All Forum Posts by: Lakshay G.

an off market deal kind of worked out for me yesterday. We set and agreed on a property on a handshake with the property owner. How can I solidify this deal and make it mine in case the seller goes to someone else? Do I draft some sort of a letter and pay the property owner some money? I was only looking listed properties but this pleasant deal came through and now I don't have my guns loaded for this situation. This situation is kind of forcing me to become a wholesaler and I so don't have any experience with that. All suggestions are highly appreciated.

It'll cost me money to start settlement process with attorney's office and what if the owner backs out after 2 weeks?

thank you guys!

Understood. Thank you for explaining @Ari Bachrach

Should I stay away from properties for buy and hold that has ground rent? Should any warning lights be going off or it "really" doesn't matter? It's not about how much the ground rent is, my concern is whether I should ignore the deal or not. 

Thanks in advance 

thank you @Tyler Sterns

Do you have any personal expert opinion as far as staying away from them for investments (buy and hold) properties or it kinda doesn't matter?

Great responses here. So currently I am making an offer on a property that does have ground rent. I am unsure what term "redeem the rent" means. Do I have to pay the ground rent monthly or yearly? Does it go up every year? Can I "buy" the ground and stop sending ground rent to whoever I'll need to sell to? thanks in advance.

Hello there,

I am currently actively hunting for my first rental property in Anne Arundel county and Prince George's county. Along with this, what I would love to do is partner up with someone who is already in real estate business and applying flip and/or buy and hold strategy. Instead of asking for favors, what I am asking for is a real estate investor who is in need of a W2 partner and would share work responsibilities with me. Feel free to message me here at bigger pockets or at [email protected]

Thanks @Malcolm Lawson for the great tip. I have that in mind for my parents as well, not quite there just yet!

thank you @Christopher Phillips  

I am ready to start my journey in real estate in buy and hold field. My wife and I live in a house that my parents own and pay them money for the mortgage (not calling it rent as my parents aren't profiting from me). He has another house that he lives in and owns. After speaking with a bank lender and getting pre-approved (great credit score as well as income to debt ratio), he says that he hasn't helped one investor in his 20 years that don't own a house for primary residence and look for rental properties and my case is very different. After explaining him my situation, he "recommends" that my parents should add me in their deed for the house that I reside in and after few months, I should refinance and remove my parents' name from the deed so that only my name would be on the "new" loan. This way, he says I will get tax benefits (writing off interest paid and then some more) from investment properties because I own my primary residence. My caveat is, aren't my parents getting tax write offs on their investment property (that I live in)? I am very close to my parents and unless until I know we will benefit majorly by going through this name changes on the deed/refinance. It doesn't quite matter to me whether I collect tax benefits or my parents.

So the question is, should I leave my rental condition as is and invest in Rental properties worry free or should I try to "own" my primary residence?

Thanks in advance everyone.

My goal is own at least 1 rental property within next 6-8 weeks (Anne arundel county, prince george county area).