All Forum Posts by: Rich Baer

@Greg Leach

At some point relatively soon, economic and political forces will combine to put a chill on the buying public. If you are buying a rental you want to avoid being upside down with your financing when prices start to come down. Buy smart and finance wisely. You want to be able to sleep at night and have enough funds to pick up better deals down the road. Don't overpay just because everyone else claims to be making a fortune.

@Mauricio Ramirez

In Maryland, if there is a flake of lead you can be sued whether you knew about it or not. I am not sure what the standard of care is in Texas. Consult your Lawyer for that advice.

@Mauricio Ramirez

I am looking at it mostly from a legal perspective. In Maryland, lead paint lawsuits are rampant and I would never by a house with tenants if it was not lead free. I had a colleague buy a house with existing tenants at tax sale and they won a lead paint suit against him for $3,000,000 even though he did not place them there and he had never been in the house. Other things that could bite you are mold issues and of course repairs that you did not foresee. If you can, you should have the house inspected. Feel free to PM me for a follow up.

@Ash Patel

First, these questions should be answered by an Attorney in your area who specializes in liquor licenses. There are business lawyers who actually practice in that area area of law. Secondly, after you purchase the license, you would normally have to be approved by the Liquor Board before it becomes official. If approved the license stays in your name until you sell it. Your other more specific questions should be asked when you sit down with the Lawyer. I hope that helps.

@Anthony Mellone jr

As a Title Attorney, I highly recommend that you don't do it yourself. Anyone can gather information. It's how you properly interpret it and the legal ramifications of what you find. Any error you make could costs you big time. This is the one area you don't want to cut costs.

@Larry Hoekstra

When I win a Hubzu auction, I get a certified check for the deposit amount in the name of my local Attorney who will be doing the settlement. This needs to be done immediately. He emails a copy of it to Hubzu to show that it is now in his escrow account. Thats all you need to do. I don't think a credit card is allowable. Remember, when they email you the winning contract to write in your local Attorney as the closing person.

@Peter G.

A welcoming gift? That's a good one. You are running a bottom line business. The more personalized you make the Landlord-Tenant relationship the more the tenant will feel he/she has the upper hand. Keep it anonymous if you can.

I would be honored to be your first. There are no other major costs. Just your standard settlement fees. Just keep your settlement local. Let your Attorney set everything up.

@Paul Harb

Today most development projects are owned by a Corporation or LLC. You and your partners need to talk to an Attorney or CPA. At the very least, go on Youtube and learn about the different kinds of entities that real estate people have to choose from. You don't want to set it up as a joint tenancy. In that case if one partner, dies the other becomes the sole owner.

@Larry Hoekstra

Hubzu is the much better auction site. There are deals there and they do lower their reserve prices over time. As far as costs, if you are referring to repair costs, you have to estimate the worst case scenario. Finally, if you are the winning bidder, as I have stated many times here, when they send you the contract you fill in that you are having your local Attorney/settlement company do the settlement and the title search (as opposed to Hubzu). That way you are assured of good title. If anything pops up it has to be cleared before you settle.