All Forum Posts by: Justin Tahilramani

@Spencer Keables - I think you have most of the bases covered:

1) Under performing

2) Deferred maint.

3) HOA nightmare

4) Out of state

@Brian Gibbons - I really must say that I feel like some of the tactics that wholesalers use are borderline unethical. They spending a majority of their time/effort demonstrating that what they do is legal. My feelings extend to the "creative financing" crowd. I really believe that it's nothing more than taking advantage of people who do not fully understand what they are getting themselves into. 

@Tommy Vise - It sounds like a good investment from a cash flow perspective. That being said, keep in mind that most would consider mobile homes a depreciating assets. I have often considered getting into renting MH's.

Awesome work. Looks like you have good cash flow.

@Lee Carrell - What about sand blasting? I imagine that it would remove the paint without damaging the brick.

 You need to find out if the bank knew that the oil tank was there. If so, they had an obligation to disclose. Additionally, now that they are aware of its existence, they will have to disclose to any future buyers. I would contact the city/county and find out if it needs to be removed. I would then talk to the bank and have them remove it as a condition of the sale. 

@Account Closed - What type of property is this? Why didn't the seller disclose that the oil tank was there? 

I agree with @Matthew Cole - the house is old. Im always skeptical of investors that are looking to offload their properties. Why would anyone get rid of a good performing asset? My guess is that he/she knows that that money can be better invested elsewhere.....

@Drake Siegel - The bank may have issued a mortgage that was secured by the VA or other government organization. In that scenario - the bank has no reason to approve a short sale because the government will assume the house after foreclosure and the bank will get all of their money back.

 Why don't you agree that foreclosures should be included in comps? In a market economy it's all about supply and demand. In other words, the market will determine what your house is worth. 

That being said, if you don't agree with what the Realtor is telling you, try talking to different Realtors (assuming that you aren't under contract with said Realtor). Maybe they will have a different opinion of what your house can sell for.