All Forum Posts by: Dave S.

So Im wholesaling my first deal and will be owning the property for more than the normal 2 mins when you do a double close. Ill have the property for about a week. Should I get insurance on the property? Any other suggestions?

@Lydia R. , @Ryan Blake, @Nii Okai Thanks for all your comments.

@John Thedford Please dont feel compelled to lump all wholesalers into one bucket of dishonest crooks, there is no reason for this. I could classify ALL Hard money Lenders as crooks and thieves for charging excessive points and very high rates and I'm sure I can find some news article outlining this happens all the time. EACH and EVERY deal is different, please dont assume that all those that wholesale are what you perceive them to be..Everyone knows what happens when you assume :-)

So I quickly got a property under contract (my first wholesale deal!!) and Im trying to understand what my options are at closing...WITHOUT the original seller knowing that I just sold their house for more. There is the obvious, I close then goto the next room and close with the new buyer but that seems like a big waste of money. Are there any other options? Would like to close within the next week or so.

Thanks

@Jose Flores Those are some great suggestions. Im going to implement some of them even tonight before I pass out :-)

As the title says it all, I would like to understand where everyone "advertises" their wholesale deals...Craigslist and facebook are two I have been using but would like to see what others use and if there are any advantages / disadvantages of using them

Ok, long story short, I put a property under contract with the intention to wholesale it. The property owner has agreed to the contract but now has a lawyer reviewing it (believe its a state requirement - for their home state and not where the property resides), so they are used to this process and is thinking it will make the transaction easier. As a result we agreed to purchase the house AS-IS but we wanted an "out" just in case I couldnt find anyone (for whatever reason) and we put down a mortgage contingency but didnt fill out any of the specifics. It hasnt happened yet but we believe the lawyer is going to flag this. Im wondering what we can put down (mortgage contingency or not), that will give us the out if needed. Thoughts? Recommendations?

So I recently purchased a property with the intention to rent it out (while I get over the short term capital gains period).....

A quick aside, is this still a 1 year time period??????....Now back to the original reason I am writing this... 

So we are currently in the rehab period and we are going through some trouble understanding what to rehab now vs later with out wasting money by rehabbing things twice. Does any one have some guidelines which they can share that they follow when going through this decision making process? I would grade the tenants to be C (or atleast I will ensure that they are this or better). I'm kind of leaning towards the mentality of "Lets get it done now, how much damage can the tenants do?"

To put this in perspective, the house is from the 70s, with some items that must be fixed to make the house livable, Im of course going to fix these but these start a chain reaction. For example, the tiles, toilet, and bath tub are a puke green and funky pink. Ill replace the toilet as its broken but then it looks like the bathroom is half baked. In order to get the best bang for the buck for rental income, what would you do?

To get started, let me give you some quick history. 

1. I inherited this property manager when i purchased the property....New landlord at the time and didnt know all the ins and outs...and they were cheap. So i stayed with them
2. I was with them for almost 2 years. What they didnt know (and still dont know is that my wife and I were always looking for a replacement property manager or considering doing it ourselves.
3. Then comes a tenant whose dogs bit a contractor... the property manager immediately went to evict the tenant (they got my permission as this was the suggestion from the property manager...I havent been in this situation before)
4. After the tenant received a letter stating he had to get rid of the dog or get out of the house, he hired an attorney...he wasnt sure what the next step was (he has never been in this situation before). I took it upon myself to talk with the tenant and work things out...In short, nothing was filed, no records were filed for the dog, contractor is fine and I got a hold harmless letter between the tenant and myself with respect to the dog.
5. I received a letter from the property manager stating they are going to not renew our contract but "keeping" me as one till the end of the contract.
6. I sent an email stating Im providing 30 day notice to terminate the contract and  they are fine with that BUT is still going to charge me there percentage of the rent for the balance of the contract!

SO my question is, can they do this? I know that they wont do ANYTHING for me till then so why prolong this??? There is a statement in the contract stating..."This agreement will end at the ending date or if At least 30 days have passed since Broker has given Owner notice that Broker cannot provide management services for the property. No future fees will be due to broker in this circumstance". Do I fall under this statement since they provided me the above?? Should i even be worried about this as its <$1K? 

Thanks in advance

The headline says it all... The roofer ended up with 5 punctures which drew blood. The contractor is being reasonable and has requested the tenant to have a blood test performed on the dog to look for rabies. The bite happened about 2 weeks ago and I dont believe the blood work was done yet. The property manager sent a letter to the tenant instructing him to remove the dog from the premises...My tenant then, out of the blue, hired an attorney....Basically saying that we didnt give him "a 2nd chance" with the dog. The lease clearly states that if an animal attacks a human being without provocation that I have a right to have the animal removed. The letter from the his attorney did state that he wants to settle this amiably and stay in the property till the end of the lease. 

Thoughts on the matter? If i dont do anything about this now, Im concerned about it happening again (what if it was a young child)? Nevertheless, If i allowed the dog to stay wouldnt I be liable if something would happen again?

Next steps?

Property manager wants to file for breach of lease based on harboring a dangerous dog and now this is starting to cost me money. 

@Vijaianand Thirunageswaram can you explain in more details or reference a website that clearly defines what deferred finance is and how it works?