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All Forum Posts by: Mark Elliott

Mark Elliott has started 18 posts and replied 360 times.

Post: Bad inspection, deal fell through

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

using a home inspector is a good idea. i am a home inspector here in the western new york area. you could have walked yourself right into  a trap, and thats what we inspectors are here for, to keep you from doing that. if i were you, i would go back to that owner, throw them your new offer and tell them it is a " standing offer". that means, you know they are not going to accept it, but after several months on the market, your offer is going to start to look good to them anyway. my guess is that they will eventually call you back and either accept or want to counter offer close to your bid. in the mean time, find another house. they are out there and some of your best deals are the ones not even listed.

Post: REO not listed

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

hi tanya. once a bank forecloses, they will list the property soon. some go thru the auction sites such as hubzu or auction.com, and some will use a local listing agent. i would call the bank and find out what their intentions are. i am sure they plan to list it. some banks have done what i like to call dropping the mortgage. several years ago, the government decided to put a limit on the number of foreclosures that a bank could list for sale per year. the concern was that the flooding of the market would cause the values to drop. consequently, the banks were left to decide which houses they could list for sale or auction and which ones they couldn't. the ones that made the cut were sold, the ones that didn't, well, they had to sit and rack up holding costs. so, the banks started writing off the loans of the ones that they were just never going to see a dime out of anyway. that puts it right back into the hands of the owner that they foreclosed on. this house could be one of those, but usually, the bank will not go thru the entire foreclosure process on a house they do not plan to keep, so i doubt this one is that sort of deal. the best thing you can do is call the bank and ask what their plans for this house is. you might be able to work yourself a short sale. 

hi david. seems like a good deal on the surface. however, there is always the unseen repairs on any house when you are looking at a rehab deal. your $10k will probably become $20k before you know it. even at that, it still seems like a good deal. here is the big issue i find. refinancing to pull your cash out means you will probably refinance around $100k, pulling out your $15k equity. at todays rates, and adding in your taxes, your payments will probably come in at around $800 a month. if you can get $850 a month out of it, you are coming out ahead, except when you factor in maintenance costs and such on the rental property. then, if you suddenly find yourself without a tenant in the house, you are paying the whole payment yourself out of your pocket. are you prepared to do that? personally, the numbers don't work quite good enough for me, too many variables.

Post: Financing/Sales options on a home w/ a squatter

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

hi jeff. His name is George  berbary. His number is 716 842 6350

Post: Financing/Sales options on a home w/ a squatter

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

hi jeff. No, evictions are not a long process here in new york. I live around buffalo, and I had to do an eviction a couple of years ago. I hired  a lawyer, sure, but once the judgement was in, he was out within 30 days. Is your new place around buffalo at all? I could send you the name and number of the attorney

Post: Hubzu.com property

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

i have bought from hubzu. not a good deal. they had so many issues with the contract they had with me, that they eventually cancelled the deal. whenever i tried to contact them, i always got someone in india that couldn't speak enough english to get the issues resolved. i finally had to have my attorney contact their attorney just to get anywhere with them. in the end, they still cancelled the contract and gave me back my earnest deposit. my attorney literally said to me that if i buy another house from them, to find another attorney. he had that much trouble with them.  i would say that you are not going to be able to assign the contract with them. good luck

Post: Getting FHA loan with low credit score.

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

hi barbara. first thing i want you to do is go on www.annualcreditreport.com. by federal law, you are entitled to one copy of each of your 3 credit reports per year, for free. here, you can get all 3 in a user friendly website. historically, most credit reports contain some misinformation. a lot of credit reports contain several pieces of information that is not correct and will lower your credit score. what you need to do is go on this site and dispute as many things as you can that are not correct. there may be information on there that belongs to a person with a similar name or a very close social security number, etc. human beings put in that information and lest face it, humans make mistakes. go on the site, look at all 3 of your reports, and dispute as much as you can. by law, the credit agency has to investigate anything you dispute. the creditors has 30 days to file something back with the agency on your dispute as to whether your dispute is wrong or right. if it is wrong, it gets corrected. if it is right, it remains the same, and if the creditor doesn't answer back in 30 days, the whole record from that creditor gets wiped off your report. anything that is negative that can get changed to a positive and/ or wiped off completely is going to change your credit score. 

Post: Best ways to fund rehabbing and flipping

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

h shawn. there are lots of ways to fund a flip house. the rehab can be done on a credit card, even if it is one of the higher interest cards. whats the issue paying 25% on a card if you are going to make 50% on the flip??? keep one thing in mind when doing a flip. OPM. other peoples money. finance as much of it as you can. the down payment, the total purchase, the rehab. never put in any more of your own money than you absolutely have to. 

Post: Tips on Setting up New Property Management Company

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

daniel has the right idea. you can elect to pay everything for the owners if you choose, or just a few things that you agree upon. every contract is different. depends on what you arrange with the client. your fee should be adjusted accordingly to what you take care of for the client as well. 

Post: need some advice/help

Mark ElliottPosted
  • Investor
  • west seneca, NY
  • Posts 376
  • Votes 211

first thing she needs to do, noah, is find out why her credit sucks. does she owe too much on credit cards? was she late on payments multiple times, etc? the guarranteed income is nice, but a poor credit score due to late payments tells the bank that it doesn't matter how much money she makes, she isn't going to give it to you ( the bank) anyway. if her credit score is bad because of misinformation on her credit report, thats a different story. i can educate her on how to clear that up. we need more of the story here.