All Forum Posts by: Vinod Dasani

if I understand correctly they will make $15000 on a $30000 investment in 9 months. I love that deal. That is a great ROI for the investor. Also, you didnt mention what are the terms of the loan? I mean you are to pay him $20000 for a $30000 loan for that is for a 1,5, 15 or 20 years?

@Shelby Pracht - You can issue a 1099 to an individual or a company without having an entity.  As an individual if you pay someone $600 or more in a year you can issue a 1099 to them.  You will need their SS# or EIN or TIN number to issue a 1099 at the end of the year.  

@Rudy Hernandez - It depends on the agents. Some agents that deal with mostly investment properties have a list of investors they first notify prior to posting it on MLS. These are seasoned Agents. The other option is to find a new Agent and have them fish for deals in the neighborhood you are interested in. If they do this you can entice them by paying the commission (3%) if the seller isnt willing to pay their commission. As some of the sellers may not be interested in going through an agent and having to pay the 6% fee.

@Rudy Hernandez - You can also work with Real Estate Agents and let them know what you are looking for. They can do the legwork to find the deals. Some of the real estate agents who are hungry (mostly the new agents) will work with you and find you off market deals. Regarding MLS listing I would think after 60 days you have a better chance of them wanting to negotiate.

@Caroline S. - Have you tried talking to the builder asking to back out of the contract?  He\She will be able to tell you whether that is an an option without losing any money even before contacting an attorney.  If they say no then I would suggest having an attorney involved. The contract itself should state whether the earnest money is refundable or not.  

@Sarah D. - That is good that he isnt on the lease.  In this case I would not even send him a notice.  I would simply ask the person on the lease to vacate and hand over the keys to you.  Its his\her responsibility to kick the roommate out since he wasnt on the lease that you signed with the tenant.  As far as you are concerned he is a visitor\guest at the residence.

Who is your lease with?  Did you sign a lease with the roommate or only with person who is moving out?

Mail it to their last address which in this case is the place that you they have vacated.  Since that is the only address you are aware off.  Once the check is returned you can drop it off with the Realtor for them to pick up if they choose too.  

They probably may have a forwarding address already setup so probably will get the check.

Even if he is getting Direct Deposit as Matt mentioned above all employers will provide a paystub or atleast a verification of employment letter.  Ask for last years W2 otherwise.  Additionally, if he has no credit history getting the utilities in his name could also be an issue as most of the companies will require a deposit.

@Ray Harrell - No, my understanding is that you will need to go to the formal eviction process.  You simply cannot change the locks if the tenant hasn't confirmed that they have moved out and\or handed over the keys to you.  Your best bet is to try to make contact and get confirmation that they have moved or then go through the process of serving them a formal eviction notice.  Do you not have a deposit that they would need back if they moved on time?