All Forum Posts by: Linda M.

I have been going out looking at properties for a long time in order to start a real estate portfolio, I am what is called a lookie lou ,cause I haven't closed on anything , i have come close on one property ,went as far as an inspection which cost upwards of 500 dollars, it was a 4unit, and my r.e. agent has no get up and go,I give her addresses to view and no appointments are made.  This is what I mean by like minded people. The Real Estate Agent should have a general idea of the market and know the questions to ask about the property before wasting the time of buyer seller or agents, the lender should also know what your goals are and how to get the deal closed. I have wasted time and money that I should not have spent.An agent that cannot see the value or more or less do a market analysis to find out if it is worth the time dealing with a certain property. I am just frustrated with this whole process. I guess I just need to vent , I have had the desire to own rental property for a long while I purchased a condo in "94 and 16 years later a 2 unit both was for me to live in with my family but I want the rental property for the income so that I can retire with some passive income. I am not desperate but time is of the essence.

Found a property I like, it's a tri-plex and the basement is covered with mold from the outside ground level to the floor of the unit, also there is a huge tree in the back yard and the roots are all over the back yard ,no grass I suppose because of the roots and all the gutters are filled with stuff from the tree(s) 3 bedrooms upstairs and 2 in the basement nice size bedrooms too, question is Is this an up-hill battle ending in defeat or can this property be saved???? all around the house it looks as though if need to be sealed to keep the water out.

Thanks Nat....I've always heard that Banks are not in the Real Estate business but they seem to be the only (sellers ) listing property

When you find that the bank owns the property but it's not listed for sale, the neighbors  complain that the property is not secure, someone is going in at night , it looks like a forest in the back of the house so no one is caring for the property. What are the steps to take to buy the property from the bank?

So am I to understand that the owner is still involved in the sale of the property? 

I want to continue looking for property, and this first one was a very good learning experience especially now that I have the people at BP helping every step of the way.

I THANK ALL OF YOU FOR GETTING ME THRU THAT!!!

Hey Kevin I have already ask the attorney to send a letter saying I do not want to purchase the property and return my earnest money deposit. If you can believe this I gave them the earnest money check instead of a copy of the check ( something I will never do again) but the agent I am working with thought it was a good idea. I'll post how long it takes to get the check back.The inspection was costly but not as much cost if I had not had it.

Hey Kevin I have already ask the attorney to send a letter saying I do not want to purchase the property and return my earnest money deposit. If you can believe this I gave them the earnest money check instead of a copy of the check ( something I will never do again) but the agent I am working with thought it was a good idea. I'll post how long it takes to get the check back.The inspection was costly but not as much cost if I had not got it.

John K. when you ask about a property already with tenants , well I tell you what, you gotta ask questions to find out what is on there minds,I can tell you that the management is collecting rent one of the tenants paid the guy while we were doing the inspection

Well the inspection is complete today , it was postpone until today so I could get into each unit... there are major damages to the exterior of the property. bowing brick facing, roof replacing, electrical problems, furnace problems, termites, omg on and on and on,let alone the fact that all tenants claim they put up a  security deposit one claiming 2 months, There was so much but looking on the surface the place looked really good ,,When I was told about due diligence that was spot on, getting a professional inspection is worth it because I would not have known until it was to late and to late is after closing when I would own all of these problems

Thanks Edward! I agree, it's really great