All Forum Posts by: Jim Doine

In my experience 1+ baths will bring a higher selling price or higher rent depending on your plan for the home. Jim

I would suggest contacting a good real estate attorney with a lot of foreclosure experience.I believe the laws vary state to state. Jim

Lee, food for thought. Stockton is arguably the worst declining market in the State.It will in all probability continue to go down before it bottoms. Even if you used 100K as FMV you shouldn't be paying more than 50-60K in this market less repairs. Your fairly new to the forums, spend a lot of time studying, there are several good recent threads on how to determine a good deal. Also study the landlording forum and make sure you understand the 50% rule. It is an excellent guideline to determine the maximum price you can pay for a buy and hold property based on the rent. Jim

Lee, by your own comps you've established the FMV at $62,000. You can't pay FMV in todays market. You need to buy at a much deeper discount. Somewhere in the neighborhood of 70% FMV.. Jim

Pamela, I heard you could not deduct Rich Dad Courses because they are not an accredited learning institution. Ask your CPA to find out for sure. Jim

Jeff, as David said get assessed value out of your head, it is meaningless. Don't trust any online sources such as Zillow for values. Always remember that any comps that are given by a person who stands to make more commission by maximizing the value of the property can't be trusted. Comps are easily manipulated by cherry picking recent sales. "You" need to learn your market well, study all recent sales in your farm area, this includes foreclosures and short sales. With enough research you should become fairly comfortable with FMV. I am sure the values you've posted for these properties are high. Jim

Jeff,its obvious that you don't understand cash flow. Rent - PITI does not equal cash flow. Reread Jon's post carefully. This deal is not a money maker, it is a LOSER to the tune of 250.00 every month. I agree with Jon, that you need to study the landlording forum until you understand all expenses involved in cash-flowing property. Jim

S_ _T HAPPENS.

Ivan, I purchased a Fannie May foreclosure about three years ago and it had this same restriction. Jim

Catherine, you should be able to get higher than market rents, from a lease option buyer. I've heard Wendy Patton has written some excellent books on lease options. google her name for more info. Jim