All Forum Posts by: Jeff Sprunger

you are on the right track.  they did "some" work and should be paid for it. 

friends. former neighbors.  realtors. mortgage brokers.  partners. 

tough without having a local contact.  someone you trust to act on your behalf. 

you need to walk the property. or, you need to have someone you really trust walk the property for you. you will need to know: what needs to be fixed/updated to bring it up to ARV? How do you know what ARV is for the area (hint: ask the Realtor)? what percentage of list price are properties selling for? how long are they on the market?

do you know any general contractors in the area that you trust? are you going to be doing any of the work yourself? is there someone local who can check on the property for you? there are a million other questions...

GO ND!  Hooah!

from fort wayne.

you have the down payment, even if you have to put down 25%.  just go talk to a lender (s). 

if you can buy the condo for all cash ( no mortgaga) do that and use the income to accelerate the pay off of the first property. then you'll have 2 paid off properties.

hi carol, we need more information. the house is listed at $34,900. you want to borrow $25,000 @10% from a private investor. is that right? property in the area are selling for $100k. correct? what does your house need to get it to sell quality? what needs fixed? how much will it cost to fix your house? what are the holding costs for the house while you do the rehab? how long will the rehab take? what is your fall back plan if the property doesn't sell quickly?

how are you ever going to prove that it has stopped?

travel til the money runs out...

driving for dollars!  drive your area, taking note of any multi-family property that interest you.  you can tell how many units are in a structure, usually, by the number of electric meters on the outside of the building.  jot down the address.  look up the property on your city's tax assessor's website or go to assessor's office, to find the owner's name and personal address.  send them a "I want to buy your house" letter.