All Forum Posts by: Mark Yuschak

I wouldn't say that this is just cause to run out and start replacing furnaces. There's nothing wrong with repairing the old units.

Many of the rentals I've bought recently have had furnaces beyond repair, or completely missing. In those instances, I've bought used equipment from CL sellers and have been happy with the results, and even more happy with the significant cost savings. Even after this goes into effect, I'll continue to do so. Like Mark H. said, this seems to be another industry scare tactic.

For what it's worth, the 90% equipment is easier to install, in my opinion since you don't have to install the dreaded chimney liner...

This has happened to me multiple times and in each instance I ended up keeping the security deposit since I was never provided with the executor's or personal representative's instructions on where it was to be returned to.

The advice given in this thread is spot-on: don't return it to anyone until you are given instruction to do so by the property party.

Don't you have a property manager for the property? I'm sure their advice would fall inline as well.

I wouldn't be overly confident that the tile will hold up well on the stairs. I think you're setting yourself up for disappointment if you expect it to perform well given the nature of stairs.

Lately I've been putting laminate in my rentals and have had great success with durability and eye appeal.

I've done it three times in the State of Michigan with no assistance ever from an attorney. One was a corp, and two LLCs. These are all single member entities so it was incredibly easy to file, and create the Operating Agreement and/or Corporate Resolution.

David Robertson, I understand what you're saying. I never said I agreed with their logic. I'm just saying how it works! LOL

J Scott is absolutely right.

These days I'm finding that it's not even the underwriters who are having a hard time approving these loans. The bigger leap is to convince the appraiser that the house is worth $X with no improvements. If the appraisers aren't seeing the improvements, they're likely to use your latest purchase price (the best comp) as the appraised value.

It can be double closed as long as the B-C transaction is not for more than 20% of the A-B purchase price within the past 90 days.

That restriction runs with the title, so you'd still be held to that same 20% resale deed restriction from the date Fannie or Freddie signed off on the deed.

This almost doesn't seem possible or logical. With such a low LTV it seems like a no brainer that they'd want to keep the performing note ON the books.

I think we're not hearing all the details.

If we are, and you say he's built a decent portfolio of assets, has he considered taking equity out of another property to pay off this note?

I have several two bedroom properties, one of which I just bought last week that we're rehabbing.

Given the extremely low purchase price (relatively), they still cash flow well. For example, I paid $7,600 and the house needs $2,500 in rehab work. Plus, I got $1250 back since I brokered my own deal as the selling agent.

My phone will be ringing off the hook at $525 a month. I could go for more, but my personal strategy is to keep rents low to keep occupancy durations greater.

As already mentioned, if there's a market for them, then go for 'em. At the end of the day the same principals still apply: the numbers must work. I'd rather have a 2/1 with spectacular numbers than a 3/2 with marginal numbers.

I flipped a BOA house which I bought it July. On the 61st day, the deed restriction had expired so I closed it with my end buyer.

On July 9th I paid $2,000 for it. On September 10th I sold it to my end buyer for $19,000. During that time I did nothing more than have the lawn mowed. The property was involved in a bad house fire. I could have made a bigger spread if I rehabbed it, opposed to flipping it as is, but I opted to get the $17K now, instead of a $25K spread later.