All Forum Posts by: Jared McCullough

The title search I had performed as part of the last deal did as you are suggesting in which as part of the final HUD Package I received letters from municipalities and utility providers of no standing charges. I do understand that it is not "free" though and is an embedded cost in the process.

I would be interested in understanding that if I did not use a buying agent if the additional funds saved would just go to the listing agent or would I actually be saving money in the end?

Similar to you the (2) I have done were 15 year (i.e. which was the max that was offered) and my brother just did (3) all on a 20. I have well find it hard to locate anyone willing to do a 30 year for an LLC. This being said most of my portfolio model is built on 15 year loans so it works well for me (i.e. I want all my properties paid off in about 15 years).

Could you potentially expand upon this statement as through the last purchase I worked with an agent who had done 100's of REO deals and he advised that there was no need to pay for an additional title insurance in that the seller paid option was sufficient. Obviously I would be apt to miss out whatever it is you are infering is the problem but would like to have at least a basis to ask an informed question to him on.

I was not advising I was 100% against using my agent just on the forth front I ended up doing 90% of the work directly with the staff from Auction.com on the last deal.

I am fairly new to using Auction.com and although my last rental was bought of their it was somewhat of a fluke because I had originally submitted a cash offer the day it went to auction so my real estate agent I normally used handled the offer submital through Auction.com. Although the whole process was a royal pain in the *** I find that most of the foreclosures I am looking into tend to make it here before they hit the price point that I am looking at paying. 

The latest is a 3/1 in which I would like to make an offer on but as I never "bid" on the first one and my agent did it for me I was wondering if this is required or I guess more so advised. Based on what I read it seems not and I guess I could just register. If I am to do it myself what should I be watching out for that would be typically handled by the buying agent?

The main thing I noted was getting title insurance which for the one I am looking at is paid for by the "Seller" which was the same as my prior purchase.

Jared

 You forgot sperm....but in reality this pretty much compiles the list of available sources as I have still not found the elusive money tree. If you know anyone with substantial reserves in savings (i.e. I know that seems to be rare these days) try offering them a few grand throw back on the deal to offer better return than a high yield savings. Borrow money for cash transactions, apply for refinance and if all done right you should be done in a few months. This being said make sure you have your ducks in a row so they are not waiting on their money back. 

It's about the longer term not the short term. All my deals will cashflow 100 to 200 on 15 or 10 year loans with 50% rule. I could care less about the 200 bucks from each property and sure it ads up. The fact that knowing in 15 years I will have 25+ units making full cashflow at least 500 a month is what excites me. I can manage my small little portfolio and make what I make now and have the potential for even more if I decide to go for bigger.

 Just realized you were from Steubenville. I live across the border in Pa around the Ohioville, Pa area. If you wouldn't mind an off topic question are these properties you own/looking at in Steubenville? I have had an eye on a few down that way for a few weeks now but have just begun researching the market in that area before I bother going to look.

Jared

Did you end up selling and if so how close was it to the After Repair Appraised Value? I am always interested how successful people are in hitting targets.

Kind of a vague question. I guess first analyze how much capital you have access to then determine a target market you think you can achieve with this. The next step would then be to begin identifying areas that meet these market constraints (house prices, average rent). Then I guess it would be determine which areas peak your interest that meet your market (i.e. inner city, outer city, surrounding areas). Then it would be looking for properties available in these locations. Then making a move when you find one you feel meets your criteria.

I originally read this thread and sort of smirked as grouping up Jeanette has always had a very negative connotation associated with it. Like any area I am sure there are a few decent spots but not somewhere I would generally advise someone who is not from to be looking into investing. I also personally don't agree that there will be any substantial growth in any counties surrounding Alleghany. 

This being said I did find this decent deal on a (4) Unit and figured I would pass along to any of those who were brave enough to entertain the idea.

https://www.realtor.com/realestateandhomes-detail/417-Division-St_Jeannette_PA_15644_M35277-39800?view=qv