All Forum Posts by: Pat Klug

I suggest getting on a successful real estate team to begin with.  You can be the buyer's agent, learn the ropes and learn all of the pitfalls along the way, but your team leader will advise on how to resolve any issues that come up.

Thanks for sharing your inspirational journey.  Great info!  Wishing you continued success.

Hi Shin,

I would check out the "Landlord-Tenant Laws" on your state's website after you first check to see if it's addressed in the lease.  You can also research the ADA laws for commercial properties.  Good luck!

Pat

Hi Mark,

Personally, it sounds like this is a lot to take on after getting out of debt. First of all, will you have money to cover the mortgage when vacancies occur or when repairs are needed? Are you aware that FHA loans have upfront funding fees, higher interest rates and MIP payments for the life on the loan? I suggest talking with a lender to make sure you understand everything that's involved.

Secondly, if your wife is against this from the start, chances are she will be miserable and blame every little that goes wrong or irritates her on YOU!  There are many other ways to build up your portfolio and you and your partner need to be on the same team.  There is an article somewhere on this site about "Why you should not house hack."  Check it out.

I wish you the best!

Pat

Some states provide lists online.  Others only publish them in the paper.  In Maryland, the Register of Wills must publish the name and address of whomever was appointed Executor of the Will.  I target the ones who aren't local, but I am just starting to mail to them.  I would be interested in knowing what information others have used and sent to their virtual assistants to create spreadsheets and mailing lists.

best regards,

Pat Klug

Hi Michael,

You have a couple of options:

1.  Look up the state tax record for the property.  It will list the property address, as well as the owner's mailing address.

2.  Ask a Realtor to print a list of owners' mailing addresses vs. property addresses. (offer to pay for this information.)

3.  Buy a list of Absentee Owners from listsource, datatree, etc.

I hope that helps!

Pat Klug

Below is info I found on a lawyer's  website:

Property is Being Sold Subject to HUD Guidelines 24 CFR 206.125

This property is a Fannie Mae Reverse Mortgage REO.

The code above allows an heir to purchase the property at 95% of the listed price.

Other stipulations of this type of property include:

• Property cannot be sold below appraised value (LIST PRICE)
• No mediation
• No electronic signatures
• No repairs, “AS IS AT TIME OF CLOSING”
• No buyer closing costs paid by seller are allowed on the HUD
• Buyer pays HOA Doc & Transfer Fee
• No utilities are on. Buyer can pay to have them on for inspection
• No agent transaction fees allowed on the HUD, regardless if the Buyer is paying
• Seller will pay Seller’s closing costs and provide buyer with $29.95 PDQ Hazard Report
• Any realty transfer taxes due will be the sole responsibility of the purchaser
• Seller will bring taxes and HOA current through closing
• 10% deposit on cash offers (Cashier’s Check)
• $1,000 minimum deposit on financed offers (Cashier’s Check)
• 60 day MINIMUM escrow period. Could be longer if title is not clear. If we can close sooner, we will.
• Offers that Do Not meet these Guidelines will be REJECTED
• Homepath financing is not available on these properties
• Properties sold in “AS IS” condition at time of closing
• PLEASE US BUYER’S LEGAL NAMES, WHAT IT SHOWS ON DRIVERS LICENSE
• If LLC, will need stamped articles of incorporation pages
• Buyer will need to pay $100 in order for utilities to be activated for inspections, or Selling agent may turn on utilities at Buyer’s expense with permission

Find even more information Here

Let's have a meetup within a meetup, since this is already scheduled.  Sorry for late notice!

Details

We all get it - "Analysis Paralysis", where we just can't move forward, because we are stuck in the loop of over-analysing the project. Come out to Real Estate Topic Tuesday on April 10th for some powerful tips on how to limit the Adversity of "Analysis Paralysis" and Press Go on Success.

See you at Union Jacks in Annapolis, 6:00 pm sharp for great networking followed by the Presentation and then, more great networking.

Don't forget to register at www.PressGoManagement.com/Events.html or right here on the Meetup site.

Hi Dylan,

I am interested in the house and property manager.   I need more numbers to analyze it. I will get my proof of funds to you.  Thanks,

Pat K.

[email protected]

443-286-3969

Hi Lillie,

How much the TAXES and HOA?

Thanks,

Pat K.