All Forum Posts by: Eric McLaughlin

Hello!

Put an offer in on an REO in Ohio.

Bank countered my offer within a reasonable amount. I’m ready to accept but In waiting for their reply, I found out there’s a currently a tax assessment on the property for the sewer bill and an outstanding water bill for equally as much.

Is this something the bank will have to square up before transferring the property? Or will I be on the hook? Depending on which will effect my reply to their counter.

Any input appreciated!

Hello all!

Recently I've established a HELOC to purchase a property to use as a STR.

I'm curious on the best way to do so and others experiences. Is it as simple as writing a check from the HELOC account? Or should I open a business checking under my rental LLC deposit HELOC funds then write check from LLC account?

How have you done it before?

About to have a property under contract.

STR = Short term rental or VRBO/AirBnb type property

For all intensive purposes the new property would be my new primary residence but I'd still own my original home and rent out whichever property I'm not at. I travel a lot for work and spend most of my time in hotels anyway, but I'm considering buying a new home as a primary residence in an area I do work out of a lot, so FHA should still be ok.

Hello all! Planning on buying my first STR within the next 90 days! I currently own my home, with a conventional 30 yr mortgage and equity. Since I "technically" qualify, I was planning on buying a vacation property with a FHA/FHA 203k. I want to open a HELOC with my existing homes equity for extra cash to help with starting and setting up the STR or remodeling if it's not worth 203k'ing. So my question is, is it safe to get the HELOC now then find property and secure mortgage? Or do I close on the STR property then open the HELOC?

Just like the subject reads; sheriff sales - great deals or myth?

Every real estate investing book I’ve read or podcast I’ve listened to, this is a strategy many employ for deeply discounted properties.  

I’ve been working with a seasoned real estate agent for the past couple of months to try and lock down my first deal.  I have been browsing county sheriff auctions for some sort of rehab project because the market has been pretty low inventory where I am looking.  Every time I mention the sheriff auctions to my realtor I get a 10 minute lecture on how it’s impossible to get a property at a sheriff auction, the banks out bid everyone and re list them.  Being new to the game, it has me suspicious.   Is she correct or is she just trying to prevent me from purchasing so she doesn’t lose out on precious commissions?   I can’t really tell.   I have the cash to cut a check at the auction and run with it, but haven’t wasted any time actually going to one because of her warnings.   Interested on feed back and to hear if it’s be worth my time to forgo her advice and go to an auction or not. 

Hello All -

Trying to hit the ground running here. I'm in the market hunting for Brrrr's and flips, so I'm looking for recommendations for local HML's. I have a decent savings and am trying to build a portfolio one way or another. I grew up living in a "house hacking" family, meaning we would move house to house rehabbing and living in the construction zone, and last year I worked with my brother in law on a few rehab/flip projects he has. I'm finally in a place financially where I can start diving in on my own, so I'm looking for any input on local HML's that are willing to work with a relatively green investor and that others have had good luck with.

Quick edit to ad I have checked the bigger pockets directory for HML, but I'm still looking for recommendations for local lenders willing to work with a new but knowledgeable investor.

Following. Also looking for a good local HML for Cleveland.

Anyone have recommendations on HML's for the area? Looking to start BRRRR's and flips when the opportunity arises. Anyone have any local success or recommendations with a specific lender?

After getting the new appraisal and comparing, the walk thru appraisal did not accommodate any of the improvements and all of the comps were in subpar areas not even near my neighborhood but sold most recently.  The original appraisal had 4 of the closest houses to me, within 2 blocks.  

@Stephanie P.

I got the bank to send me the new appraisal and it looks as if he just did another comp appraisal except this time he cherry picked low end homes with similar attributes.  Also there's no notes about the improvements anywhere, so it's as if he only based it on the comps.