All Forum Posts by: Michael Lee

Hello, Everyone 

I came across a seller who is very interested in selling their piece of commercial land, I usually only deal in SFR or multi-family properties but what I would like to know is it tough to find investors who invest in commercial land? Any answers would help!!!

I am currently searching for investors who are interested in a multi-family duplex in the West Palm Beach area the current buyer recently fell out of escrow so if anyone is interested in taking a look at the deal don't hesitate to message I do have the lien search available everything is ready to go just looking for that perfect buyer who wants a good off market deal 

Hello, Everyone

I am looking for advice on a creative strategy here is my dilemma I am currently wholesaling a multi-family unit that has a few liens on it my buyer is ready to close early on the property but the liens and code violations must be brought into compliance in order to close.

However I find out the seller has no money readily available to bring the violations and liens back into compliance and they are asking to use the funds from the transaction to cover the liens and violations even going as far as asking to have the buyers funds be placed in escrow to pay the violations and liens before being distributed to the seller.

Has anyone had an experience like this before or can give some insight on how the liens and violations be brought up to compliance any advice would help

Thanks, 

Hello, Everyone 

I am looking for advice on a creative strategy here is my dilemma I am currently wholesaling a multi-family unit that has a few liens on it my buyer is ready to close early on the property but the liens and code violations must be brought into compliance in order to close. 

However I find out the seller has no money to bring the violations and liens back into compliance and they are asking to use the funds from the transaction to cover the liens and violations even going as far as asking to have the sellers funds be placed in escrow to pay the violations and liens before being distributed to the seller. 

Has anyone had an experience like this before or can give some insight on how the liens and violations be brought up to compliance any advice would help 

Thanks, 

Hello, Schaniya 

Well I think the first thing you should do is figure out what you want and what do you want REI to do for you, there are many roads you can take to enter the REI world you just have to choose which one you want to travel down first, for instance if you want to build reserves quickly maybe look into wholesaling or if you want to build passive income for yourself then purchasing a multi-family can be the route for building your portfolio. Only you know what you want for yourself so I would sit down and think about what you want and then you can structure a plan to get there

Hello, Richard 

First off condolences to your family it's always extremely tough to lose a family member. I would suggest doing a little market research in your area and try to get some concrete numbers on what the current rental market is for the home maybe calling a rental agent in the area to get an estimate, also getting some bids on the repairs that need to be done maybe it could more or less for the repairs. Also don't forget to factor in your expenses that come with managing a rental such as vacancy, repairs, cap ex etc. 

You want to be as thorough as you can especially if it's going to be supplementing income for your father, if your going to buy a small townhouse or condo that needs work you will want to do the same thing as well how much in repairs will it need how much of a down payment do you want to have etc. the numbers are very key in doing any real estate deal so make sure you try to be as accurate as you can in knowing how much it's going to cost in executing your plan 

Thanks, Michael 

Well it depends if you already have a criteria of what your buyers are looking for you can send this particular sale to only those buyers you know will be interested such as a group of buyers looking in a specific you can eliminate the rest of your buyers because you know they don't buy in that area thus increasing your chances of selling quickly 

Well it depends on the particular area you decide to invest in some areas are hotter than others at different times if you choose an area where the homes are on the market for 10 days or less then you would look to fix and sell more than a development project to take adavantage of the hot market and quicker returns but your in it for the long haul then a development project will suit you best by creating an opportunity for long term cash flow 

Hello, Muhammad 

I would suggest going to local REIA meetings in your area there are always representatives from title companies there looking to work with investors just tell them your new and looking for a title company to work with, ask other real estate investors which title companies they use, it's always better to find a title company at your local REIA or through a referral because they will be investor friendly and more understanding of what your trying to do.

You can also contact a few of your buyers from your buyers list and ask them who their title company is and introduce yourself most of the time your cash buyers will want to close with them anyway because they are familiar with them so it's better to establish a relationship with them as well 

You have to close with either a title company or a real estate attorney who can do closings to make sure all of the paperwork and the official transfer of the property takes places

Hello, Rebecca 

Just because the price for a property is super low doesn't automatically make it a good deal you always have to do your research and make sure the numbers work for you, if the numbers don't work then your stuck with a bad deal which would hinder your chances of getting a loan rather than help it. 

So find out everything you can about the property before such as liens, if you can get a look of the inside of the property, what it will be worth after you fix it up and how money is it going to take to fix it etc.