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I was contacted by an attorney who has 10 rented properties. They are all rented. I have checked values and ran numbers. The value of the package is approximately $479k after running comps. His asking price is $499k but he is very motivated. The properties were his mom and dads. The father passed away and his mother is in a nursing home so the attorney and his wife are taking care of the rentals but are tired of it and just want to sell them. They are all nice properties and like I said all have tenants. The taxes and ins for the year total $13,620. The rents for the year total $89,172. What offer should I make to the seller.

Thank you.

Thank for the feedback. I sort felt the information was somewhat erroneous. One more question, I have had horrible luck in finding any good deals. What approach has been used that provides the most return, e.g bandit signs, flyers, cold calls, etc.?

Thanks again for the reply.
Harold

Thanks for the feedback Carl.

Harold

I have the contracts from the student resources forms and docs.I want to make an offer on my first deal and I guess I'll fumble through,I was hoping to have some one walk me though filling them out so I do not have to fumble though.

yeah we can help you with that. Do you have access to the advisory line? if not message me your number and I can try to give you call when I have time to talk about it.

Would you have a buyer for all these properties or would you be buying them your self?
What we can do is figure all of the expenses and see if its a good return. You got most of it with taxes and insurance but also consider maintenance and possibly property management company (if applicable) having said that the numbers look good. That is a lot of rent for the year. Is that number what the guy told you? or have you verified that?

If you have not already I would run each house separately to find out what return each house is bringing in.
tell me a little more then we can help structure it

assignment of contract help

Do you fill these out with the selling realtor or your attorney?

cbrpower wrote:
If you are working with a realtor please let them know your intentions...your life will be a lot less hectic. I messed this whole process up the first time I tried it and I eventually had to talk everyone into signing a brand new contract...which they all did...man was my attorney mad at me! He yelled at me for 5 minutes basically telling me how stupid I was. I never said I was the smartest guy around...I just don't make the same mistakes twice!

called customer support. they helped me find it on the internet.

You are on the ball and quick! Your time is appreciated.

ok, so let me just say that I appreciate you answering my question for me after having tried unsuccessfully two other times to get it answered. Next, the information that my cousin was referring to regarding the $1 houses is on the HUD website (I researched that after asking the question but it was confusing). There are some available BUT there is some issues that are involved. Finally, I was rather hurt and put off a bit by the way you replied to my question. I realize that the coaches here get asked A TON of questions and that you obviously have other things on your plate that have to be addressed (family, friends, your own business interests, etc.) and you were just trying to be helpful BUT my cousin is learning the REI just like me and doesn't want to get in over his head. He has access to money which will benefit me short term in getting started in some areas. I didn't show him your reply since it left a rather bitter taste in my mouth. You might not agree with me on this but that's cool--we ARE humans and we DO make mistakes. Just thought I'd point this one out to you.

Thanks and have a blessed day...

_____________________________

"Nay, in all these things we are more than conquerors through HE that loved us..."Romans 8:37

"You can be discouraged by failure - or you can learn from it. So go ahead and make mistakes. Make all you can. Because, remember that's where you will find success. On the far side". - Thomas Watson, Sr.

Uhhhh....... did I say something wrong? I dont think you are able to properly feel my tone over these forums. I did not mean in anyway that your cousin does not know what he is talking about. If he really can get those I honestly would like to know.
so again sorry if it came off rude. If you could hear my voice that is diffidently not the case.

So what was the part that put you out?

I will send you a PM on this...and once again thank you so much for answering my original question

_____________________________

"Nay, in all these things we are more than conquerors through HE that loved us..."Romans 8:37

"You can be discouraged by failure - or you can learn from it. So go ahead and make mistakes. Make all you can. Because, remember that's where you will find success. On the far side". - Thomas Watson, Sr.

When I buy a tax lien in Tallahassee Florida What do I do next after that? Do I just wait to see if I will get my money back with interest our is there another step to take?

Can I foreclose on a tax lien that's been unpaid for three years that's just sitting there that I paid for?

On a tax deed sale, when I buy a tax deed in Florida can I foreclose that same day our the next day after I purchase the deed?

I'm not even sure how to ask the question, but when it comes to closing a deal, how does the process work? Do I just fill out a purchase & sale agreement with a seller and then an assignment of contract with a buyer and send both contracts to a title company and they do the rest?

This is probably one of the most clouded and confusing parts of real estate is the actual closing step of getting paid. No one ever explains it.

I have no money, bad credit, but am willing to learn. I attended two sessions / seminars and had the fire in my belly initially, but I am that person who needs to be teamed up with someone who has done a deal or who has successfully utilized DG methods. I am not asking to be a part of the deal -like I don't want to be a threat to their profits - I only want to learn "hands on" by the interactions and process as they go through the routine of the deals they have, and/or share their experience(s), on getting started,etc. I am willing to help as we go along. So, if there is anyone in the Grand Rapids, Michigan area and/or someone who is willing to help me get my start, initially by observation, I would greatly appreciated it. I know that once I get a handle, I would be willing to pay it forward. I hope there is someone willing to give me the opportunity to learn how it is done. Thank you.

Well first Congratulations on buying a tax lien! FL is a great state for them.

If you just buy a brand new lien and the owner has not been delinquent for a long time then you have to wait for the 2 year redemption period.
However you were saying the owners have already been delinquent for 3 years?

if that is correct then you can start the foreclosure right away.
The way the law works in FL if you own a tax lien for longer than the redemption period and the owner has not paid you back then instead of getting the deed you will file for a foreclosure with the county (which is really easy in FL) then the county will sell the deed to the property at the auction. You may not even get the property. If someone buys it at the auction you will get all your money and interest. If no one buys it they will then let you take the deed.

It can be a little complicated to talk about this through a forum like this so, Do you have access to the advisory line? If so call us and we can walk you through the process. Ask for Harold, Roy or Eric.

I'm Nervous and waiting

Finally, I just found an agent willing to make an offer for a assignment of contract.

Have you read Profit from real estate RIGHT NOW
I dog eared almost every page.This will help, it has everything in it to get started. Or 30 days to real estate Cash.

I have a rock solid buyer.
If I find a house, How do I make an offer? Can I really just talk to the owner and make an offer verbally.
Then what documents do I need??
What stipulations or criteria should be written on the form/document??
What is the purpose of earnest money if both parties have signed an agreement??

I have jumped in headfirst and am hoping to come out on the other side alive and with a little more knowledge.

I just locked up 11 Acers in Haymarket,one buyer asked me to find A-1 zoning with a house on it to rent 2 others looking in that area so I acted on it they wanted 399,900 I got my offer excepted at 350,000. they also asked for 5 day inspection and 4000 down. I have sent the three that asked me to look emails and I also made phone calls .I told them I locked it up for 360,000 so far the one that first asked me to find the property and If I did he would close right away emailed back that he would pass the second said first he was looking for property land to build on then called me back saying he changed his mind he wants a house for his partner to live in. Looks like I'm going to have to back out. I feel bad I have wasted the agents time. Its so hard to find a agent willing to work with you. I'm Bummed

Okey, This is one that's too vague in the online glossaries and isn't even in the DG glossary in the list to the left. Also, the search field (under Dean) can't seem to 'fetch' anything up on this one.

Can anyone please explain what "Homestead" means, and by extension what 100%homestead implies?

Tl type what you want in the search box above and then hit enter !! yea that magnifying glass confuses the ? out of people. IT SERVES NO PURPOSE !!

I can't offer any assistance on the other question.

all the best,
WALT

See if this answers your question.

http://money.howstuffworks.com/personal-finance/personal-income-taxes/ho...

Karen

Well I and my investing partner attended one of Dean's seminars. It was overall great! One thing I thought that was really interesting was the tax lien program. I'm just wondering if any of u guys have had any experience with it or are currently profiting from these liens? Thanks for any help!

Sarcasm? I know you tried to help but really? you're joking right?

Anyway, thanx for trying, mabe next time.

Thank you!!! This one has been bugging me for quite a while.

Okay time to see who the real players are. Thank you Eric for all your help.

A follow-up question about living in Canada and wanting to buy in the US.

I understand if you purchase a property to rent out that you need a business but is that also necessary if you first start out with assigning of contracts.
Any idea about the costs of setting up a business?

Thanks!!!
Talk to you soon, Angela