All Forum Posts by: Javier Marchena

I am not an expert on accounting, but you will be paying Closing costs twice? Deed, Title co, etc

Why don't you just buy it under your name and refi? or HELOC.

Penfed Credit Union has a product under Home Equity .

NON-OWNER OCCUPIED HOME - 80% OR LESS LOAN TO VALUE

check the online 

Yes, as @Account Closed said, most of the properties do not have inspection period. You should try to do the inspection before bidding on the properties.

If there is somebody occupying the property you are responsible to evict them once you close on the property. I personally, think it is too risky to buy a property with somebody inside that does not have a lease or any documents you can present to a judge in case of eviction.

I also use Postlets and am happy with it....

I do not like condos. HOA fees reduces your cash flow and your pocket in case of vacancy. You need to deal with HOA for any repairs on the exterior. Sometimes they are not quick to respond.

Some associations have requirements and a tenant approval process that reduces your chances to find a tenant. Some HOAs take up to 30 days to approve or deny a prospect.

I believe you can make money doing flips or buying and holding. You can also lose money doing flips or buying and holding properties.

Not doing your homework or using the investment calculators offered here in BP can get you broke either way.

I have done several flips and also have a few rental properties. Love doing flips, but I love more getting money from my rentals without doing a lot of work.

@Christian Marin

I did not get the property directly from a Wholeseller. The investor I was working for send me the address and I did the research and found it on the MLS. Called the RE agent and he told me they did not have any contract on. We put a contract and got it.

He was getting the emails from the wholesellers. I just got him a better deal.

Great job on finding this deal and getting the rehab cost low. I am sure you did your homework for the area you are working on.

You need to train your tenants.

It takes some time but if you are patient you can have your tenant make a deposit every month.

They can also buy a cashier's check and send it on the mail but sometime you get the BS that they already sent it and it may be lost on the mail. 

Better to train them to make a deposit.

Never trade security deposit for last month's Rent, NEVER, as @Aaron T. said.

I will just fix the property and get a new tenant. Move on...

Lawyers will cost more than fixing whatever the dog did.