All Forum Posts by: Lokesh W.

Cameras can be put outside the property. I have checked.... I am looking for some video surveillance camera suggestions....

@Dawn Anastasi, Deer cam is one option. I have looked at surveillance companies that charge $40 per month for 3 video cameras; equipment cost is around $100 but they want a 3-year contract. I am trying to find something that will not require contracts. I thought about setting a DVR in the basement. The tenants have access to basement.

Hello,

I want to put a surveillance camera outside my rental property. I live around 10 miles away for this property. This is a 5-unit building in Milwaukee, WI. There are 4 trash cans and 2 recycle bins. These get filled pretty fast and someone has been putting their stuff like old couches, mattress etc. around there. My property manager has to clean it up!!! Of course, I get billed for that…

I asked the city inspector if I could put a surveillance camera right above the trash can area and he said that is a good idea. My building is adjacent to a side street and the trash cans are on the side of this street. Not much through traffic there. The only people who use this side street are the people live in that area. I’m not sure if I should contact an attorney since I am putting a camera right above the trash cans but I will still run it by an attorney. I found some surveillance camera deals for this online.

Do you have any suggestions for the surveillance cameras that you (or someone you know) have used successfully? Please note that I do not live in my apartment building so I do not have internet connection there. This building has a basement.

Any suggestions are greatly appreciated…

Thanks!

Congratulations! Must be a dream come true...

@Joel Owens , thanks for your response. Why would the broker lose their license?

For a realtor, what type of wholesaling is good? Double closing OR assignment contract?

Are there any other types of real estate investments (fix and flip, rent to own, note brokering) where having a realtor license would be a negative thing? I know that for short sales, it is good to have a license but I don't plan on doing short sales...

@Kyle Gregg , possibly unmotivated broker; I did not get the loan from that broker.

I later found the property that I live in now. I got my loan from a credit union and the property was in pretty good condition except code violation; it was remodeled by the previous owner for sale and then owner went into foreclosure so I ended up getting a nice property and a good deal since this was REO.

If the mortgage broker can help with FHA 203K loan and repairs for the new homeowner, that will be great! For 1 - 4 unit owner occupied FHA is the best loan (3.5% down); otherwise you need 20% down. You can move out after 1 year and buy SFR owner occupied for 5% down. I have been living in the duplex for few years and don't plan on moving out for another 1 year.

This is questions I had as well. I am planning to obtain a realtor license. Will it be OK to send out mailers to motivated sellers (like absentee owners) and then wholesale it? I guess being a realtor, I could just list it MLS and then get a commission by selling it. Not sure if this makes sense. Does anybody know a realtor who does wholesaling?

Good idea! I live in a duplex that I purchased using FHA loan. The 203K FHA is tricky. The repairs loan from 203K FHA is very tedious so I put in my own $8,000 for code corrections, some appliances and other small repairs. The repairs have to be done first and then the bank will inspect the repairs. After satisfactory inspection, they will release the funds. For the repairs, you have to find a licensed contractor, which is expensive. The contractors have to fill out these FHA forms and submit.

If need to repairs to be done before move-in, then it is almost impossible. I am not discouraging you rather helping you prepare for some headaches. You can get approved for FHA 203K loan but obtaining the repair loan is just very lengthy – this comment comes from mortgage brokers. Maybe it is easier now but a few years back, mortgage brokers did not like the 203K part of the FHA loan.

I created a list in List Source for absentee owners with many other criteria (LTV, original mortgage amt, date of purchase, # of bedrooms etc.). For 362 leads, the cost is $241 and for $1100 leads, the cost is $800. Is this the normal cost? I thought the cost was lower. Am I doing something wrong?

Any suggestions are greatly appreciated.

Thanks

Congratulations! Looks great and you do take great pictures as well :)

What neighborhood of Milwaukee is this located?