All Forum Posts by: Account Closed

My attorney is $385 per hour. He doesn't waste time and he gets results. That's my criteria. I've used lots of attorneys over the years and I hate correcting their math calculations and typos. One $250 per hour attorney was going to cost me big $$ because he didn't know a nuance of the law that I knew. Shameful.

How much do you make as a real estate investor? If attorney fees alarm you, you are not doing real estate investing profitably and should probably change your techniques.

The owner should move in with them for a few days, unannounced, with her shot gun in hand, (blanks in the barrel) sit on the sofa mumbling, and every couple of hours after midnight let one of the shells off and shout " Get then Benny, get them, there ain't no place they can hide". And then walk over to the refrigerator and start rummaging through. Might lose a night's sleep, but I guarantee the squatters won't be sticking around. ;-0

@Steve Vaughan I understand the sentiment. Would you have been able to structure the deals differently at the time? I'm working on my first Multi Family in Dallas. Based on what you know now, how would you advise doing a 20 Unit apartment from a distance without Commercial lending? A certain portion as Seller Financing for sure, but how about the difference? Sell shares to investors?

@James Work The larger attorney firms that do foreclosures typically maintain a website on the current status of each property. Since there are several firms doing foreclosures, you probably want to look at each. I've lost track of the websites, but Northwest Trustee in Bellevue used to do the bulk of them. Look them up and call them and ask for their website.

@Niko L. Normally the bank auctions foreclosures on a "Special Warranty" Deed that says they don't know anything about the property so "don't call us if you have a problem". Most liens are wiped out in a foreclosure auction sale in Washington State, but some are not. Contact a real estate attorney for specifics.

@Account Closed Good info. How did you get your columns to format correctly? I tried, but I lose my formatting when I post. I have a comparison of two options I want to do a post side by side with.

@Roy N. Right. Isn't that half the economic power of Canada tho'?

"Nothing to see here, move along" ;-)

@Thomas Van Holder Congratulations. My experience is that 5 Bedrooms is harder to sell. Plus, the rooms are going to be tiny. An 1100 sq ft in most towns in the States would be 3 Bedrooms. I know Europe operates on smaller spaces but if you are near a University, simply want to cash flow the property, you could get away with 5 bedrooms with University students.

@Dustin Ruff Which city? All cities are on slightly if not entirely different cycles. San Francisco is totally different than Frisco Texas. But, I think the west coast will be hard hit in 2018 not because people don't want to buy houses, but because the Stock Market drop will spook buyers.

@Claudia Garay First figure out how much you are willing to lose on this one. Then figure out how much it will sell for once you have completely remodeled the property. What are current comps? A gutted home is far more $$$ to put back together again than it might seem. When you elevate a house, you also have to repair the roof and walls. The movement tends to crack things no matter how careful the movers. Don't forget you have to get permits and inspections. You probably have to worry about side sewer and drainage. Can you even get insurance on it once it is remodeled ? Do the homes around it have an unappealing nature that will deter buyers? Has black mold set in? I would think it needs new wiring and new plumbing. Maybe it needs new siding. Does the area have a reputation (In this case, definitely and it ain't so pretty.) Raising the building is a small part of the project. Maybe $20,000 ??