All Forum Posts by: Sergio B.

If C has escrow monies and fails to close , wouldn't C lose it?

I started learning the very very basics from a friend who is a Realtor when I purchased my first condo in 2001.......For an absolute beginner , a trusted Realtor can show you how to search for properties, comps ,present an offer, inspection, escrow and so on......all the way to closing.However, as @Will Barnard says (an he is an expert ) the purchasing of an investment property implies other factors. Again, BP, Read, and Network is my humble suggestion.

If you never bought a house or condo before, then you need a Realtor to hold your hand from start to ending , start reading BP , and buy any book about purchasing a house, in one word, educate yourself .

I dont read anywhere the lien is from HOA ? Is there equitity ? Wholesale might be your bet!

After buying my first investment property (SFH) using a LLC at the beggining of the year I can give you 3 main CONS :

- Insurance the House is more expensive.
- Permits from the county to do any modifications need to be pulled by a contractor, making repairs more expensive ( Down here a homeowner can be its own general contractor and use subs to do the actual work). Not possible if property is owned by LLC
- Banks won't lend you against the property ( Mine is valued around $85k free and clear and 95% of the banks i went to were not able to lend me, as soon as they saw it was under a newly formed LLC) Not the case if the property is under your name.

- If the property has liens because of violation codes, the county can give you an amnesty if you fix them , only if is NOT under a corporation or LLC.

I yet need to see a PRO....each personal case is different,I do this part time.....while holding a full time job... let us know what the lawyer says. In my case the second property I am looking for will NOT be under a LLC.

I was looking at a property down in Miami Dade with the same issue. I wnt to the city and the county officer told me those a 10K lien goes to 500 after the violation has been corrected. Important down here that only works if you buy under your name (NOT an LCC or Corp) , good luck!!

Pay to run the comps? Yeah right....and be out of money really fast with the amount of comps you have to run to get a good deal.

I am looking for my second deal now, and have developed a relationship with a local Realtor since my first deal that we closed together.

She setup a search with my criteria, that's the only extend i use the MSL for.

I will only contact her to present the offers, if the listing agent does not want to work directly with me .

I see the properties on my own, from the listings from redfin, hubzu , auction.com. or I call the listing agent directly.

After this deal goes trough , I'll ask her about getting and Unlicensed Assistant password, I hinted to her before but I'll push harder this time!

I was the highest bidder for 48K, but I have room up tp 52 I'll say. Comps on this area are around 70 - 80K. Property needs work around 10K. Looking to hold, If it goes OK, I can rent it out and have a nice flow.