All Forum Posts by: Brant Richardson

Ann Arbor is pretty pricey but lots of demand to keep the vacancy low. You could get much higher cash flow in areas close by.

Did they sign a lease agreement?

Make sure there is a written letter offering them their deposit back, not just verbal.

Padmapper.com is helpful for rent numbers as well. It maps all the rentals currently on Craigslist and gives the rent. You can compare your rental to others to get an idea of what you could charge.

NO, stop, don't do it. What you get when you pay "for the bigger seminar" is an exclusive limited time offer to pay "for the biggest seminar". Actually I know nothing about Scott Yancey, but I can say you can learn for a lot cheaper here than going to any seminar. There is no secret success formula being given out at a seminar which is not known here. I agree that when YOU pay for the bigger seminar it is what gives them funding.

Check out the Learn section on this website, The Beginners Guide is excellent (and free). The Podcasts are awesome (and free). The podcasts interview real investors and discuss their current strategies which are working as well as the mistakes they made along the way. Each podcast has a couple of book recommendations from the person being interviewed. Pick up $100 worth of books, you will be way ahead of any seminar. Start asking questions here on BP, you will get answers from multiple view points by objective people, professionals in the various fields associated with real estate and other investors who are not trying to sell you anything (free).

Ok, end of rant.

That's the most interesting post I have read in a long time. Thanks for taking the time to put it all down.

I've got to agree that the long distance investor needs a great PM and needs to stay in the better neighborhoods.

What is the reason you decided to liquidate last Summer?

Sounds good to me. What would the after repair value be? Great schools ratings?

Check out podcast #54 with Lisa Phillips. If I lived in an area with properties in the 30k range I would be doing it. Those properties tend to need more attention from landlords so as an out of state investor I'm going with properties a little higher priced.

Are they refinancing your purchase price or the appraised value after repairs? All the lenders I have spoken with who will refinance in less than 6 months base the loan on purchase price.

It depends on the lender but 6-12 month seasoning period and you will need to keep 25% equity in it for most banks. I would think two condos would appraise higher.

Many lenders will do 10. After number four they usually want to see a 6 month cash reserve to cover P&I + property tax + insruarance for ALL of your loans including the new one you are applying for.