All Forum Posts by: Karen C.

Hi, I would like to supply some input here. About 10 years ago I was going to attend Vincennes University but backed out at the last minute due to my visit there when I found out how small the town was. The whole town stopped for a train passing on the tracks and the only decent place to eat was Subway. I am not sure if the town has expanded in the time since but from your description it doesn't seem to have changed much.  I live in Indiana up north in the South Bend area which is not very big and could never have seen myself living in such a town like I saw in the visit there.

That being said,  it might be good for student housing. There was one podcast about a investor specializing in student housing who was charging per bedroom. Seemed very lucrative. He had to have the student and their parent sign the lease and there are certain laws about people who are not related living together in the same house but I do not know if that applies in that area. Might be something to look into if you think its a good deal. There are many universities in my market and I am not opposed to finding deals for student housing.  

Thank you, now I need to find a way to pull up that carpet. It's really stuck on there!

Just looking for some tips on the best way to remove glued down carpet from wood stairs. I know the stairs are wood because the carpet from the landing and two steps below it has been removed by someone other than me.

Should all the carpet come off the stair and the adhesive be left? The adhesive is on the edge of the stair nosing and the bottom of each stair. It seems pretty secure, not sure how I would pull it off. I know other tools are needed, like a cutting blade, hammer, pry bar or flat head screwdriver for removing tack strips.

I know to use adhesive remover but do I use that on the carpet or try to get the carpet separated from the adhesive then use it on left over adhesive? Since the carpet is so tightly glued down I was thinking some remover would need to go on the carpet.

Please help!

Can anyone refer me to a good attorney for asset protection and business formation? Want a lawyer to help set up LLC correctly. I'm in the South Bend, Mishawaka, Elkhart area.

As a newbie who is still learning and struggling to get funds together for a down payment and cash reserves, it sort of hurts to ask this question because I think I know the answer. Just want to hear from some people who might have tried other things to get their real estate investing going. 

What is your opinion of starting something in affiliate marketing or network marketing vs. trying to get private funding? Some one mentioned affiliate marketing to me as a way to raise money for purchasing rental properties and it is mentioned in Rich Dad, Poor Dad Cash flow Quadrant. I had no idea what that was and when I looked into it, my first reaction was: I want to get in to real estate, not start another business.

Just wondering other people's thoughts on this. I would rather get a pro membership and start building great relationships with private money lenders.

When I was looking for a house I would have loved to find one with wood windows. The common practice today is to tear out old windows because they are "bad". Most old wood windows just need some sanding and painting or small adjustments to fit better. In my opinion vinyl windows are cheap no matter what you pay for them, but I like historic homes and original detail. I guess the type of buyer you are looking to attract will help you with this decision. vinyl windows don't look right on an old home.

Sort of going through this right now with my sister. She needs to get out of my dad's house, his health is failing him and she is abusing him. I was informed by local police that POA has right to say who lives in the house. Good luck.

You would want to form an LLC to protect your investments. You never want to use your name to do any of your deals, or have any of the properties in your name. I am just starting out too but know that much. You should also look into creating a trust to hold the properties in. There was a great podcast on assets protection not too long ago. Definitely worth listening to for tips on how to set up your business before you start. Goo luck with your first deal!

Thanks to everyone that replied. I'm really just looking for education at this point in time, while building up finances to get into real estate. What I gather from the responses is that a previous owner might come back and try to take owner ship because of their investment in the property or other individual wanting payments due? Maybe I am not reading the replies correctly. 

And to answer your question Jeremy, the ARV is in the range of $75 - $80K. So it probably is not a very lucartive deal with the amount of work that needs to be done. Maybe a buy and hold would prove more profitable for this property. It is not very big, around 1100 square feet.

Hi, I'm a complete newbie to real estate but desperately want to and plan on getting into investing sooner rather than later. There is a property in a historic neighborhood  that has been up for sale for awhile. The price has steadily dropped down to $29,000. I know it needs several repairs just from walking by and looking at the outside. I'm very interested in rehabbing older homes and this one was built in 1925, a beautiful brick cape cod. Okay, getting to the point, looking online at the listing it currently says:

THIS ASSET WAS ACQUIRED THROUGH TAX SALE, CONSEQUENTLY THE BUYER MUST USE SELLERS CLOSING AGENT SINCE THEY WILL SUPPLY THE TAX CERTIFICATION. THE SELLER WILL NOT PERFORM A QUIET TITLE ACTION.

Can anyone please help me understand what this means and the exact reasons why I should steer clear of this property as my first investment?