All Forum Posts by: George P.

Good afternoon

I am going to carry a note on an investment property.

Its short term (3 or 5 yrs), high % (10-12), but rather small amount (9-10k).

The guy puts down about 40 % of the selling price.

Now to the question - whats the best way to check his credit? Not so much to see what's on it, but to have it on record in case I ever need to go after him in case of non-payment.

Thank you in advance!!!

ehhh just what I thought....

thanks Ned and Dave

I had a no-pet policy  but then a prospective tenant inquired about their 20 lb 10+ y.o. dog. They checked out perfect and I changed my mind (policy?) while collecting $200 non-refundable deposit plus $25 extra "pet" rent/month.

Keep in mind, that pet owners are facing less choices while looking for an apartment vs. non-pet owners. So you get exposure to larger group of prospective tenants.

You might want to implement "pets on case by case basis" policy and decide based on the pet (rn background on people first :). Pet-owners are not a protected class (yet?)

Good day y'all

Here is the scenario.....

I bought a tax lien in 2011, almost three years later I have obtained the judgement on the property and eventually the deed will be recorded into my name. 

Q: Can I sell this property and 1031 it into a rental in a nicer area? 

My holding periods are as follows: tax lien - appx 3 years, property itself - a few months.

My original intent was to invest in the tax lien and collect interest. I do not want to hold this property. I hope to get rid of this property and avoid paying short-term capital gain by rolling it into a property in a desired area.

Thank you in advance

i can't do it myself cause I can't put my 24-footer on the sedan. Hence I need to hire someone.

say you needed someone to bring a ladder and shut the window on the second story from the outside. The property is in the inner city.

How much would you offer to pay for this gig ?

just curious.

thanks

Here are the details....

Tax lien itself is $3,000. Plus attorney fees to date (another $2,000) which includes all legal, professional, advertising fees etc accumulated to date.
*****Important - You do not pay any premium on the tax lien amount or on attorney fees.******

You step into investor's shoes - meaning that if/when the owner redeems, you get your investment back ($3,000, collect 18% interest on original tax lien and get reimbursed on attorney fees. If the owner does not redeem - too bad, you get the property.

Let me know if you have any questions about this deal or tax lien investing in general.
Have to sell to free up some money for another project...

Please point me in the right direction if I am in the wrong thread....... To elaborate:

Karen - I thought SS checks are only done through direct deposit these days?

Peter - a few things...

First - let's assume you rent it out for three years, then put the house on the market, it'll then be anywhere from 2 to 12 months before it sells. Your "two out of five" goes out the window (2 years primary residence+3 years rental+time to sell). Perhaps you gonna have to rent it for two years and then have it listed. This way you're going to have a full year to sell/close.

Second - your property taxes might go up because it won't be your primary residence any longer - check with your municipality/state on this issue.

Third - it'll cost you $$$ to clean/ spruce up the place before listing it (even if your tenants doesn't trash the place which could also happen).

....