All Forum Posts by: Matt Lord

@Anthony Dooley

So it’s been exactly 1 year since this post! Lol. I purchased several C class properties this year. All’s good except for 1 dirtball tenant issue. Your reply is spot on. We must be in very similar markets. Here’s to a lucrative 2021!

Planning to look at a property in a town where I have other rentals. Long story short, the current owner recently purchased this property at a tax sale 2 months ago. Seller claims it’s a clean title, a new title search will be done regardless. My issue is that I don’t believe I’ll be able to get title insurance on this place for 12 months after the auction date. So I’ve got 10 months left. That’s 10 months of pretty high risk to me. Granted, this is a cheaper C class property, so it’s not like having 100,000 on the line. But still, I’d hate to purchase it, rehab it and potentially lose it due to the “Right of redemption” or some other law.

So I guess my question is this? Is it true I can’t get title insurance for 12 months?

How risky is not having it in a situation like this? How often are title insurance policies actually used anyway?

Can’t be certain, but looks like the plaster is coming loose. Very easy fix. Unless you have drywall in that house, then it could be just a broken sheet. Could also be a structural issue with the stairs but I’d say that’s less likely.

try Cozy, tellus, or neighborly, etc and pay the cost yourself. See what happens.

Anyone here from the Skook or surrounding coal region? Looking to network with some other local landlords/investors. Anyone know of a RE group in the area?

I purchased a rental back in September in my personal name. I'd like to move ownership into a new LLC. I spoke to the title company and she said I'd have to pay the full 2% transfer tax and there's no way around that.

I was hoping I could sell it to the LLC for $1 or do a quit claim deed or something similar, but she says no. Any idea on how to cheaply more the title around? This is in PA btw. Thanks

@Russell Brazil I agree. I haven't gone out of my way to search for an agent per se. I simply contacted the listing agent on a few properties I wanted to see. Seems my area is overly saturated with part time "agents" or half wits. I sort of assumed that an agent is an agent but I've realized through this that there's good and bad, just like with any other trade. My first investment deal was a FSBO. In fact out of the 7 properties I've bought and sold in my life, 6 were all private deals with no realtor. Those were much simpler. Hopefully I find a good agent that can come to me with deals rather than me having to find the deals and have the agent unlock the door.

@Bjorn Ahlblad

Can you explain this further? I haven’t heard of it

I did not enter into an agreement with her. She only mentioned her fee after I told her I was ready to make some offers. I told her I wasn’t willing to pay that since we had not worked together on anything yet. She screwed around with saying she’d get them waived for 2 days then came back to me saying she’d absorb it on this first deal if I signed with her for the next 12 months. I again declined saying we have t worked together yet. She said if I was unhappy with her then I could just “fire her”. Which pretty much defeats the entire purpose of signing her agreement in the first place. So I told her I’d be moving on without her.

I wasn’t too impressed with her to begin with. I understand paying a realtor for their services especially if they’re a great agent. This particular time all this agent did was unlock the doors to the properties I wanted to see. She didn’t have any sellers disclosures, or any information other than what I knew from trulia. Had a hard time explaining the micro-market and the specific area, etc. far from the superstar agent she made herself out to be.

I’m on my fifth agent in 3 months. One up and quit his broker halfway through an offer which never ended up being submitted. One simply never answered her phone or emails, one guy was trying to work a deal as a dual agent that didn’t go through and wasn’t interested in working with an investor after that one deal, then it was this woman I wasn’t too found of. I believe I’ve found one who is at least competent and knows his area. Meeting with him tomorrow so fingers crossed. Thanks for the advice

@Jon Crosby wow that’s awesome. I didn’t even know there was a file sharing section. That’ll be a huge help