All Forum Posts by: James Harkness

If the land is used as collateral for the loan, your friend will absolutely lose it in the foreclosure.

In order to postively cash flow, the rents will cover your expenses. Look up the 50% rule in the forums and you will find a lot of information on how to determine if a property cash flows. I think you will find that most of the cash flowing properties are lower valued, and are not in the most desireable locations. You don't need 500k to find a cash flowing property.

Gary, that sounds like a great deal to me, especially for a fix and flip. You leave a lot of room for a quick profit. Knowing that you are a contractor and have been in the business for many years, I am assuming that your cost of repairs is only factoring in material cost, and you will do the work yourself. Sounds solid to me. Just make sure of the market, and check how many days properties in the immediate area sit on the market before they sell. I think I am familiar with the area you are in, so there should be some activity there. Good luck, let us know how/if you proceed.

PM Sent

This article was found on CNN today. Am I reading it correctly that the out of state owner can be held liable for this? Doesn't seem right to me.

http://www.cnn.com/2009/CRIME/12/30/pennsylvania.animal.remains/index.html

I have a friend whos dorm burnt down in college, and then four years later, the huge apartment complex that she lived in burnt to the ground as well. That one made national news. It was last year I believe in Conshohocken, PA. Massive fire. I'm not real sure how that one played out. I know that she had her own rental insurance policy, but I do recall hearing something about the building not being properly insured. I'll bet that the owner wished it was...

Pay off all consumer debt, and purchase my first property

That shed looks like a piece of garbage to me. I wouldn't want to have it on my property. That is just me though.

Congratulations Sandra. I just read the whole thread, and I'm so happy that you got this taken care of. Good job sticking to your guns and getting him out of there! Hopefully now you can start enjoying your home in peace.

The news is correct, Citi will not foreclose or proceed with any foreclosures on first position mortgages that they own. The key is that they have to own the note, not just service it. My understanding is that they own about 20% of the the notes that they service.