All Forum Posts by: Ozzie Konar

I don't pay any utilities other than the garbage fee,which is $35\ month every quarter. 

@Josh Mitchell Thanks for your response.

Just to make sure I am clear on what you mean. So if I can only go up to 25% LTV and put 25% down (and yes it was required by my lender) then there wouldn't be anything to cash out since I will not have paid out more than 25% in months.

Would that be accurate? 

Hi; 

I just bought a 2 family home with the following numbers;  

Purchase price $70,000

Down payment 25% 

Total cash paid: $26,000

2 family home, both occupied. 

Rent collected : $1575

Total expenses (mortgage, utilities, taxes, vacancy, and repairs at 10%) : $810. 

I will manage the property myself

Net cashflow: $768

Cash on cash return: 35%

Do you think this was a good deal, being that I am new to real estate investing?

Thanks. 

Hi everyone;

I recently bought a 2 family investment home with 25% down payment. 

I am planning to buy 2 more properties in 2015. 

Will I be able to refinance this home, in 6 months for a cash out? 

Thanks

Hi Tom
You are right I had been quiet for a while. It is time to reflect on my experience with wholesaling up to this point.
Those three deals didn't work out. But I didn't stop pursuing wholesaling and at this point i did wholesale a total of 3 properties with profit. Of course this is not enough and not quite impressive, but I don't think I put enough time and energy into it to replace my current income doing wholesaling. Also I can say with confidence that the information on the structure of wholesaling is valid and they do really work if you apply them and be persistent.

Steve;

As usual, you hit the nail in the head. That was the information I was looking for. Thanks for taking time to give all those details.

I ended up attending the Judicial sale this week. It was a great experience to learn the ropes a little bit and network with investor in that county.

I had planned on bidding on 4 properties that i chose out of almost 300 i had personally looked at. but all 4 got sold for more than i could possibly pay for. but it was a lesson learned, and was definetly worth my time.

Hi all,
I am planning to attend a judicial sale in PA, and i printed out the property list and spent last weeking driving around to see how each house looks like.

I found a couple of possible opportunies, but alot of them are still occupied with tenants.

So my question is, how would I evict tenants after, let's say i buy one of those properties at auction??

Thanks

Hi all;

I was able to pull the repository property list of two of the counties in my area. So from what i understood these are the houses that are not sold at the Judicial sales and can be purchased by making an offer.

My question is;
Are these housses even worth looking into since they are not even sold in the Judicial sale?
So should I assume they should be in pretty bad condition with more than serious problems?
Are there any more risks with investing in these kind of properties than buying at Judicial sale?
How do I do a title search on the properties i select to put an offer to ?

Thanks all.

Darieal.
It is great to hear that I inspired you. I am flattered. I always believe that value of any principle learned is in its application. And that's what I am trying to do.

Steve;
I am not clear about the below paragraph from your earlier post. Could you elaborate on this please?

"Now, there have been issues in the past (many court decisions) where tax sales have been overturned. So it is quite common to have "quiet title" actions performed on any property purchased from the Tax Claim Bureau, in order to remove any claims a prior owner would have."

And also, yesterday I called 5 title companies in my area to see if they do assignment of contract. 4 out of 5 didnt even know what it was, i explained to them, they said they can't do. the 5th one was a lawyer, and he said he is capable of doing it, but won't do it since it's not worth his time. Any thoughts on this?

Steve;
You were 100% right. I found out that the county has a Tax Claim Bureau, and tax sales take place there. I found a PDF in their website explaining when the next tax sales will take place, where it is and the conditions of it.
It seems like in this county, there is no redemption period, tax liens are sold "FREE AND CLEAR of all tax and municipal
claims, mortgages, liens, charges and estates of whatsoever kind".

do you think it's a good idea for me to be there when the sale happens so i can talk to the buyers immediately about me wholesaling their properties, and also it will help me build my buyer's list?