All Forum Posts by: Dale Nesmith

@Dany Kao

Signature Credit Union in Virginia does them in all states.

They lend 75% LTV on Investment properties. They do 100% on Primary.

They’re very easy to work with.

Approved mine on my primary in 21 days after another Credit Union told me No after stalling for 45 days.

Navy Federal does them too I’ve read online. I don’t know about there service.

One ad I saw had a purchase price of $4,350 and then back taxes were about $14,000. They mentioned you could set up a 24 month payment plan for that. 
Once you do the rehab, the tenant could pay the back tax payments and after 24 months your cash flow would be pretty good. I was just wondering why so many owe back taxes in Cleveland. I’ve not seen that be a common thing anywhere else. 

I’ve been looking on Realtor.com and Craigslist. Many wholesalers on CL mention taxes even when none are owed. Makes me wonder why that’s such an issue there. 

I was looking at listings for Cleveland area. It seems many ads mention that the property has back taxes owed. You would be responsible for any back taxes owed if you buy the property.

Some ads mention you can set up a 24 month repayment plan

Even if no taxes are owed, the ad mentions it, so you know.

Why are so many owners behind in taxes there?? Are the taxes excessively high?

Why don’t the current owners setup the 24 repayment plan and keep their property?

What kind of fees does the City of Cleveland charge landlords?

@Bob Stevens

That’s a helluva deal there out there. That would sound like a tax sale price.

I looked yesterday and didn't see any multi-family and cheapest SFH started at just under $160k. So, a MF there for$16k is a steal.

@Bob Stevens

Bolingbrook is a decent working class outer suburb of Chicago.

@Preston Quinn Looks like a great deal! How much less, if any did you pay than what the wholesalers price was?

@Coral Hernandez

Thanks! Contractor is Licensed, insured and has done some work. He re-floored a mobile home for me last winter and did a decent job. I checked some references. He’s remodeled kitchens and put in new decks. He did good work on them. This is first flip/rehab job. He seems to be a hungry, hard working guy.

It was just after seeing the condition of his vehicle, I realized it probably would not be a good idea to just hand him $18,000 and hope it goes to the job as it should.

I just closed my first HML to rehab a property I inherited.

I picked a young inexperienced Contractor. I picked him for two reasons, he was one of the few Contractors that came back with an actual estimate, his estimate was only one that was in my budget for an extensive rehab. Other reason, was he had a genuine eagerness and excitement about the job. He even said that getting this job will really set him up. It’s $78k worth of work.

My question is how do I handle the draw? I should be getting 1st draw of little more than $18k next week. I met him at the house yesterday and it was a down pour when I pulled up. I sat in the car and was gonna wait it out. He was parked across the street. I noticed his drivers window was down the whole time. His vehicle is an older Bronco or Blazer. His window was apparently not working.

He’s licensed and has insurance.

He’s excited to jump in and get going on Monday. But, how much of this first draw do I give him to get started. I can’t see just handing him the whole $18,000 next week and hoping he gets started. I paid for permits Friday. What amount of each draw should I give out and how much should I hold until some work has been done?

I’m thinking of giving him money for materials on Monday and paying labor part on Friday if the work is completed. Does this sound like best plan? How does everyone handle it?

Thanks!

I wanted to see if anyone has had any deals with Expediahomes.com?