All Forum Posts by: Naveen Desai

Hello,
I just bid and won an 2 auction properties today morning in FL. The catch is since these were auctions, I have to complete the paper work very quickly. I want to setup an LLC and give that entity name to the escrow company for all paperwork. I will any case buy the properties either in my name or the LLC. But having the contract made to LLC would be the best option.
If I cannot do that in time, how easy would it be to transfer these properties in the new LLC I will form this coming week?

Thanks for responses.

Not sure which Forum this topic fits in, therefor adding it under buying, selling.

I have a really good deal that I am offered to buy a lot, zoned currently as commercial. It is a small place north of Dallas, TX ( mentioning this, so get to know the weather conditions and land, precipitation etc).
This lot had a pool earlier and now filled up. There are also trees around the lot, which states that if I plan to cut it, I have to plant new, which is fine because I can add it to cost. However the big thing that I want to know is, would it be a good idea to buy the land, that had a swimming pool on it it before and is now filled up. Also that being commercial, I plan construct a building to make it a convenience store and offices on 2nd floor. Tips will be helpful.

Thanks,

Hi,
Check if the city utilities are near to the property and if not near, how far are they, what it costs to pull them to your place and the cost to assess if it is within your budget range and falls into your plan.
Also go online and analyze the liens/dues on the property and all encumberances are clear.

@Justin Silverio : Have done some flips locally when I was in CA. Just moved to MA about a month ago. But here in NE region, the prices are way up like in CA. Niether of these 2 areas are now in my budget range. Also I am now turning away from flips to be holding the properties this year onwards.

Hi Ryan,
Thanks for valuable insights. It is 55xx block.
Anyways, I think I will hold off on this and rather target a flip here in local MA market.

N/-,.

Thank you everyone for your awesome response and guidelines.

Between this is a property being sold on eBay and sounded like an awesome deal. Again, I may never go to this property. The idea is to have a property management company manage it for me.

The other info about this property is South side Chicago street.

It is in S Throop street.

Anybody from around there, tips about if this can be rented out in that area?

Based on the property price to rent ratio in that region, the whole ROI is within a year. So.............

Hello,
I am planning to buy a property directly from the seller.
He says he will record the deed at the county office for me
on the same day of closing the deal. What are all the paperwork I have to get on buying the property.

He says that there is a due of $1200 for year 2012 which I have to pay.
How do I go about finding this is the only dues involved?

I have not seen the property and the home is winterized & I do not plan to
get utilities for the house till I find a renter. Is that OK, or should I get utilities
switched on as soon as I own it.

Thanks,
N/-,.

Hello,
It also depends on the interest the bank would charge and I believe you know all the specifics of the Flip. There will be closing costs and fees that they charge and early closing penalty if any that you may have to consider. And there is realtor fees if you list through them.
After all this, if you get the right price, it looks like a decent deal. For the down money you put you still have a nice profit.

Just that since you say its your first rehab, make sure how and what you will with the profit money when you get it. There may be capital gains taxes. Look into 1031 exchanges, read up / ask about to people if you already dont know.
All the best.

Thank you everyone, who wrote on this.
So looks like it does make sense to work with Bird Dog, however how do you know how effective they are? Licensed brokers and agents have websites, and get reviews and stuff. Anything like that for people that does Bird dog.
Also where/how do you find one in a new Area you get into?

Thanks.

@Bill- Wow, thanks for letting me know that short sale cannot be rented back to the seller.