All Forum Posts by: Kenneth Guin

I'm looking for a contractor in Fayetteville NC any suggestions?

Needs about $20-$25,000 rehab.Close to base would make a great rental.According to rentometer the rent should be $670.00

What I'm saying is if you have to pay the seller 50% of the value ,they could sell to anyone and not do a sub2.

Is sub2 legal in North Carolina?Because it says in NC General Statutes - Chapter 75 Article 5A that you have to pay the seller 50% of the appraised value of the home.Because for someone to do a sub2 the arv and loan balance is pretty close together.If it were 50% difference between the arv and the loan balance they could easily sell the house.

What contracts and disclosure documents do you use for sub2 and lease option?What I want to do is do a sub2 and then lease option it .

I live in Angier NC but haven't done anything yet but trying to learn all I can.My biggest obstacle is credit and cash.I just read Brandons book Investing with no or low down .I'm thinking about trying some of the techniques in the book.I don't know though ,i'm afraid i'll get into a bind if i try stuff like that.What i'm mostly afraid of is if I do a lease option from someone I could'nt find someone to lease it too.I could'nt make the payments or pay upkeep.Have anyone ever did creative financing before?I'm trying to learn everything I can about REI.I appreciate any help you can give me.Thanks

With 50% rule cash flow would be $180

Comps on Zillow avg.$70000

The only thing I could see for repairs is a few holes in wall,paint and refinish wood floors,couple doors and door knobs.I could do most labor myself.

House-$26000

Tax value-$83000

Rent-750

Taxes-$1500

Ins-#700

Repairs $6000