All Forum Posts by: Hemant Bhagwat

Lol @Wayne Brooks  ... I am still testing waters. Guess can go ahead and talk to the occupant as @Frank R. did. Worst case, I will not get the property. But it's worth the risk.

Thank you for your insights, Christopher Leon and Katharine Chartrand The property that I am looking at is currently occupied. I tried driving around the house and neighborhood at different times and saw a couple of cars in the driveway. I am planing to talk to the customer service and see if I can get anywhere. Christopher Leon: as far as my experience with online auction goes, the closing was a long drawn out process. The seller had not completed the foreclosure procedure and it took us 10 weeks to close. But the property was really good so worth the wait (disclaimer: this was my only experience and the property was not occupied).

Hello folks

While looking at properties on online auction sites (auction.com, hubzu.com, etc.) I saw some of the properties with status "Occupied", "It's unlawful to disturb the current occupants" and "Buyer is responsible to obtain possession of the property" . 

How do I perform due diligence on such properties? Also, how to obtain possession of such property? Has anyone had any bad experience doing so? I just want to know how much hassle or lengthy the legal process could be. 

Looking forward to your experiences. 

Thank you.

Chris Adams : thanks for the response. Tenant will be paying for sewer, water and utilities. Wendell De Guzman : thank you for the spreadsheet calculations. Feel much better now!

Hello folks

This will be my first deal! Still learning a lot of concepts, ratios, etc. This fits in 1% rule but not 100% confident. Here are the details:

3Bd/ 2 bath SF house in a community close to businesses and malls. Looking to hold for about 5 yrs.

Purchase price - $61,000 (Market value about $82,000)

Initial investment - $4,000 (paint/ repairs/ appliances)

Rent - $825/ month (based on recent comparable rentals)

Taxes/ insurance - $133/ month

Property Mgmt - $82.5/ month

Paying cash and will re-fi in 6 months.

Thanks

Hemant

Thank you all for the inputs. As Mehran said, maybe I can try to pull some cash out after a year or so.

I have been reading about "no money down" investing and have a very basic/ stupid question -
I came across a seller that wants to get out of the rental property - mostly due to out of state ownership and one bad experience. It's a SF house, which has new tenants and managed by PM company. If I can get the property at 70% of the market value, do I still have to pony up some money for down payment? Or will the lender provide 100% financing, as the loan to value is less than 80%? Example - if the property value is 100K and if I am buying it for 70K, will the lender accept $0 down? (Note - property will provide positive CF at this price/ loan)
I am a newbie and trying to get my first deal! May be this is a very basic question, but any input is appreciated.

Thank you,
Hemant

Thank you Addiel, Ali and Chad for your great advice. Sorry, a couple of months late to acknowledge your advice! I tried to get some answers - why I am getting into REI, what is the goal, etc before deciding on the strategy.
For now, I am diving into NC residential rental market - buy and hold, mostly into Single Family and preferably tenant occupied. Hoping to find a decent deal.

Brandon Turner: I am looking to get into residential rental properties. Hopefully some safe - medium return. Trying to get into the game and learn as much as possible.

Steve Babiak: I do need a "punch" or a "push"!

Hello,

I am new to this forum and REI world. Have been a passive listener for just a few weeks. As you can imagine, I am very nervous about making the first deal and trying to build my "team" locally.

Can you please advise some of the points that I should look out for? Or does anyone has a checklist of what to do - for example: form LLC, get attorney, etc.

Any advice is appreciated. Thank you.