All Forum Posts by: Jake Loviska

My father just closed on a house yesterday. They told him the same, "we have two other offers, come back with your highest and best". I told him to resubmit his original offer, which he did. Lo and behold it was accepted. I think it mostly would depend on how hot the market is. San Francisco, Denver, Seattle? Maybe the agent is likely telling the truth. Small town Midwest like the one my father lives in? Agent is likely blowing smoke.

@Nate Miersma.  I live in the area and would also be interested on your take on 

"I would still want professional property management in place and would like to connect with an investor friendly broker."

 You seem to be the most active Kalamazoo person on here.

Would love some info on them, but really, if they are cash flowing find some property managers. Don't let the golden goose fly away. 

I just did mine through Quicken at 11 months ownership and 80%ltv. Although we are owner occupied on it so that made a difference I am sure. I can send the contact we have if you want to give them a try. I did try consumers, ECCU (had account there) and Advia and was told by all that I needed to wait at least a year. 

@Joe Splitrock Thanks for the advice. I think you are right and we will try to focus on the personal residence and shop for a deal for the next 6 months while adding to our cash position. More deals will come along than the one I am currently eyeing. 

Hi all,

Looking for some advice on my wife and I's current situation. We bought a REO in December 2015 for 59K cash (9k ours and borrowed 50K from parents, paying back over 5 years). Currently doing a live-in-flip with ARV expected in the 95-105K range. Similar nearby houses are 120-140K range, but ours is on the main road so I prefer to be conservative. We did not get an appraisal at the time of purchase. It has now been six months and we would like to get a duplex investment property costing in the 60-80K range. For financing I see a few problems for us:

1) We only have $4000 cash for this atm. Have 17K in non retirement brokerage account but don't want to sell the stocks and get a hefty tax bill. 

2) Job history-we took a year off to travel the world from Aug 2014-Aug 2015. Since coming back the wife and I have worked 9 and 6 months respectively at our current jobs. Combined annual income will be about 63K this year. On the plus side our credit is excellent with both of us having scores over 760. 

Our though is to cash out refi our current residence at 75% and pay back parents the 45K we still owe and use the remaining amount, assuming about 20-25k as a downpayment on a duplex. Is this possible? Basically getting two loans at once with basically no money down? Am I in crazy land?

Or is it possible to get the refi and then use the 20-25K in 3-6 months as downpayment on rental?

So my wife and I are new to real estate in general, both from an investing and personal home standpoint. We have come across an interesting house due to the fact that my aunt and uncle live across the street. In June the owner of this house was murdered there.  Her sister listed it for sale by owner and we toured it. She had an asking price of $75k. The house needs work, for sure some updating and probably a new garage (current detached, one stall is leaning quite a bit). We left it alone as this was far to much for the house's condition. The neighborhood is decent, not a ghetto or anything, and could support 80-90k if this house was remodeled/renovated. The house has since gone to foreclosure and the notice posted on the door indicates that the amount due is $20,016. 

Questions for your are:

1) Is it possible to buy this house prior to auction? Contact mortgage company or sister?

2) If bought at auction there is a 12 month redemption period (Michigan), can someone else redeem it other than the dead person? Maybe the sister?

3) Would you buy/rent a property that someone was murdered in?

Any general advice would be greatly appreciated.

Thanks,

Jake

Thanks everyone for the input. The wife and I decided to give Kalamazoo a try for now. @JosiahSwatrz we will be there, thanks for the invite. Turns out you know my cousin Logan from Sherman Lake.

Hi Everyone,

I'm green, young (26), and full of dreams. My wife and I just got back form a year of world travel. Time to get back to the grind. I discovered BiggerPockets while we were on the move and found I am drawn to real estate. I want to get a job in property management or property acquisition, or some other option I maybe haven't heard of yet. I am not super interested in being a real estate agent. I am trying to determine a sound course of action. We am currently in my hometown, Kalamazoo, MI (pop. 70,000).  We are thinking of moving back to Chicago. Eventual goal is to by enough units to replace one full time income off of cashflow ($50K), withing the next 15-20 years. For reference my background is a Bachelor's in accounting and I worked at the IRS for 4 years prior to our trip.

So my question is do you think it makes sense to stay small town, lower income lower expenses. Or option 2 to is go back to Chicago, higher salaries and more opportunities but higher cost of living. We could invest in Kalamazoo and work in Chicago I suppose. Has anyone had experience small town vs large city? Any general advice on the best way to get started is great. 

Hi Everyone,

I'm green, young (26), and full of dreams. My wife and I just got back form a year of world travel. Time to get back to the grind. I discovered BiggerPockets while we were on the move and found I am drawn to real estate. I want to get a job in property management or property acquisition, or some other option I maybe haven't heard of yet. I am not super interested in being a real estate agent. I am trying to determine a sound course of action. We am currently in my hometown, Kalamazoo, MI (pop. 70,000).  We are thinking of moving back to Chicago. Eventual goal is to by enough units to replace one full time income off of cashflow ($50K), withing the next 15-20 years. For reference my background is a Bachelor's in accounting and I worked at the IRS for 4 years prior to our trip.

So my question is do you think it makes sense to stay small town, lower income lower expenses. Or option 2 to is go back to Chicago, higher salaries and more opportunities but higher cost of living. We could invest in Kalamazoo and work in Chicago I suppose. Has anyone had experience small town vs large city? Any general advice on the best way to get started is great.