All Forum Posts by: Kyle Gregory

mike i think they understand the expenses... in order to make the deal work and feel right they greatly underestimate the expenses.... knock on wood i am still working on my first rehab/rental property and thankfully i have overestimated what it will cost and in a year i will be sitting pretty good (barring no major catastrophe)

well obviously you were not married to my ex-wife... having been run into the ground before we tried to deal with one of the larger mortgage companies and due to me working too much, they refused to work with me.... even though my ex was spending money faster than it came in... but that was years ago and things might have changed with the way the market is going.. i guess it wouldnt hurt to ask

yes, banks will only work with you in hardships situations... And just getting out from a loan just "because" is not a hardship situation... he might have just suck it up for a while until the market improves... Either that or his credit will be messed up for some time to come

where are you at that you are able to collect $600 a month for a "room"

not to say deals can not be had on abandon properties, but i personally would be afraid of these... after all there is probably a real good reason they are abandon?

alright if i did my math right (i am sure others will correct me) a loan for $110k for 30 yrs runs about $713. So does the property need repairs? what about taxes and insurance? Right now, at best this is a break even deal... now throw in things like hot water heater going out, AC going bad, and just general maintenace.... it is a VERY bad deal IMHO.. but chances are you might be dealing with a hard headed individual and they will do it any way... so please send him my way i can get him deals just like that one

this appears to be an easy one..... He is ONLY getting $1000 a month in rent? that right there is the biggest problem..... unless he is paying cash for the property he will be losing at least $1000 in mortgage payments alone. That does not include repairs, utilities etc... Now if he is paying cash for the property, you might need to ask him how long he plans to keep the property? and if he is willing to wait it out?

while i agree with your general assessment about RT, i would like to differ on others.... In your example, why wouldnt a bank take $85k? Maybe if the house was just foreclosed on and just hit the market, but if the house has been sitting there for a while and the bank is still losing money they might take the offer. The banks have bean counters that crunch the numbers and deceide when to take a loss, or take a lower profit... So if that guy wants to offer $85k, why wouldnt you throw that offer out? Adding to him that the lowball offer will probably sit on someones desk for about a year...

now my personal experience with my first REO and first rehab purchase... We had looked at this house in a nice neighborhood and it needed a lot of work to it... The county valued the property at $95K and the realtor first listed it at $55k then dropped it to $45 k... and the day we were going to put a bid in on it for $40K the bank dropped it to $35K and they finally accepted my offer of $30..... REO's just take a LOT of patience

surprisingly pex cost as much or a little less than copper.. Granted i only did 1 hot water line but i used sharkbite fittings, and yes they are a little costlier than than the standard copper fittings... but in my humble opinion the savings in time is well worth it... and for the record I have NO affiliation with this company.. just love the ease

http://www.cashacme.com/prod_sharkbite.php

just to let everyone know i went ahead and did the pex. It has worked out wonderful and as soon as i can get the retaining wall rebuilt that just fell down in the rain i plan on replacing on an on going job.... But it was way to quick and easy to install