All Forum Posts by: Jeff Sheraton

I would imagine that as long as they are getting their payments it wouldn't be an issue.

Have you never lived in the house?

Why not get a loan against the two existing rentals and use the cash to buy another one or two?

Does the water service enter the property on your side?  If so I would insist that the other owner get his owner water service.  One bad leak and you could be stuck with a big bill.

That's odd.  I have over a 100 on there currently but I'm almost certain I started with less.  

Another option might be to go through Quickbooks.  I know they will process ACH transactions for 50 cents each.  

There are a lot of good deals at foreclosure auctions.  Two tips.  

1. Do your homework (know the rules of the auction and research the home).  

2. Set a price and don't go over it (don't get caught up in "winning" the auction).  

Also, some auctions are site unseen (meaning you don't get to view the property).  These are great opportunities.  Just keep the big low enough to cover your risk, leave yourself with only an upside potential.

You would need to consult with your local landlord tenant code.

If they are not under lease or the lease is about to expire you could offer them a new lease that includes a deposit.  If they don't want a new lease send them notice to move out.

On the other hand if the tenants are paying and keep the place nice I wouldn't bother.  Good tenants can be hard to find.

Is there any reason you can't get preapproved for a mortgage?

This is really something you should have looked up before bidding.  There are a lot of good deals on the courthouse steps, but doing your homework is very important.

Here in New Castle County, Delaware its about a month for a mortgage or judgement sale and 4 months for a tax sale.  You do not get the keys and you have to have an attorney petition the courts for the deed.

I would imagine an LLC would be best. Limited liability aspect and pass through taxation. You don't need to pay yourself wages like you would with a corporation. This would eliminate self employment taxes completely as all of your income would be unearned/passive.

Definitely check with a CPA first though.

I don't see why they wouldn't, but I can't say for sure.