All Forum Posts by: Brad Tamm

Prospective Tennant is single mother with 2 teenage boys.  Credit history is shakey and little money reserved. Also the rental historythat I have her last 3 places shows no long term payment history.

Seems I'm gonna have to pass on this one. Its too bad she's very nice, well dressed obviously ex army, just no income. I 

I live in a high rental area in miami.  I have a very nice 3/1 newly renovated in a up and coming area.  I have the house listed for 1600 a month.  I have a intrested. Party that has not argued the rent but I just got her application back, she has a va disability payment of 2400 and makes 900 a month at work.  Credit score is  650.   I'm thinking she can't afford the rent, she wants to sign a two year lease.  I'm still new at tennat screening so all input is appreciated and  any advice on how to explain that I require a higher income /cost ratio.

The property is  a reo.  The auction company has no guarantees that I can see only disclaimers.  It appears to me. That the forclosure finally happened  in July 2013.

ULY 25 2014	Listed by bank	$36,000	This property was foreclosed and now the lender is selling it for $36,000.Zillow's Foreclosure Estimate predicts this property will sell for $352,604.
JULY 1 2013	Foreclosed	$1,100	The lender assumed this property for $1,100 during foreclosure proceedings and now owns it.

Not really sure what to do 130k in leins kind of a deal breaker.

1. I'm working on my next deal it's going to be auctioned next week on homesearch.com  I'm doing my due diligence before I bid and had a company do a full title search.  I'm not really sure what it means but I'm sure someone here willl.

It looks to me as though this home has 130k in liens on it? Does that look correct?   Can you settle with them for lesser amounts how does this normally work out? 

I have alot of avaiable credit on cards but I dont know if I have 80k worth maybe 50ish
I looked into a heloc on my other rental property and they have no probloem giving it to me but turn around time is aprox 40 days. Im talking to a few HML now looking at my options, I have a good friend who recently cashed out of a hand full of properties im hoping he decides to invest.
Starting to worry that someone else is gonna see the property and snatch it.

Good morning everyone, my name is Brad and I'm a long time lurker and reader but am now getting serious about my investing and using  BP to make it happen.

We bought our first rental property in jan  2013 did a moderate renovation and had it rented  out in May of 2013 I'm making a pretty good return on that one.  We bought another in April of 2013 and  ended up moving into to it so it's not flowing as much as I would have hoped.  We have been looking at a lot of properties for the last year and  not seen much that we thought were great deals.  

I'm here to learn all I can and hopefully develop a stream of cash flow to allow me sit on a boat  somewhere rather then at work all day .

I have come across a very good deal and am digging deep to come up with the cash to make it happen.  I have a friend who has the cash and is considering linvesting in my project.  The plan being to purchase the house using his cash, myself financeing the rehab and then a cash out refi once the property is complete.  To be on the safe side I am estimating 6 months to completion so he would be investing for a 6 month term. After I was compete I would then refinance to pay him back with intrest.  

First question is what's a fair intrest rate for him? 

Second question, how do we make it legal so that his money is secured by the property and that I owe it to him? 

So I found my next deal, it's a SFR in a up coming neigborhood in miami. The home is listed at 80 k and needs 40k in renovation. The home is not financable through a bank due to a missing kitchen and toilets. Arv is 280+ based on comps. I have the Reno money but not enough to complete the purchase. Any ideas on how to make my deal happen. The plan was to Reno and then cash out refi to pay off the lender . I'm open to what ever suggestions you guys have.