All Forum Posts by: Rodney Getsy

Contact attorney general's office or local da

Dusty, I too might be able to point you to a potential property. Email me at [email protected]

@Ricardo G: I have one you might be interested in. Email me: [email protected] for particulars.

Thanks. Good info

Gabe, congrats. Sounds like you are doing great research on your strategy.

I'd like to make a few comments. First I've been in RE since 2005 and have ignored all those letters and post cards on my rentals and other property until recently. I'm currently trying to unload my properties due to personal issues. So, I started to respond to some of those calls and also to some of the "I'll buy your home" websites. I already know from experience and education what to expect. However, what I haven't expected is no return phone calls and responses from their websites.

What I'm getting at is don't predetermine the outcome of those contacts and potential sellers, even if they are underwater. They already know that and possibly are looking for an out of their situation.

I'm wanting out of the landlord business in SA, TX and don't know the best way of doing it. I have few contacts in the area and have had issues with the property managers, etc. I don't want to owner finance them. What is the best way to deal with this issue. I thought about MLS, etc but want to liquidate as a package not single properties.

This is not meant to be a solicitation but some direction or contacts that might be of assistance.

Yep. I'm attempting to liquidate them as we speak.

@Rod Smith ,

It can be done. However, take your time and get trusted connections local to the area you want to invest in. I can tell you from experience many things can go wrong and your not in the area to correct it fast enough.

Incompetent or shady property managers that don't account for funds properly, use friends and family to do the handy man work which over charges, the list can go on. And your not there to check up on the work, etc. Major repairs, your stuck with who the p.m. uses / recommends.

Lot more I can say that has happened to me while absentee.

Definitely, find a partner that you can trust.

If I were to do it again, I wouldn't. I'm still trying to recover by liquidating my properties....

Caution. Verify everything and check on the wholesaler. I fell for a local wholesaler (I'll stop there) and have been suffering the bad results for years. Get your own FMV. Check out the local rents in that area. Who is going to be the property manager?

On paper sounds ok, but independently verify the numbers.

Best of luck!

You need to file the business 1065 before you file personal. The K -1 forms have a deadline to file. Seek assistance in understanding the business tax requirements for the IRS and possibly your state.