All Forum Posts by: Brad D.

I notice on some houses listed on Realtor/zillow/redfin, you can see the price history: listed prices, sold prices, price changes. On others, you can see no prices. It simply says 'delisted' or something to effect with a dash.

There's obviously an advantage to sellers in not having this information as readily available. Does anyone know the best way to:

1. Sell a house without having any previous listed/sold/changed prices appear? 

2. Is there a way to remove previous years' listed/sold/changed numbers that currently appear?

3. Approaching from the other end as a buyer: what is the best way to find listed/sold/changed prices for houses that don't display it?

Thanks for the great advice. Jon Klaus-I have not been putting the requirements in the ad, was a little unsure what I'm allow to state in terms of criteria renters must meet. After reading your and Jon Holdman's replies, I plan to put in each ad:
1. Must have verifiable montly income 3x rent.
2. Must have no evictions
3. Must have good rental history/references
4. We use Mysmartmove.com to check background-$30 cost

Just to confirm, it's allowable to state the above in every state?

Also, regarding the 'no felonies in last five years' I'd like to include this. Is there a way to check if that's legal in Wisconsin. I'm probably being overly paranoid, just want to start off completely legal and compliant.

Also, I will take video and create a link from dropbox. Do you find it works better with commentary or silent video?

Bought a house for 31k, put about 3k into it, now trying to rent it for 775more with pet. It may be slightly high. Have had a ton of interest, calls, but it's not rented yet.

The problems I'm running into are:
1. Everyone calls (have sign and craigslist ad) and immediately wants to see the house. There are literlally endless calls, impossible to field them all. I try to pre screen regarding rental history, income but they still say whatever to see it until I find out later they have bad rental history , income. What should I say on phone to better pre screen?

2. The people who want to rent it aren't qualified due to income/rental history and the people who are qualified don't want to rent it, this means I should lower price?

3. Even after I tell people what I'm looking looking for when they see it, they fill out an appication, sometimes listing only the amount of the rent as monthly income. I'm going to hopefully remedy this by using MySmartMove now which charges $25 (have been allowing people to fill out applications for free previously).

4. What criteria are good and legal that I should tell people I use to better find a renter for this single family house? Can I say "must have no evictions in 5 years, annual income that is 70x monthly rent, etc? I definitely want to be up front so everyone doesn't spend the money on smartmove and then become upset they didn't get the place.

5. When people are rejected, do I need to call them and tell them they are rejected and why, or can I say when they fill out mysmartmove they'll only be contacted if they are chosen to be the renter?

6. Any other suggestions on criteria to use to help this process?

Steve-don't know why they classified them as a 'cost' but copied right off the loan doc.

Dion - I believe Fannie doesn't contribute to closing costs on investor loans.

Bryan- I believe Fannie's Homepath doesn't allow for concessions for these investor homepath loans.

Again, the above is what I believe to be true based on what I've read and been told; if someone knows for sure this to be false please jump in.

Basically I've been doing a lot of reading on the Homepath and Efannie docs trying to do my own research, but could be wrong. I'm a newb and just trying to figure out if I'll have to bring this much to each deal for the next 3 after this (then more for 5-10).

For future deals, I'm definitely going to explore trying to get a bank LOC, then buy with that, then refi asap, which I think is 6 months.

Doing my first deal, set to close January 25. In the future I'll get more creative, but going the safe route at first: Fannie Mae Investor Loan on SFH, 10% down, doing deal through mortgage broker reccommended by Real Estate agent. Got the house for 31,000, and house should rent for 650-675. Here are the details of the transaction:
Purchase Price: $31,000
Estimated prepaid Items: $1,081.40
Estimated Closing Costs: $1,916.62
Total Costs: $33,998.02

Other Credits
Cash Deposit on Sales contract: $1,000.00

Loan Amount: $27,900.00

Cash from Borrower: $5,098.02

So, I put down $1,000.00 earnest money, and they're saying I'll have to bring $5,098.02 to close. So it's 6k out of pocket to get this 31k house. I'm wondering if there is a way to wrap up more of these cost into loan and bring less cash to deal in a fannie/freddie type situation? If so, is it too late to do it on this deal?

So if I go with the Bank LOC, buy a house, do light rehab/carpet/paint, get renter...then what is the road to refi? Do I get wait six months, then get new appraisal then go to mortgage broker and try to get 75% LTV?

Also wanted to add this involves buying cheap houses at 25k-30k, with ARV of 50k-60k, so a 75K line of credit could be enough to have two houses going at once.

Is there an advantage to Hard Money Loans over a Line of Credit at a bank? If I'm planning to buy SFH for a rental at 65% LTV, do light rehab carpet/paint, get it rented, then refi into conventional loan at 75% LTV.

If the Line of Credit is 9 or 10% versus HML which might be 4 points, plus $895 fee, and then 14%. Since most Investors do HML, there must be an advantage to that, maybe it not showing up on credit since they don't report?

This home was sold in Sept for $114,400. Now it is for sale for $45,000. Any idea what the reason could be?
Here is the Hud Link:
http://www.hudhomestore.com/HUD/PropertyDetails.aspx?caseNumber=581-320468&sLanguage=English&zipCode=&city=&county=brown&sState=WI&fromPrice=0&toPrice=0&fcaseNumber=&bed=0&bath=0&street=&buyerType=0&specialProgram=&Status=0&OrderbyName=DLISTPRICE&OrderbyValue=ASC&sPageSize=10

Here is the zillow link:
http://www.zillow.com/homedetails/1729-10th-Ave-Green-Bay-WI-54304/60802257_zpid/