All Forum Posts by: M Lindgren

1. I have not looked into an automated booking solution because I like to speak directly with potential rentors. It allows me to screen (although a low level) of who is looking to rent. People I generally discount are those who are <25 yrs old looking for a party place for spring break, graduation, etc.
2. I do not use a management company however I know that in the area I'm in they charge anywhere from 20-30% of the gross revenue. I used a management company for one year and incurred all sorts of additional "miscellaneous" charges. Since I started advertising and booking myself my occupancy is up by more than 50%.
3. I strictly use vrbo.com and Homeaway.com. I have many more inquiries through vrbo.com and may drop Homeaway when the renewal comes up.
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Thanks for the feedback, you guys are awesome! I don't mind losing a deal if playing by the rules. Just want to make sure I understand the rules as I have met plenty of agents that mis-interpret rules.

I found a peach that I want to buy. It is a Fannie foreclosure and listed as a Homepath home. When I went through it I told the agent I wanted it for $20K-the asking price. He called me back and said there was a period of time where they would only accept offers from an owner occupant and that they wouldn't accept an investor offer until the 20th.

My first thought is he is feeding me a line and has another investor that he's taking care of since I can't find anything like this stated on the Homepath website.

Can anybody tell me what the real rules are for buying a Fannie home in this program?

Thanks.

I recently had a sanitary line fail under the basement floor. The plumber wanted an extra $2500 to break up the floor and dig the trench. I told him I would do that part to save the $$$. I did it the old fashioned way-sledge hammer and pick. It was clear about 5 minutes in that the smart way is with proper equipment.

Question is, what is a better tool to buy, an electric demolition hammer or a concrete saw? Most of my houses were constructed pre-sump pump days. I would like to start adding basement drainage systems and sump pumps when I first buy the properties.

Thanks in advance!

My experience has been that once the homeowner accepts a short sale bid the PA is then sent to the bank for acceptance. The banks will accept but then go after the homeowner for the difference between what is owed and what the sale price is. The homeowner then figures they are better off just going through foreclosure-once the bank takes the house they are able to walk away with no threat of being sued for the difference. Has happened 3 times to me.

What did you accomplish?
I bought 4 properties-3 SFH & 1 Duplex to get started in real estate investing. All were REOs. 3 of them are currently rented, the fourth is not actually closed yet but the offer was accepted and will close in January-I already have a tennant lined up to move in.

Your best success?
I consider the whole experiance a success. I anticipated far more lumps along the way but was able to quickly get rentors once I was ready for them.

Your biggest mistake?
The biggest mistake was not using the best tool in my tool box earlier-my checkbook. I did learn however what I could do quickly and easily to save alot of money however there were a couple project I did that drug out too long-if I had paid to get it done the additional rent revenue would have paid to have someone else take care of the project.

What did you learn
I learned what to look out for due to repair expense as well as what item are a deterrent for many but are easily repaired for little cost.

Did you achieve your goals?
My intent was to dip my feet in the pool as a way of learning the ins/outs of rental properties. I've learned a ton and plan on doing more in the coming year. Thanks to you guys on BP for helping me out!

Has anybody used commercial carpet tiles in a rental and if so, what are your thoughts?

Bank of America will write small mortgages.

My goal for last year was to start out and buy 2 properties and get them rented-I was able to do 4 and have more importantly calmed my wifes nerves with respect to buying real estate.

For the new year my goal is to add another 4 properties. I already have offers in for 2 of them so hopefully I get off to a great start.

Good luck to all!