All Forum Posts by: Account Closed

Hey Nick, I'll send you a PM with a handyman I've used. He's good so he's pretty busy. But he's a great guy.

You can PM me. Contact information in profile.

i would simply ask a title company to do the title search. It doesn't cost very much in comparison to the deal you're trying to get. 

There are a number of companies that provide a similar service in markets like Philadelphia and Baltimore as well. I would ask for references before investing.

Biggerpockets works great for the reasons @Russell Brazil stated. I've used it a couple times and plan to continue to do so.

As @Jeff B. states, verifying references will be vital now.

Is there any room for future appreciation here? What does the rest of the neighborhood look like? Multis or SFRs? 

In general, considering the small amount that you'd pay out of pocket, I'd go for it. Many options here. Get that unpermitted area permitted. Even if not, as other pay down the debt, the PMI can be refinanced out. Good opportunity to get your feet wet as a property manager. Good luck!

You should visit the area if you are interested in investing there. I drove through the city and agree with @Rich Kniss there are some areas I would avoid as well. There were also some decent areas. If I remember correctly, these areas were closer to the stadiums. Since I was investing in Independence, I didn't take as many notes on Raytown.

Netting $161k? That would work in my book. That would give you plenty of options to hop into a multi in Sacramento, Stockton, or Merced. 

I would check my new target markets for opportunities there and get my financing lined up to see how much I could realistically leverage that money right now. For example, there is a duplex in Merced for $275k, I need to put 25% down so I'd be looking at an X return there. In Sacramento, there is a quad for sale at X... You get the idea. Forget the mall, this is my kind of shopping! 

Feel free to PM or email if you ever want to talk shop. I love bouncing ideas off of others.

Sounds like a complex situation because if the elderly gentleman is not on title how is he the seller? Is he selling under the authority of the probate court? If so, won't the court need to sign off on the QC deed? The court would need to sign off on any sale, no?

Even if the gentleman is not selling under the authority of the probate court, how is he selling a home that he is not on title of? Does he have the blessing of the title owner?

Since the home is priced so low in a hot market, I think this is worth hiring a probate attorney. Jonathan at Huber Law Group would be a great resource.

I echo the analysis from @Wes Blackwell. What are your goals? Do you expect appreciation to continue where you are? Do you even want to sell? 

I can provide some context from the other side. Duplexes in Sacramento are not difficult to sell at all. And I can speak from experience, they are not difficult to rent (and self-manage) either. So, I would sell and jump into 2 duplexes. By doing so, I would have lowered my risk by diversifying my portfolio among 4 tenants, increase my tax savings, and obtain more property that is paid off by other people! 

Either way, you have what I call "good problems." Rest easy knowing either way you go you are in a great position!