All Forum Posts by: Moises R Cosme

Arron, I am using RentRedi - super easy to set up and the money goes right to my account; I love it.

Harith, I suggest calling the town & asking them if they have contractors that they are used to working with... They will never endorse anyone, but the clerks work with contractors all of the time so they'll be able to point you in the right direction.  I hope this helps, if it does I would appreciate you giving my post a vote.  

DocuSign is easy & awesome; Adobe Acrobat also has ESign (its cheap, $15/month).  I hope this helps!!! 

Wouter, you should be able to put siding over the asbestos - this should satisfy your insurance company.  I hope this helps. 

Ian, If I ran across something like this I would not lease the unit.  That being said, if you decide to proceed I recommend the following:  (1) get 5 references & call them, (2) get their work information - call and verify employment, (3) request 60 days of bank statements and pay stubs - the bank statements will give you a lot of information about their cash flow.  If this helps, I would appreciate a vote.  I underwrite my own tenants as well, so feel free to message me if you think I can answer more questions... 

Makes sense. Try reaching out to a local real estate agent that deals with bank owner properties, REO Brokers typically work with contractors on bank owned properties. Most Agents will help you out because they anticipate they'll get business at some point in the future... REO Brokers are usually simple to spot, look on Auction.com or Hubzu.com filter for bank owned properties and the listing Agent will more than likely specialize in REO work (takes time to get banks to list properties with you & banks use the same Agents/Brokers over and over again). If this helps, I would appreciate a vote.

Alex, the very first thing to do is call the town & ask them what the code requirements are for a 4 unit; in most markets a 4 unit is commercial, which will change the fire safety requirements for the building.  Second, I recommend hiring an inspector - it will be worth the money, a report from a professional will help you get a handle on the condition of the building and negotiate price adjustments if you need them.  IF you are dealing with an Agent, ask them (in writing) (1) age of the roof, (2) age of the heating system, (3) are the heating systems split?  If not, which units have shared systems and how is the bill split? (4) does each unit have a separate electric and water meter?  Most likely they do, but you should ask and get the answer in writing.  The key things are the roof, the plumbing, the heat, the plumbing and the foundation.  

Highly, highly recommend hiring an inspector; I have completed hundreds of deals & I still have an inspector go through on potential purchases.  If this helps, I would appreciate a vote.  If I can help further, feel free to message me. Congrats & good luck!!! 

Try Homeadvisor...  A little cheesy, but you will get names, numbers local to you. 

Andres, I have always taken it slow with taking money from people; best thing is to ask him what he is looking to do.  It sounds like you have not identified what he wants - does he want to sell?  If so, can you buy?  Does he want to find something to flip, but doesn't have the time to look for deals?  In that case you could invest the time and find a deal for him and work on the deal with him.  Starting out in this fashion will allow you both to develop trust, which, is the key thing when it comes to money...  If this helps, I would appreciate a vote!!!  Feel free to message me if you have more questions, I have been on both sides - borrowing & lending money. 

Steven, check out:  Michael Lantrip's books on Amazon, his books are super informative and incredibly simple to read.  In general you will be taxed on income earned on the rental and you can deduct interest paid on the mortgage.  If this post is helpful, I would appreciate a vote.