All Forum Posts by: Philip Williams

@Kareem Lyons Well as with any article it is simply someone's opinion, I'll give you mine for what it's worth. I believe house flipping will always be in existence as long as there are deals to be found. Seeing as a subset of the population will always neglect property, not budget for expenses and inevitably fall on hard times I cannot imagine there will be no deals to be found. 

The best way is perhaps.......not to discriminate???

Just make sure you have plenty of cash reserves for when you inevitably have to sell this property at a loss in 18-24 months. This is going to be a disaster highly experienced investors couldn't pull this off, being tough having an open carry none of that is going to make F tenants work out. 

At this point in time you should go ahead with your 30 day notice and if they don't leave proceed with eviction. In the Future however you should probably think about a property manager, it seems your not quite sure how to handle screening and evictions quite yet and this could end up costing you much more than the 8% or whatever they charge in your area. 

@NA Smith Please Please I beg of you do not rent to the previous owners.....How in the world would they qualify it's already very obvious THEY DO NOT PAY THERE BILLS! Ok now that we got through that, search out threads of people doing this it almost never ends up going well. If they had money they would have just paid the bills themselves. It's much better to go with your polite but direct letter with a very specific timeline. If that is not met to the letter you need to start the eviction process immediately. Like if they are an hour past the time go file for eviction otherwise you will be on here in 3 months writing a post entitled I bought a property 3 months ago at a tax sale and I still haven't gotten possession. 

Hey you can't evict but you can not renew one of the current leases. The lease is still valid regardless of if the building sells or not. The best option would be if one of the tenants is on a month to month then you could just give one 30 day notice. Have you gotten a hold of the leases yet?

Hey since we don't know what type of auction it is i'll just give some general knowledge. I'm assuming it is some type of foreclosure auction? When I win at a foreclosure auction the first thing is getting a hold of the law firm handling the foreclosure. I politely ask for the soonest court date possible sometimes they accommodate sometimes they do not but it never hurts to ask. Second assuming they have scheduled it and told you make sure you are free for the court date. I'm always surprised how few investors show up to court after winning a foreclosure auction. The default is to give the home owner 30 days to vacant even if the property is empty and they do not request 30 days. Since obviously we have to deal with the 90 day flip rule and also time is money we want possession of the property ASAP! I then prepare a motion for immediate possession, I should note this is only for vacant properties, if they are occupied you cannot do this. Ok back to the next step lol, I prepare a motion for immediate possession and attach an affidavit supporting it. The affidavit is basically saying how I know it's vacant, I called the city utilities were shut off on such and such a day, I checked with the post office they stopped delivering mail, I saw a moving truck on this date at noon you get the drift. After that the property should be yours and much quicker then average! 

FINAL STEP 

sell for a huge profit and get a big bag of money!

Is neither an option lol, I see why people go with turnkey operations when they have rents that minimal. For example to get to your 1600 in rents in my area I could just buy two single families for say 70k ea and rent them for 800ea which is actually a little low I could easily just get 900 but say you use that extra hundred for property management. I really think unless you are looking for appreciation you need to find a new market......

Just be sure to provide a link when she (you) get caught for mortgage fraud because she (you) seem 100% intent on doing so, against the advise of.......every single person who has commented. 

What kind of auction are you referring to? The only ones that I know that allow financing are the local county tax sales. They give you 90 days to pay for anything you buy at auction, those are only held every few years. The daily or even weekly ones we go to you have 24 hours to pay the remaining balance so there wouldn't be time for financing.