All Forum Posts by: John D.

Congrats @Carlos Gutierrez  I'm following your thread and am also looking forward to hearing more about this!

Check out the below link for forum members selections.

Investing in duplexes, triplexes and quads is a title that may work for you.  Its on the below list.

https://www.biggerpockets.com/renewsblog/2013/04/1...

@Jason T.,

I can only speak for the counties I mentioned but I suspect most are the same.

If a property goes up for sale via auction but for whatever reason it is "stayed" or "continued", I believe this is a scenario in which you can hunt for the property owner and see if they are in a position to sell.  Those "stayed" and "continued" properties are usually situations that the lender is still trying to work a deal with the mortgagor.  If you talk with the property owner and you can come to an agreement with them to purchase the property outside of the auction process, that's great.  But you and/or the owner also need to get the bank on board to agree to whatever terms you and seller come up with.

I also think that if a property goes on the auction block...even if it doesn't get any bids...that by that time, you can only deal with the lender who "controls the process".

Hope that all makes sense!

 In the counties where I have gone to auctions (Northampton and Lehigh Counties), they are cash only. (Actually cashiers/certified checks...same thing)  One has to come up with 10% immediately after winning the auction and then the remaining cash balance within 20-30 days.  

Hope that helps!

 Nice.  Here I thought you found some sort of "environmentally friendly" short term loan!  ;)

+1 for what @Jeff B. said.

But why not ask for both.  I find that too much info is better in this biz than not enough.

Welcome to BP!!

@Jason Malabute

CMA- Comparative Market Analysis aka comps.

As for how you can go about getting leads..drive around the locations you are interested in and find properties that appear vacant, find out who owns the property (check county records for example) and mail them a letter or call them if you can find their number.  

It could be a bit more complex than that but you get the idea.  This is pretty much what wholesalers do.  You can either reach out to a wholesaler and tell them what you are looking for or do it yourself!!

Hope that helps.

Best of Luck!

Offer what you think its worth @Alex Shaughnessy.  Bank can accept, reject or counter.  $354K is reasonable.  I would probably offer $340K and see what kind of response I get.

Many conventional lenders won't entertain financing properties in LLCs. I've heard that some that have purchased investment properties in LLC's using hard/private money have not been able to refinance them through traditional banks.

You could look into umbrella insurance policies.

Hope this helps!

@Kevin Thomas Sealing up any entry points is the way to go.  @JD Martin hit the nail on the head.  Mice especially do not need much room to squeeze into.  Putting exterior rodent stations outside the home typically will help reduce the population as well.  

If you can, make sure the tenants keep the outside of the home free from garbage and debris as rodents get real comfortable in any type of junk really.

Trust me...be happy its rodents and not bedbugs.  You REALLY don't want to deal with them.

Good Luck!!