All Forum Posts by: Jaime Penix

@Sylvia B. usually if you look at he copper and electrical fixtures you will see dark corrosion....of course someone can swindle you and replace all of the corroded looking ideas..also supposedly you can smell the sulfur odor at times...and if all that fails you can hire someone to test it

@Elizabeth Colegrove @Matt Good Chinese drywall or toxic dry wall is defective drywall used mostly in the early 2000 to 2007 that emits toxic sulfa entities. They tend to be corrosive to wiring/pipes/etc and reported to cause respiratory problems. Most of the use of this is in florida. Most of these defective drywall comes from China. I have read that is really difficult to know just how much defective drywall is out there because many American and other countries as well used Chinese chemicals during the exploring real state market in the early 2000s. I have been trying to catch one of these houses at a good discount but people seem to buy them at retail price minus standard remediation costs, which as both baffled and frustrated me.

@Sandra Gibson I want to buy the houses with chinese dry wall and hopeful remediate with resultant adequate profits

Wells Fargo always hit me up for 650 for Single family residence here in florida...And it might just be my imagination but the resultant appraisal always seem to favor the Buying Banks  interest.

@Steve S. mention, how fast can you acquire the purchasing funds. if it is like 2 months, then you can purchase 6 more houses before the year turns over. I don't think the prices are going to change that quickly, I could be wrong though. So then you would be ok at purchasing them each at 20%. Also factoring safe, 20% is the way to go. You don't want to over extend yourself on minimally financed houses, then you will be stuck with a much higher burden if things go sour. Just my one cent on the matter.

@William Robison Those sound like great figures....I need to strive to meet your figures. I have not collected a lot of data on my properties yet, since I have really been doing this for about 1.5 years...I numbers are problem Skewed since I paid sums of money to repair them to before I got them into renting condition. But since then repairs it has been gravy.

@William Yeh yes I need to developed some sort of systematic maintenance on my properties. Slowly but surely I am getting there. As I form bonds with the right people, I develop my patterns. Hopefully I will get it to be a well oiled machine.

@William Robison thank you for you advice. especially the tub system information, I was never sure what was the best way to go with that. What about your heating and cooling? any ideas there? Also do you believe with your strategies you are breaking the 50% rule?

@Account Closed I think people will need some more details in the numbers to adequately help you. Will this be a primary residence or investment for the buyer? with 5000 dollars down/500 month, assuming it is for a primary residence, I would think that generally speaking she probably could afford a 60-90K home. But you have to provide more details to get a more specific answer. Also it also depends on home much you are going to squeeze from her as a wholesaler..haha

Everyone always mention this 50% rule. But I never hear strategies used to defeat the 50% rule. I am interested in hearing that, what type of flooring/roofing/painting/HVAC are they using. Should I metal roof my places and tile them all out. That should batten that property down for at least 50 years, right?  I know that there are not simple answers but I would like to hear chatter about strategies to defeat this rule.

It is is seems some folks above are confusing student debt with business debt that occurs when someone is starting a practice. These are two different things. This example has accrued 700K student debt. And in medicine fellowships are paid positions, not positions that you take loans out for. He can defer your loans out during the fellowship but you don't take out student loans for it.