All Forum Posts by: Andy Collins

Scott, In IL you might want to take a chance on an AC working right, when it gets to 108 or higher in the shade some days in TX, you want a good AC, and one that won't go out.

If a house has a fairly recent AC I won't replace it, but most are the original units, I'd rather pay to have new ones than have the hassle of calls, service calls, unhappy tenants.

In Texas in the summer AC companies are book solid, replacing one them could take a week or longer, and you hardly expect a tenant to stay in a house for a week thats over 100 degrees during the day, and a cool 90 degrees at night.

Remember, you can use anyone you want as a hard money lender If your cousin has some extra cash they would like to make 10% on for 6 months, they can be your hard money lender.

Just set it up with the title company, they will even create the note for you.

You only want to do this if you know what your doing, having a HML that knows what they are doing look at your deal is a good thing if your new to the game, but if you know what your doing, use a relative/friend,,,you can forget the points/crazy fees

You may not like the answer, but keep your job until you have built the business (wholesaling or the window tint business) up and going and showing two year worth of enough income you can qualify for a loan.

Your right that if you quit your job and start working at the window tint business, you will have problems finding a loan when you go to buy your next house, that income is necessary for you to develop your real estate business,,,later when it built up, say goodbye to car sales and hello to real estate,,but don't get rid of the full time job if you need it to qualify for a loan

what is a good deal in one part of the country, is a great deal in another, and a not so good deal in another. Obviously you have been looking at properties, if this looks like a 'great' deal compared to everything else you looked at, then consider going for it.

The fact that you are going to have to borrow part of the down payment, IF you are in good financial shape and could afford to pick up any maintenance out of your personal income, shouldn't stop you.

In Dallas prices are heading back up, not too fast, but they are going up,,my first question is what is the property worth,,if your paying $150k, and it will appraise for $200+, you should see what options you have

it was Garland, they have a class that they give you that you can inspect your own properties

is it too late to get in,,I have a late meeting monday but should be able to get there by 7:30

if the agent involved is with a decent company, a letter to the broker mentioning a possible complaint to HUD might at least get the brokers attention, who might explain to the agent just how bad the are screwing up,,possible a new agent, no agent I know would even consider doing it because of the fines

true 70% deals are getting harder to find in my area of Dallas, and I am picky about the areas, I use the same agent, and she has never brought me a deal I had an interest in,,I find a property, drive by, if it looks like a potential deal I call her to get the code,,she pulls comps for me, she knows I am going to buy houses (if not that one then another) so the comps are always fair, and she knows I will put in many offers to buy one deal.

She is a very experienced agent and doesn't deal with any other investors, I have known she and her husband for nearly 20 years, and she sold me my current home.

When she has someone in a distressed situation she always calls me first, but many times its for me to tell her if the price they want to ask is one that investors will have any interest in, of course I have first shot at the deal if it is one (very, very rarely is).

I actually write my own contracts and e-mail them over to her, that way no lag time, because as someone else stated, good deals do not last for long.

My agent is for making my offers, etc, she doesn't 'sell' me anything, most of the houses I buy she never sees.

Jeff, when you take out a mortgage it takes months for the new mortgage to hit your credit report, so if your moving fast don't even worry about the "hit'.

Are you going to go conventional financing (30 year fixed rate), if so if you buy 4 properties you have to have 4 different loans, if your going commercial then it doesn't matter.

As others have stated, its the debt to income they will be looking at, normally if you buy 4 properties, if the first is leased when you go to buy the second, they will normally allow 75% of the rent on property one to be applied toward the PITI on that property,,so it shouldn't have much of an affect if your buying cash flowing properties.

I had a house under contract that someone (probable the previous owner) had come in after the HUD inspection, gone into the attic and cut all wiring at the drops around the house, then covered it up with insulation.

I have an inspection done on every property I buy, including having the water, elec and gas turned on for the inspection

as far as wiring removed, yes its something you should be able to see