All Forum Posts by: Christie Gahan

It is possible that there is a lien on a property.  IS the problem on the sellers side ?  Or, the buyers ?  Whose medical bill is it ?  IF there is a lien or judgement against the buyer they shouldn't have been preapproved for a loan.

Many bank owned properties want a quick close ( under 25 days). Auction sites like Hubzu often consider HML or private money the same as cash. If the fees and rates of a HML allow you to buy a property that is 20% - 40% less, then it is worth it to pay the fees.

Also, the HML doesn't care much about my personal expenses. They just don't care that I currently don't have a high income. I wouldn't qualify for loans at traditional banks. HML is about how good the deal is and if you have enough cash to put a % down.

Every state has rules regarding payment of properties sold at auction.  In Oregon, sales at the courthouse mean 100% cash at the time of purchase.  Some states will accept a deposit and let you finish paying for it at a specified date.  You need to investigate the exact details for your area.

If you buy the house now, you will probably get the title mailed to you in October.  A 6 week rehab has you hitting the market at Holiday time.  Not many houses sell at this time ( in my area ).  How many payments can you make and still turn a profit ?

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Thank You.

Ahhh..... From reading your post, I thought this was your first deal ever.  My apologies.

Jay Hinrichs :  what do you do with your leads on burnt landlords ?     ; )

Hey, it's the obvious question.

Are you involved with the Street of Dreams in Hillsboro ?

Intrigued by a listing I saw today.  A duplex made of mobiles.  On land.  Can it be financed ?  Cash flow would be okay.

What about the loss of appreciation ?  A stick built duplex or home would appreciate more then a mobile.  So, I'm thinking the same of a duplex.  Any thoughts ?  

Thanks.

Okay, I'm gonna sound like your Mom now .....   Why do you want to house hack ?  Get specific.  Not a general, vague, " I wanna have more money".  Specific.  Ex: I want to pay off $xxx debt.  I want $xx income stream.  What are you gonna due with an income stream ?  How much income tax will you be paying on it ?  

Should you be looking solely at types of investments that have preferential tax treatment ?  You are considering taking on a lot of debt.  

Would you borrow $1 million to buy a business that you have never worked in ?  Cuz that is exactly what you are doing.  If you were in the midwest and could buy a house for 30k,  I'd tell you to go for it.  Learn as you go. What's the worst that can happen ?  

Okay, that is my opinion.  Obviously, I don't live there and the numbers freak me out.  ; )

How much do you spend on rent in a year ?  Are you already splitting rent with a roommate?  Are you borrowing $1 million to save $30k a year ?  If you can qualify for a loan in that price range with a down payment etc.  You have a lot of investing choices.  You could buy an entire apartment building or a mobile home park in another area that would generate enough to pay your rent.

Hope this helps a little.

I think your numbers for repair and tenant replacement are too low..  As a percentage your math is probably right but with a less expensive property I think you need to skew the percentages up.  Have you spoken with property management groups in the area ?  I'd ask around as to turnaround costs for a clean out and paint and carpet.  Take that number and figure on spending it every 2 years to be on the safe side.  Hopefully, you won't be changing carpet every two years.  Maybe you'll get by with paint touch ups.  But err on the side of too much money set aside for repairs.  If you can set aside $5k beside your down payment, less stress.

Congrats on taking the plunge.  Did you ever freak out that they were happening so fast ?  Incredible.