to buy your house or allow one of my partners to buy it in cash" and I'm a little worried if they dig into this I'll sound unqualified or not official.

Thanks so much for any insight you can provide guys!

Hi BP community!

I've been listening to every BP podcast about wholesaling I can find, as well as other podcasts, articles to read, and even YouTube "newbie wholesaling mistakes" to learn as much as I can about the process.

I understand the concept entirely, and the general process. But I've heard a couple different/conflicting messages about the actual sequence of the process.

I've heard that you must FIRST build a buyer's list, and I have also heard that this is not necessarily true because if you find a great deal, the buyers will come (so long as you put it out there in the right places and get the message out)

Once you have a deal with a seller, you then have them sign a purchase sale agreement, which allows you to either buy or assign another buyer. Got it.

But then ---- is it at THIS point after you've signed this with the seller, that you bring that form to a title company ASAP?

OR

Do you then find a buyer, sign an assignment agreement form with them, and THEN bring BOTH forms to the title company (that the buyer most likely likes to work with?)

I also have heard the assignment agreement is easier due to it being a one-step process. However, the double closing (in escrow) sounds really appealing if I find such a good deal that I may make 20k, 30k+ and wouldn't want either party to necessarily know that. 

Does anyone know the actual sequence of events?

In both a single closing and a double closing?

ps Other things I am having a bit of a hard time with are:

- finding a purchase sale agreement form to use and have an attorney look over

- finding the assignment agreement form to use and have an attorney look over

- know which title company to "go to" at the time I need to go to them next

- know who to speak to (title company?) about the how-to's of a double closing

- and also.... how to respond if a seller asks me how I'm a cash buyer/how many properties I've bought (none).. Because I have and will be saying that "we buy houses cash. This form allows me to buy your house or allow one of my partners to buy it in cash" and I'm a little worried if they dig into this I'll sound unqualified or not official.

Thanks so much for any insight you can provide guys!

Ah yes I realized after I wrote that that I put 28 years instead of 30. My mistake!

I forgot about the BRRR calculator! Thanks so much! @Tim Herman

Hey all!

I'm trying to use the BP analyzing calculator accurately but finding the finance section difficult.

I'd need a hard money lender at first because I am not eligible right now for conventional. However, I want to be able to see if this duplex is a good deal as long as I refinance in 2 years for a conventional loan (I say two years because i'll need to prove income for 2 years before being eligible - at least that's what I've been told and read)

Does anyone know how or what to put in the rental calculator if you're going to finance one way but then switch to another method of financing?

When I put numbers for a hard money lender (ex. 12% interest, 2-4 points, 65% LTV (35% down payment), 30 yr loan)

I get very different numbers than if I put a conventional (4% interest, 0-1 point, 25% down payment, 30 yr loan)

I wish there was a way to put in the hard money numbers for 2 years and conventional for the following 28 years.

Because of this I can't tell if the duplex is going to be a good deal in both cash flow and COC return.

Any insight?

Thanks @Jason Hopkins !!