All Forum Posts by: Calvin N.

Depending on how her contract is worded the landlord can probably find "something" to charge her for after 3 years that would not be considered normal wear and tear. Carpet cleaning is usually a common thing. Does she have a move in checklist that she and the owner went through when she moved in, noting all dings in the walls, stains on carpet, etc? Have her look through her contract and what it says specifically about the deposit and getting it refunded. Maybe that will clear it up. Best of luck.

I have purchased 3 rental units and one SFH for rehabbing using a small local bank for those loans. I am not looking at a group of small rental houses, 14 of them, for possible purchase. The bank I have been working with is not interested in this loan. The asking purchase price is 400K for all 14 houses. I am sure there is some room for negotiation. What type loan should I be looking for and what are the typical (if there is such a thing) fees involoved? I am very familiar with residential just need to know what to expect with a commercial loan. Thanks!

Are they behind in their payments? Is the house listed for sale? May not be a short sale candidate since it is worth more than what they owe on it. Just by your numbers it comes to 215, not 205. Is the 250 ARV based on comps, an apprasial or your own best guess? Post some more info and you will get some good answers here.

What was the purchase price you paid compared to the comps in the area? Did it you get it at or below the recommended 70% ARV? It sounds like you have not done any repairs yet so it will probably be difficult to sell it until the repairs are made. Possibly, you could sell it wholesale to another investor if you got it at a great price. You exposure is better listed on the MLS, which is easiest with a realtor involved. Let us know some more details.

John, Welcome to the site and you didn't violate any rules by posting here. Did the $2000 include just title insurance or all closing costs? It sounds like they may be willing to pay up to $2000 of the closing costs. Best of luck and let us know how it works out.

It is an auction to pay off the bad debt from the previous owner. You are bidding on the actual property.

Have you gotten any comps? What are the price ranges on those? You obviously have experience with doing the work yourself if you will get all of this done for 15K. That is a lot of repairs/improvements you are planning on making. Keep us posted on your progress.

What Justin said is correct. These are for back taxes. Georgia is a hybrid state in that you get a tax lien certificate but there is a redemption period of 12 months that the owner has a change to pay the back taxes and a 20% penalty on the taxes and any amount that was bid over the taxes owed. If the taxes owed are $500 and you bid and get it for that and the owner pays what is owed he will pay $500 plus the 20% penalty. You earn 20% on your money at the minimum and possible can get the property.

I agree completely, Jeremy! However, a company name is still something many want, not need. Besides, it looks good on a business card or your marketing material.

Your duplex has zoning weather you know it or not. Single family homes, owner occupied or rented out, are usually zoned residential. Mutli family homes, (duplexes, apartment complexes, etc.) may be zoned Residential - Multi-family. Check with your local building inspector and he can give you the details for your area.