All Forum Posts by: Elvis Vasquez

Woah you're hitting my hours per week... those 12+ hour days get to you.

I'm impressed you can handle a single rental!

more power to you man.

your best bet are investors located in your area. The majority of BP tries to look out for each other and generally will help you for free.

I stay away from local real estate groups as they tend to be filled with people who just want to wholesale... too many people with zero capital and the basic knowledge on how to conduct a simple title search.

Wholesalers come off as people who think Pyramid schemes are a legitimate way to gain wealth... lol.

I am looking at a property that has a lien that was placed on it in 1982 (Minimum Housing Standards/HUD).

 
The interest rate for this lien is 18% and there may of been 35 years of it not being paid (people are currently living in the house however).

Have any of you been successful in negotiating a lower pay-off amount? From a legal standpoint I don't believe there is anything you can do to litigate the price down however my lawyer states sometimes they decrease the amount significantly.

Any ideas on how to deal with this lien?

Its located in Miami.

These sounds like a nightmare I feel sorry for you.

What tenant wouldn't take 6K and just go?!?!? 

You were definitely the nice guy here.

pretty simple just create your brand LLC and just use promo material on the properties.

the management company I rented from had a multi structured LLC in which there was a management company and the LLC that owned the property.

you don't need a lawyer to do this however depending on your state you may be required to file monthly taxes with the local government and obtain a certificate of use (depends how much free time your city has to actually enforce these wasteful taxes/fees).

 

you're lucky your code compliance officer is helpful....
I called today and the officer would not give me any information or try to help me.

she just said to look online (which i already did however sometimes violations aren't uploaded online and it can be accruing the $200 penalty per day!!!!).

How safe is property won from a Surplus auction (city vs state vs federal)?


I would assume once the land is under Federal government control any past mortgages/liens are pretty much non-existent.