All Forum Posts by: Jatin Shah

Thank you @Steve Babiak. 

Johnna, Thank you so much! That was very helpful.  

no sorry. A landlord policy. 

Hey y'all, hope everyone is doing well this weekend! 

As you can see I am a real estate attorney practicing out of Nashville, TN.  I am also a new real estate investor. So new that I just agreed to buy a town home.  I'm pretty psyched! 

I wanted to get an idea what REIs needed in terms of legal advice.  To be specific, I'm only talking residential properties.  While some of this is state specific (i.e. in TN, you don't have to have an attorney to close, in NY, I've never seen a closing w/o one), but I wanted to understand what is important and what everyone's concerns are when going into a deal.  (i.e. Tax Liens, foreclosures, LL/T issues).

I guess you can say I'm doing some market research to tailor my own services to this niche.  Thanks everyone. 

J

Hey all, could someone in Tennessee point me in the direction of companies offering LL insurance?  Thank you!!

Hey all, I'm following a home that is being auctioned off by BOA.  The home is currently occupied.  The title disclosure accompanying the auction indicate that there is a possible bankruptcy filing.

Has anyone here gone into a deal like this? If so, how did you deal with it? Costs? 

Homes in the area are selling for just under $200k and right now the going price is $50k (reserve NOT met).  Thanks,

J

Thanks guys just what i needed. While I'm anxious to get my first deal done. I don't want to rush into it.

Quick followup. The property was just built in 2008. Does this change anyone's thoughts in regards to possible special assessments? 

@jonholdman, I was figuring in 25% down per my lender requirements. Thanks

Hey all, first of all thank you in advance for all of your responses.  I saw a condo today that I really liked. It was at a price that I can take on right now, and it was near a large university so I'm optimistic about rental opportunities.  

Since this is my first investment I'm a little hesitating to pull the trigger.  I wanted to run the numbers by you guys.  My question is, as a first time investment, does this sound like something worth going into? 

- Two level Condo; 2 BRs, 2 1/2 Baths; very small patio area; Appr. 1,100 sf. 6 - 7 years old, and fairly well maintained. 

Asking price: $100K

(All amounts are ANNUAL)

Approximate rental: 11,100

Taxes: 975

Insurance: 600

Pr Mgmt: 1,100 (most likely will use one) 

Repairs/Maintenance approx: 400

HOA: 1,200

Mortgage (P&I only):  4,836

Yearly Cash Flow Before Taxes: $1,989.  Feels kind of tight to me. Property Mgmt fee is a killer.  Of course the property mgr has other one time costs at the outset that I'm not figuring in. 

Thoughts?

Thank you for all of your insight folks. 

Great question and post. I to have been told to go into larger investments starting off, but it just seemed counter-intuitive. 

Anyway @Arlan Potter how did you come up with the capital for all those homes? Thanks, and sorry @Terry Wood for butting in to your post. 

J