All Forum Posts by: Clint Shelley

No kidding. So many worthless degrees these days. Best thing you can do is be sure to get a degree that's going to be worth the cost of college. Otherwise, you would be better off learning a trade, construction, etc. While you're there, I would find the local land Lords and ask to have coffee. Offer to help them, and learn to talk to people. Read books on investing and join a reia. Lastly don't destroy your credit or overdose. Have fun, because investing at times isn't very fun.

Clint

A federally backed mortgage will require insurance unless the property has previously had a removal letter. You can pull the address on fema msc and check. Since I'm a surveyor, it's easy for me to check a house to see if I can apply for removal. Flood zone properties can scare off the competition. Don't just rule them out without completely.

Clint

Learn how to find or create a good/great deal. That's the number one skill you need. But, I do believe you need to repair your credit. It's an important snapshot of your financial history that you want to look it's best. Good luck 👍.

Clint

I own 3 in Alabama where I live. I manage and have purchased with lines of credit and after rehab converted to 30 year fixed. I will probably continue to buy a few more and hopefully get them paid off in 10 years. If I can get some equity built up in them, I will either sell them or get credit lines on them. I want to get some small multis or a MHP, but that will be after the next melt down.

Clint

In my case, they tagged my property and arrived 15 minutes before our meeting to dive in my dumpster. My AC man didn't pull the permit for new ducts, so they basically inspected my trash to see what all had been done. I relied on the trades to pull the permits. Now I pull them myself. In my case we had drywall up and I was hoping they wouldn't make me open it. They didn't. After a few tense minutes, that's when I decided to fall on the sword. Once I did that, it was smooth sailing. Yeah, I was pissed that they went through my trash, but once I got focused on the end game, I was good. That rental now nets 250 a month with a great tenant.

Clint

In my case, they tagged my property and arrived 15 minutes before our meeting to dive in my dumpster. My AC man didn't pull the permit for new ducts, so they basically inspected my trash to see what all had been done. I relied on the trades to pull the permits. Now I pull them myself. In my case we had drywall up and I was hoping they wouldn't make me open it. They didn't. After a few tense minutes, that's when I decided to fall on the sword. Once I did that, it was smooth sailing. Yeah, I was pissed that they went through my trash, but once I got focused on the end game, I was good. That rental now nets 250 a month with a great tenant.

Clint

I had the same thing happen to me on my first real rehab. Ask the inspector to meet you over there. Let him know your inexperience and that you've had to take over the remodel, and that you would like his help and guidance on how to perform properly. If think of him and treat him as an advocate versus an adversary, it will make your life much easier and you'll be better equipped for the next one. He will not forget you if you try to circumvent him. After my experience, I had zero issues afterward. Good luck.

Clint

Look to see if your property is in a flood zone by going the the map service center at FEMA's website. Twenty five percent of flood claims happen to properties that are outside of a flood zone, so if you're near one, it may be prudent to get coverage. I check the map center first to see if a potential deal is in a zone and which one. If it is, I don't necessarily rule the property out, but it if it's a thin deal I pass.

Clint

I have heard of filling or covering the pits with pieces of roofing shingles as well as fine sand. I had a floor that I was going to try the shingles with. Fortunately I found a floor guy that was able to work magic. Before I found him, I spent weeks trying to convince myself it would work. Not sure if I ever did. Leta us know what you do. Where is your property? Most people do not realize we are still feeling the effects of that SOB. Good luck.

Clint

The mbk is probably mortgage book. The sec 7, is section 7, township 4 south, range 3 west. That is where the property is in the PLSS system. There are numerous ways properties are described depending on what they are.  Land with a metes and bounds description, and a lot in a platted subdivision are 2 of the examples you show. The other looks like it is part of the common area west of anvil court. You just need to take these descriptions and go down to the records office. Spend a day looking ate their respective deeds, subdivision plats, and tax assessor maps and you'll get the hang of it. Ask the ladies in the probate office. They will show you how to look one or 2 up. Start with something you already own as an example.

Clint