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All Forum Posts by: Will Barnett

Will Barnett has started 9 posts and replied 61 times.

Post: A tricky one

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

The plot has deifinitely thickened. I managed to pry a little more info from my embarrassed sister-in law (my wife's sister). Apparently the house was almost paid for when her husband did a cash out refi using, get this, a deed of trust. I still have to sort out the details but it looks like he is the trustee. She, not knowing any better and trusting him, signed off on it, and off he went, leaving her with the payments and their two kids.

This one definitely requires an attorney but I had a couple of ideas. Is it possible for me to buy the note from the lender in this situation? I would then foreclose on it. Would foreclosure wipe out any IRS issues?

I know my sister would take a credit hit but at least I could give her the money from the sale after deducting aquisition costs.

Post: Crunching the numbers

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

A couple of lenders in my area are doing this as well. In essence it's zero down but purchase plus rehab must be no more than 80% of ARV and you must pay for their appraisal. A minimum of 10k for the rehab. Also you need the cash to start the rehab until you can draw the money from escrow, which is usually about a month.

Think of it this way.

ARV 100k
Purchase plus closing 70k
Rehab 10k

Of course you need great credit but I thought I'd point out that 0 down is still possible even in these tight times.

Post: A tricky one

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

Hey guys I have a question of a somewhat delicate matter. My sister's husband fled the country because of IRS problems. We have lost all contact with him. She wants to sell her house but it is in both of their names. What avenues can she take to put the house completely in her name and try to put it on the market?

Post: 18 and I'm lost!!

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

If you want to stay within real estate think about HVAC, plumbing, or electrical. They all are pretty steady and keep you within the RE vein.

Post: Crunching the numbers

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

You say you don't like to be in debt yet you want to refinance when the property is paid off. What is the difference? The only difference I see is that you've severely limited your growth by not fully utilizing leverage.

I'm not saying to go out and buy a bunch of houses, I just don't see the advantage of paying cash for one, unless it's an absolute steal.

Post: Writing Down Your Goals

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

'Think and Grow Rich' by Napolean Hill

Post: best approach for acquiring rentals

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

I agree with Mike. Leverage is the key. As far as your own assets go, cash is king.

Post: iPhone?

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

Take a look at the HTC TYTN II. On paper it seems like the most powerful, versatile pda/phone on the market. It works on numerous GSM networks, even HSDPA. I'm not sure about CDMA though. It has a sliding keyboard, touchscreen, wifi, a built in gps, even an ocr to automatically translate pics of business cards into contacts. The only thing holding me back is the price ($800 US).

Post: Running the Math on an initial deal

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

What's the projected yield? Or in other words, how much under retail are you purchasing. IMO that's what makes or breaks a deal.

Post: HVAC training

Will BarnettPosted
  • Investor
  • DFW, TX
  • Posts 66
  • Votes 2

Here in Texas the AC goes out a lot and is the number one maintenance expense. So now I usually install a whole new system when I purchase a property. That way, I won't have to worry about it while it's under warranty and I can write it off. My question is whether or not I should go through training to do the installation myself. Has anybody done this and does it save you a significant amount of money?