All Forum Posts by: Andrew Stewart

UPDATE: I just went over to scope things out. I found the stake and tire tracks from the middle of my driveway in the middle of my property to the edge of "her" landscaped area with a bunch of boulders outlining it to prevent me from mowing. A good 20% of her front yard is now on my property. She saw I was there and came over, screamed at me. I told her this is not your property.. She lets out her dog as well as a few MFs goes completely insane screaming at the top of her lungs, complete lack of regard for being neighborly threatens to call the police. I tell her we can talk but I will not yell at you. I retreat back to my car to avoid her dog and possibly her gun. At this point I plan on trespassing her, putting up signs and a stacked fence, tossing her boulders to her side, and

@Matthew Paul I'm guessing about 1000 square feet and a considerable amount of frontage.

I own a rental property and noticed a few years ago that my neigbor had started landscaping on my property and has set a wall of plants and stones to indicate the "property line" As this was in a corner any from the house and never used I didnt think too much of it. I tried to look for the survey stake from a few years back but couldn't find it. No big deal, it must have weathered away. Now the neighbors house is for sale and I remembered the encroaching landscaping. I just now considered the possibility that she had removed the stake. Now I am worried about my title. Should I go over and move the stones and dig up flowers?

I obtained a new insurance policy for my 2 unit house about a month ago, and I just received notice that my policy would be canceled due to RENTING TO STUDENTS. I have never rented to students. However, I did post an ad on a student housing website a few years ago, this is what the underwriter found when researching my property. Both of my tenants work full time and have 12 month leases. My insurance agent says most all insurance companies do not allow student rentals unless it is a commercial policy. I had no idea that they could discriminate against renting to students. For all of you that do rent to students, unless you have a commercial policy that allows student rental, if anything happened and you had to submit a claim they would likely deny it. Is it legal for them to cancel a policy based on finding that I had at one time advertised to students?

I just got a deal under contract.
 The homeowner died a few months ago. Her son has power of attorney, and wants to sell it for $3000 cash on top of $54000 existing mortgage. Property is worth 70-80k lender is holding 35k restricted escrow balance. I have to option to take the loan subject to or to wholesale it and payoff the loan.


Is there any potential escrow problems that will present title problems down the line?

I just bought my 1st house in november with a 10 year land contract, it cashflows about $500. 40k equity.

I havent been looking to buy anything since then, busy with day job and such. But last week I found the initiative to put a couple bandit signs out. A few days later I got a call. A lady that recently lost her husband has been trying to sell her old house. She's been renting it to tenants that want to buy it but havent been able to get financing.

It has been listed for 350k, she mentioned that she has about 30k equity and would sell for 325. i asked for her bottom dollar and she said she would have to think about it. i also asked what the payoff amount is but she didnt want to tell me.

I told her if I were to buy it I would give the tenants time to get financing and eventually sell to them. I have not dropped the "mortgage will still be in your name please trust me to make the payments for you" bomb yet. I am meeting with her at the house next week. I would appreciate very much any advice, this will be a HUGE step for me, I want to make sure its done right

mortgage $1800-1900

rent $2100

listed for a year at 350k, offered to lower it to 325, is currently considering a lower price.

it is in a suburb of indianapolis

Originally posted by @Mike Wood:

A total gut job, down to the studs with new doors and windows can be done for $50/ft2. Yours is a bit less, but your looking at doing 4 baths (likely $5k each), two kitchens (likely $10k each), flooring, paint ect.  I dont see square footage in your post, but have to guess that its north of 3000ft2 (total), so I doubt you looking anything less than $75k.

If you use a GC and dont do all of the work yourself, there is no way to do it for $40k, unless you use the absolute cheapest materials known to man.

Get a contractor to do a quick walkthru.

 Thanks Mike, I figured it would be at least $60k. After renovation the rent will make well over the 2% rule. This property has MAJOR cashflow potential. 

This is a property in Indianapolis. Duplex with 4 beds 2 baths on each side. Close to a university with very high student housing demand. I am thinking of doing an FHA 203k on it. What do you think it will cost using contractors for all the work?

I heard about getting 10% down investment properties with homepath. So I went on the website and found a couple houses I'm interested in. 

I called a local bantoday and the loan officer told methat Fannie Mae cancelled the program a few months ago. Is this right? Why is the website still up?

Thanks everyone, I'll just accept all the mo ey up front and use the accrual method. I don't want to have to worry about a $20,000 nsf check Jan 1st.