All Forum Posts by: Account Closed

Well she bought a home middle of last year as a first time homebuyer. She got the 8,000 credit plus she got the 10,000 California first time buyer credit. The Federal 8,000 credit check was mailed to her. The California one is taken over a three year period.

Question is this she is now engaged and wants to add her fiance to the house. Can she do this without being affected or owing the money back?

Thank you

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Originally posted by Steve Sparks:

Shhhh ;) The problem is they can't get in financed and don't have the cash. 15 to 20K here gets you a $750 rental in a non war zone. Tenants are plentiful as they would rather have a house than an apartment.. or they have lost a house or walked away from a similar house that they owed 100k on and were paying more than the rent on an upside down mortgage loan.

So for 100k I can get $3750 of cash flow? Almost sounds to good to be true.

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I wonder as well. I invest only in California. But my thought process has been who is actually going to pay you rent if they can't afford to buy at those prices.

Interested to see the responses from BP members who in invest there.

1 Vote

Originally posted by Kel S:

It's been awhile (life, busy, etc.,) but wanted to pop in and see how all the fellow investors are doing.

We received notice that the bank accepted our offer on what will be our 5th single family house (foreclosure). What is suprising about this one is it's the largest 3bed/2bath, 2 car garage, big fenced backyard) in a great neighborhood and it's thus far the cheapest of all of them. It also needs minimal work to get rent ready. Blows my mind sometimes.

3 out of 4 of our houses are rented on 1 year leases. The 4th we are finishing up since purchasing it. It needed new kitchen/bath/flooring, etc., and since it's just hubby working on it, it's taken longer than we hoped. But that one will be ready in a couple weeks.

What suprises me is that some of these houses that are priced so low, people could buy and pay such a low mortgage payment! But I suppose they are renting for a reason and perhaps they can't qualify due to credit or other reasons.

After this 5th one our goal over the next 1-2 years is to get a total of 10 rentals. We chose that number for the immediate future just based on what my husband can handle as far as maintenance, etc., as he works full time as well. Then we'll see how we are doing with them and re-evaluate and perhaps buy more.

Kel

Kel,

Can you give me an idea of numbers that you are working with. Aquisition cost, rehab, property tax's. rent. Just want to get an idea what your market looks like.

Thanks

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For people who are flipping today. Mainly Californians do you think it is easier today or back in the 2003-2006 days.

Would love to hear your reasons why as well.

Thank you

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What type of entity? LLC, Partnership, or simply go to county and set up a business?

Thank you

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How do people who flip homes in California get away from the 3 1/2 percent Ca witholding tax

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How do people who flip homes in California get away from the 3 1/2 percent Ca witholding tax

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How do people who flip homes in California get away from the 3 1/2 percent Ca witholding tax

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Anybody use this service who buys at the courthouse auction?

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All Forum Posts by: Account Closed

Account Closed has started 28 posts and replied 48 times.

Post: 1st time home buyer credit

Post: Whos's renting in the rust belt? Why doesnt everyone buy at those prices?

Post: Whos's renting in the rust belt? Why doesnt everyone buy at those prices?

Post: I'm back and working on 5th REO

Post: Flipping Now vs the Bubble times

Post: California Withholding Tax

Post: California Withholding Tax

Post: California Witholding Tax

Post: California Witholding tax

Post: Foreclosureradar.com