All Forum Posts by: Christopher Phillips

@Orlando Cortez

The owner has equity. As far as buying is concerned, it's no different than any other purchase.

@Dimitri Paspalaris

Depends on your return and your tax consequences.

Let's say that the long term average for returns in the stock market is 9%. You would have to get a return of at least 9% in real estate to make it worthwhile.  You wouldn't want to forgo 9% in returns to get 3% or negative returns in real estate.

Also, if you have gains, you would need to not only make at least 9%, you would also have to earn enough to cover the tax and fee consequences of cashing out your stocks. 

 Okay. All you can do is keep trying.

@Jorge Leon

You would have your properties available for sale. If a would-be buyer asks if you offer financing, you would say yes and refer them to the lender that is will to work with you. If the buyer doesn't qualify, it's not a lost lead. If the other people aren't ready to put in an offer and go through your lender, it doesn't really matter.

@Mona V.

That's usually how it works. You get estimates for the work and speak with them about it. Companies with dump trucks go through this issue alot. They are either damaging property or damaging cars. So, I'm sure the company would work something out with you.

@Precious Thompson

Is this on the multi listing service or a for sale by owner?

If it's on the MLS, you have to go through an agent. If it's a FSBO, only thing you can do is keep trying the phone number.

Tenants don't squat. Squatters don't have rightful access to a properties. Tenants do. Even if they stop paying rent. if the listing says occupied, drive-by only, or don't disturb the occupants, that could just mean that they aren't going to show it until an offer is accepted. Could also just mean that the occupants aren't cooperating. Could also mean it's the owner that doesn't want to be disturbed because they are going through a difficult situation.

@Elizabeth Miller

There is no rule that says when a foreclosure is truly final or when a bank or corporation has to list their properties.

It could be tied up in lawsuits. It could be that the entity has a lot of assets and is slowly working them off when they feel that the timing is right. Could be that it was lost in the shuffle of bank collapses and some company now owns it in a portfolio and they just don't have the time to be bothered.

You just have to call the people that appear to own it and ask to speak with someone in their asset management department responsible for selling the properties (not the ones that maintain the properties). Ask them if they are looking to sell it. They will most likely give you the runaround. You have to be persistent. They don't normally talk to the general public.

Vacant properties are an eyesore, but complaining to the city is meaningless unless you want them to cut the grass.

@Justen Ashcraft

Will it be a combo lock box or electronic card lockbox? If it's electronic then random agents might go in there.

@Justen Ashcraft

You don't have to provide anything unless someone asks like who pays for what utilities and the rental roll $s. Also, if the tenants are on leases or not and when the leases expire. If not on leases, can you deliver vacant by closing. What you have for security deposits. You may or may not want to provide that information. It depends. 

Since you have tenants, you should NOT have a lockbox. Tenants require 24 hour notice, sometimes they'll want more. You don't want a random agent showing up and opening a door with a tenant inside minding their own business.

Talk to the tenants, ask if any of them would be interested in buying. If not, talk to them about showing and if they have an specific issues like which days and which times.  You don't want the tenants to stop playing nice and refusing to allow access.

@Tye Harris

Wholesaling is taking a "contract" to buy a property and assigning that contract to someone else for a markup. You now own the property, so you can't wholesale it.

You can't "buy" something you already own. You can't get a hard money loan (not anymore) for personal property.

You have the property now, so you can get a home equity line of credit, but is based on your ability to pay the loan.

If you want to quickly flip the property, you can find a hard money loan to do the repairs, but those are short term loans between 6-8 months, sometimes longer. So, you really need to plan on selling it after the rehab.

Hard money loans want the property in an LLC, not in your personal name, so you would need to create an LLC and transfer the property if you decide to go that route.

The other option, find an investor that will take it off your hands "as-is."