All Forum Posts by: Terri Lewis

I know when I was thinking of the standard $2k. That wouldn't be much compared to the amount of rent they should have been paying. Not sure if what you paid is because of the size house or a fantastic location. If it's due to the size, then there's potentially a lot of furniture. To do an eviction along with moving personals to a storage facility, the costs could really get up there. If a trash out is needed there goes more costs. 

We did an eviction on a hoarder property. It filled 2 of the largest storage units up to the ceiling and all the way to the door. The guys had them stacked tight! This was a 1500 sq ft SFR.

Another one, the owners took all the furniture, but we still filled (3) 40 cyds dumpsters. 

What fun we can have. lol

I bet your anxious to see how it looks. If the place is in good shape but dated? If it's just going to need a light rehab or if several areas will need a totally reno. I know I'm anxious to hear about it.

I see by your profile your a very experienced Realtor @Mark Ferguson. We've handled cash for keys for clients and no they are not all the same or easy. No amount of money works for those that are attached or those who think they have a right to stay. Those seem to turn into evictions as you are well aware of. Sometimes a very costly avenue.

Well good luck, I'll be interested in how it works out. 

I agree with @Charlie DiLisio Cash for keys is a great way to encourage the tenant to vacate and not do damage. You can also get them to follow a simple outline as to what you expect out of them for the amount you are offering them. This can help them possibly get another place for them, and a place they can take their belongings to. 

Welcome to the BP community @Scott Pafford. Rehabbing can be very rewarding in itself. Seeing a property transform, besides the income from it, is definitely a pleasure. In most projects you can run into unknown issues that might not have been visible. How costly these are, and how they can be handled, is the part that can get frustrating.

Starting out I would suggest simple rehabs of paint and carpet to start. Maybe some landscaping added in. Finding some good sub contractors for special portions of a rehab is a good idea. Making those contacts and checking them out so you have them when you need something done that requires a little more expertise would be something you could do to be ready. Check them out thoroughly as they may say they can but only have an idea of what they need to do. Lots of contractors say they know how but if they've never really done that specific task, and just need the income from doing it, could cause you a lot of grief. 

Also turn around time will be of importance. If you have a full time job and want to start with rehabbing, I would suggest you have someone lined up to help, like a spouse or a friend that is willing to help with the work, for a certain compensation amount. That way there will be at least 2 to do the work. 

Reading posts here on BP and watching the pod casts will help you learn a lot. Going to a local REIA group will give you some contacts and possibly a local mentor. You could also possibly fond and investor that might give you some rehab work.

I believe where you get the lists very from state and county. You might try checking into your local tax office and they might be able to get you a list. Or try looking into the gov pages for your area. Ususally they are listed also by the sheriffs office if the sale is held locally.

Welcome to BP

I'm not from the area but welcome to BP. The members here on BP can help you learn from anywhere. We JV'd with someone form a different country! Met some really great folks on BP that have helped guide us, and/or partner with us.

Read the posts. You can select the topics you are interested in and will be notified via email when the topic is discussed here on BP!

The Pod Casts can teach you a lot along with the reading the book: "BiggerPockets Ultimate Beginner's Guide" 

Go get em Tiger.

There are so many pro's and con's to filing. 

Just my opinion, but if your parents will work with you to allow you a little time to work things out with your creditors. I would work it out to pay off the debts. Some times you can cash out some of them for 10%. So potentially your debt could be around $2k not $20k. If you take one at a time and say this is the best you can do "will you take $ this and remove the derogatory remark from the credit reporting agencies?" I removed $500k in less than 2 years this way. Those were mostly business debts years ago in a different industry, but it works on personal too. 

It is sometimes very difficult to live with your parents at your age and to do what you need to do, by also showing them you are sincere and dedicated to doing the right things to get yourself out of debt. This will really be a very short time in your life of sucking it up and staying on a good path. The BK will always be there, even after the seven years. I'm all for education too, but right at this time you might want to reconsider what you need to do at this moment to get yourself straightened around. 

Wholesaling for you should be relatively easy. It's the steps that you need to take to get some deals under your belt. The first of anything you will do in life can be difficult. After you do a few deals it will become easier. Estimating a deal and the rehab will get you further in this field. You could also add that you could do the work for the investor looking at buying your deal. 

GO to your local REIA meeting and you might find part time work rehabbing for an investor. They might even take you under their wings and help direct you in your REI career. Network here on BP and learn all you can about the market you want to be in. You might find investors that would love to help you and give you work that you can do. A win win situation. Network, network, get yourself out there.

Welcome @Brandon Brown to BP. @Linval T. listed in his fantastic post, there are many areas in BP that can help you advance your knowledge and grow your REI business.

Welcome to BP

Welcome to BP. I see your already finding a lot of local help. There is so much here on BP to learn from.