All Forum Posts by: Account Closed

Ah go old school as I used to. Take the address where the tax bill is sent to from the county treasurer and send a nice sincere letter to the owner that you are interested in the property.

Be sure to write "Address Correction Requested" On the envelope. So if the address was changed, the USPS will give you the new one they have on file.

@Mike H. You were far to kind. I wouldn't have even sent in the waiver to begin with. If the mechanics lien isn't filed at time of the refinance they can insure the title at that point. That is the only reason for a lender to really close at the title company to begin with. They want to ensure clear title when they put their lien on it.

Glad you stood up to it. If the lender is willing to waive that, then the title company should be ok with it.

Glad you got it closed... now go get another deal buddy!

I actually think you need to go higher rather than lower. Typically a Condo Association has a board consisting of owner occupied people that have no idea on proper maintenance schedules and budgeting reserves appropriately for items. In a tall condo building, a water pump is used to maintain water pressure. Regular maintenance is needed on that pump, After a while you have to realize it needs to be replaced. etc. This is just one thing that should be budgeted for. But instead they will replace entry way tile, paint the window trim because they don't like the color the previous board chose, etc.

Now the reserves get emptied and suddenly a special assessment is called for as the roof is leaking badly and damaged items. What does this mean? All the positive cashflow you had for two years, is wiped out because of poor management by the board.

Just something to think of @Bill Schrimpf

I personal don't invest in condos for that reason. Further suddenly the board will vote to not allow rentals, modify the rules of rentals, what needs to be included in the lease, etc.

@Mike Dmuchoski I have several friends down there. It is a highly competitive market right now. Values are starting to stabilize as well. Some areas are sneaking down a tad as well.

Their auctions used to be hot as the starting bid from the bank wasn't so high compared to the new ARV. With the slow down in prices, less and less have room and less and less are going at the Auctions.

With that being said, I still suggest you head down to the Maricopa County Courthouse. Be willing to watch, ask questions, but more importantly, see how you can assist those there. Buy them lunch or breakfast. Be there regularly and see how you can work together.

@Marc Steinert if it cashflows and you are happy with the returns. Go for it. However, do your homework that the values in that area are stable or increasing. If they are declining, you might be where some people were or are. Wanting to "trade up" but owe more than the property is worth.

Many people play the game of Monopoly. Acquire properties increase value, (while cashflowing) in order to sell off several (trading in houses for hotels in the game) to then get into Apartment complexes.

@Robert Steele Suggesting people use their spouse isn't the smartest thing either. Guess people don't think that Divorce happens. Then you are in a world of pain.

Seriously, just set up your investing as a business and treat it as such.

One more thing, is that Fannie and Freddie have changed that limit several times in the last few years. Of course, in 2013, Fannie announced record profits (remember our tax dollars bailed them out).

But at one point they lowered it to 4, then it was 8, now 10. So if you are on 9 and hoping for more, then Fannie says, oops, back to 8. What will you do?

And @Martin Zawarski I know you knew that answer and were just hoping we would explain it for the good of others, right?

@Mike Dmuchoski first let me say welcome to Bigger Pockets.

With that done, let me say "WOW" quitting your job and going full REI is really rolling the dice. Usually I advise people to have an exit plan and work towards it, not just go "cold turkey". Of course, you have "LOVE" going, but I do hope you have some reserves to cover you as your build your REI business as you learn a completely new market. Let alone one as competitive as Phoenix and Maricopa County.

Good luck to you and Happy Investing!

Since most minors are not charged as an adult on a background check, you won't be able to get that information. Not sure why you want to run it on a 10 year old.

Stick with 18 and over.

Also, contact your local PHA (this is the local office in charge of Section 8) Section 8 is actually named Housing Choice Voucher program. Most local offices will have guidelines and instructions for the landlord. Most run classes/seminars for local landlords.

PHA = Public Housing Agency.

Here is a link to find your local office: PHA Contact Information

I have my opinion, as I have been on record predicting this drop. But I want to encourage a debate and discussion based on this news. Where do you see Real Estate heading in 2014?

Here is the article courtesy of Bloomberg: Sales of U.S. Existing Homes Slump to Lowest Since July 2012