All Forum Posts by: Sheri Ulm

I would need more information before I could come up with a price. Where is the home located? How much will the repairs cost?...this can vary considerably depending on the market and who is doing the work,. What are comparable homes selling for? These would be my beginning questions.

I'm pretty sure I wouldn't want to live in any of my rentals because of the location but I can't say for certain since I've never been there.

In my area with just these numbers I wouldn't pay more then 8-10k minus repairs depending on of I was paying cash or the seller was financing.

@ Jeremy Davis @ Nate M

I'm not sure if the automatic renewal is illegal or not but on my Ohio rentals my manager wrote up the leases and they automatically convert to month-to-month if a new lease isn't signed and no notice is given to move.

Being as they have already done some damage and are not being cooperative I would give them a quit notice.

Thank you @Chris Martin. That is what I thought but was looking for confirmation and the links you shared provided that. And I am done with that attorney!

Welcome to BP!

Just to clarify I would be getting a title/lien search just not doing a full fledged closing at the title company.

Taking a survey and looking for opinions/advice....

I'm curious to know how many of you have done a cash for deed deal or would if you had the opportunity and why or why not?

I have a seller that I have a verbal offer with and I'm writing up the contact this weekend. The house is under 3k (not a typo). The seller is willing to go thru a title company. But at this low of a price is it worth it to spend the extra money? Or would just giving him cash and having him sign the deed (quit claim) be ok? I know a title company in the area that for $200 will do a lien check going back 25 years from when the seller acquired title. I am thinking about just doing this to make sure no liens pop up and I will check with the water company etc to ensure no outstanding bills.

Thanks for any input!

@Zoran M. It depends. Honestly, I've never been to Ohio and the first two I relied on the seller, a wing and a prayer and got lucky they were in decent areas. Now I rely on my partner out there to direct me to the good/decent areas and away from the war zones. I have in the North Heights area and another in the city of Campbell. I'm currently buying one that is in the Buckeye Plat area.

I love watching Shark Tank and have the utmost respect for all the investors on the show. With the enormous wealth they have they must be doing something right. However, if your going to talk real estate the "Shark" I would talk to is Barbara Corcoran...she is a real estate mogul that turned $1000 into a multi-million dollar real estate firm before venturing into other business investments.

Having said that...I think it is always a good time to invest in real estate. If you are finding good deals and can pay cash or use a form of creative financing that allows you to generate cash flow every month without relying on future apprieciation then the risk is lowered and you shouldn't fall victim to high interest rates etc... I'm sure there are a few investors here who wholesale or buy for something other then buy and hold that would agree a deal is a deal in any market. And most investors find the 'worst' times in real estate can be the most profitable as an investor. Just my humble opinion

@Ben Leybovich

Yes the weather here is much better but the real estate prices are outrageous. I buy 5-20k homes in the Youngstown area to hold as rentals.

if you plan on buying listed houses I would think a Broker would be interested because he is going to keep a part of every commission you get when you represent yourself in buying these 4-7 properties per year. I would look for a Broker who is willing to give you a higher percentage since you are buying for yourself rather then representing a client. Also, if you can find sellers whose houses you want to buy that are not listed you can double end the deal and make a commission on the listing and sales side but i would ask the Broker what the laws are on this and how he feels about it. Here in CA when I worked as an agent any listed property I bought for myself my broker have me a higher commission split but anything I did as an investor (not listed) I could do between me and the seller directly, which didn't require a license, so nothing was done through the office, the seller didn't have to pay any commissions etc.... Completely different from acting as an agent even as an agent representing myself.