All Forum Posts by: Dusty Warner

Thanks Dan...

I just got this email this morning. But i do plan on contacting a few more. I guess I was just looking for advise on specific things I should be looking for or to avoid. I know Lisa Phillips mentioned on her podcast to try to avoid any company that charges you a termination fee if they can't rent your property......

Hello again. I wanted to see if anyone could tell me if this seems like a typical management agreement.I won't bore you with all 7 pages... here is a brief description of the contract

8%/month

50% of first months rent

$50 monthly marketing fee/ if vacant

$125 lease renewal

$250 reserve for repairs, etc...

They handle all work requests, correspondence with tenants, HOA notices and send you a financial statement each month. Electronically send you funds each month.

Thanks,Dusty

Thanks Rachel... I'm definitely going for it... Im searching and analyzing rental properties now. Figure my time is limited before I start making offers, so I guess I'm trying to learn a little about everything right now;)

Thanks y'all. Jay is it possible to make an offer on a foreclosure without a realtor??

Wow!!! Thanks for the quick replies!! I figured that I would get this response, but wanted to get some advise before I started looking for another agent. He seemed to be a knowledgeable guy, but he is probably looking out for his best interests. Thanks everyone!

Can someone point me in the right direction where I can find a Dummies guide to buying foreclosures.

Thanks again, Dusty

Hey Guys and Gals, I had the privilege of listening to Lisa Phillips Podcast today, Great Job Lisa! After listening to many other podcasts and reading multiple discussions I see a common strategy is to buy foreclosed homes for long term rentals. Im very curious about this, so I figured BP was a great place to gather more information on the process. Im curious about the pro's and con's of this type of investing….. Im currently working a 14 days on 7 days off schedule and have an interest in buying properties around the 30-60k level. I understand i won't be in the best areas of town, but i believe i can find some descent neighborhoods to invest in, with the use of a good realtor and property manager. I figure I can cover the mortgage for a few moths while i do the necessary repairs to get it rent ready. Rinse and Repeat. I was looking at foreclosed homes and possibly looking into using Homepath to finance a couple investment properties (just a thought). My real estate agent, which i do like, told me buying foreclosed homes was not a good idea and the whole process usually ends up being a wast of time. Which seems to conflict with most of what I'm learning on BP. He says he also owns a few rental properties, so I'm open to his advise, but just want to get others opinions on this situation. Can you give me your thoughts and point me in the direction of any good educational videos on investing in foreclosed homes.

Thanks, Dusty

thanks Diyan ill check it out. Hey Keith, I have appt's set up for the next few days with realtors, wholesalers, etc, but Ill shoot you an email.

I went and checked out "Gunrise" today .... At first glance it wasn't too bad, but the further I drove in the worse it got.... At one point I was scared for my life.. no joke!!! I think ill keep looking in other areas...thanks for the tip James and Will...

On a positive note I spoke with JJ Gorena from the Trey Group with Keller Williams Realty... any1 know of this company???

Thanks guy's.... ill keep that in mind. I have a background dealing with the less than desirable types, so this area might be a niche that may work in my favor. Cant hurt to try.