All Forum Posts by: Charles Morgan

Thanks @Rick Harmon , that is a lot of it. This is my biggest deal yet, my others have been under $60K and when I had enough income from work to cover them if I had to.

@Account Closed that's it on the renter, yes.

@Rick Strobel @Dell Schlabach it does come out to 70% barely if the hard money costs are 5K. It looks like painting is going to be my biggest cost, I may have to clean carpets and patch a couple of spots of concrete and stucco, but even at $2000 I am going over 70% a bit. Fortunately I am pretty handy and can keep costs down.

Comps was tough, only three or four sales in the last year, but all for 120K-140K and all smaller homes, I think if I keep it around $120K it should go fast unless I rent it out. Black is a tough color to cover and in two bedrooms!

That is an amazing looking home. The kitchen is a bit strange to me. looking forward to 'the rest of the story'!

A renter for a good enough price would keep me in the black until a sale came along, or at least keep me reassured that I did the right thing. Of course if somebody here felt like I did the right thing that would help too, lol! A private lender willing to offer me a good deal on financing would be nice, I posted in the wrong forum for that though.

if it is a disclosure requirement then I would definately expect a big discount, just because you might actully get it lol.

the price is not my problem, it' s financing. I'll need hard money so I need a quick resale or a quick renter. I've never bought something this expensive. I have 10 days to inspect but it looks good, total repaint, one bedroom is totally black! built 2004, double pane windows, 5 bed, 2.5 bath, 2 car garage, I think good deal but I'm on the edge financially. Smaller homes in the area have sold for $120K plus, but hard money costs may kill me.

I believe that Debt-to-income is the ratio of monthly debt payments to income. My bank is asking for less than a certain percentage. It is not concerned with total debt.

Kind of like a reverse mortgage but no chance of Heirs being able to redeem it? Make sure you get a clause that cancels the debt on death of seller. Don't want the 55 year old daughter to take it.
*Disclaimer* Of course I am not recommending any course of action or inaction on this.

Website looks like the typical Guru sales pitch to me. Have you attended any of the free meetings? Also check local records, find out how many properties he/company owns.

My latest purchase was hard money at 14%, trying to refinance but glad I didn't miss this deal. Make sure the numbers work at 13% then if you can't get better you won't be disappointed.

That would be some piece of ____. If software could do it, then there would be a way to do it yourself, no way that I know of other than knocking on every door to see if someone answers.