All Forum Posts by: Andy Collins

if you closed on a single family house in february you probable got a credit for january and part of february from the seller, you shouldn't have paid anything if you were paying cash and not setting up an escrow

I know many people don't like it, but I absolutely love the strip vinyl wood plank,,,its put down like laminate, but it isn't damaged by water, and is hard to hurt,,,tenants don't even know its vinyl until I tell them,,,its more expensive than carpet, less expensive than tile, ,,,I use it in living room/kitchens in all rentals now

I had some gutters damaged by a hail storm last year, the insurancae company paid about $4.50 a linear foot, prices I heard ran from $4.50 to around $6.50 a linear foot, according to the contractor and the type of gutter used (this is in Dallas)

you can have up to 10 fannie/freddie loans, loans 1-4 are up to 75% of appraisal, loans 5-10 70%, increased reserve requirements on 5-10 and no cash out on 5-10,,,make sure you do the 4 cash outs before you buy your 5th property

most hard money loans are interest only, and most I deal in are 6 months, interest paid monthly.

they will loan me 70% of the after repaired value of he home,,,so if its a home that will be worth $100k when I'm finished, and I'm paying $65, and it will cost $10k to rehab,,then they will bring $70k to closing, I will pay closing cost plus the other $5k ($65k+$10k),,they will then escrow the rehab money.

You will also have your signature on the loan, and they want you to have decent credit

most of my properties are mortgaged to 70% of appraisal, and I sleep a lot better than when I had 50% equity in the market, and lost 90% of my equity in 2008

in today's super low interest rate enviroment, if your paying cash, your saving yourself about 5% annually,,,(the rate you would pay for a conventional investment mortgage,,,I can do a lot better than 5%,,so I use leverage.

I have had dealings with dave, and don't care for him,,this was several years ago before he became so big,,,they wanted to use a crazy excuse to get out of an agreement,,,I let them out because I was tired of dealing with them

I think all my tenants think its a respectable profession, thats whats important

I had heard this in December, but when it was announced today I started looking into it. I buy in 3 Dallas suburbs, in homes that have an ARV of $95-$125k,,,,I checked with the appraisal district (which is Dallas county only), and it looks like there are about 1,000 government owned homes in the county (most FHA, second Fannie), of those many are well above my target price, and many are well below.

Looking at the number, it tells me that even with this "glut" hitting the rental market, it will only add about 50 rentals in my geographic area and price range,,,,which is nothing (I actually only buy in certain areas of those towns anyway)

It sounds scary, dumping as many government owned homes as they might, but actually, in my little market, it won't make a big enough difference to affect rates

andy

$5 Million in liability insurance is a lot cheaper,,,and if an injury or death is a result of your negligence you could be held personally responsible, no matter what the structure is