All Forum Posts by: Dustin Gott

I have a private lender who is owed the full amount in a few days. He is interested in continuing to loan the money. What would you use to change the terms of the loan to extend it another year? Simple addendum? A specific form to change mortgage terms? Any help would be great. Thanks!

J,
I am looking at your budget recap for the "horsey" house. Great job on everything. I have a question about the kitchen. What kind of cabinets and countertops are they? $2900 is pretty cheap for what I am used to getting but yours still looks great so I am curious to what they are. Thanks!

I think the answer is 3. :lol:

We have found that there are not significant issues that cant be accounted for until you get to around 1950 or older. Then we have found worse building standards and many unexpected things that sometimes need fixing. Many more foundation/load bearing issues, lots of shifting which is okay sometimes but not always, lots of things not up to code that in many areas HAVE to be replaced before it can be resold, etc. There can be good deals in any price range but thats just the experience Ive had.

I know a man that I worked for growing up that owned 9 golf courses. I was able to work my way up far enough in the company that I was privy to some of the financial information. I can promise you it costs more than 1 million to build (not physically build but build a desirable place to play well known by the community) and adequetely maintain a desirable golf course. Even if that were possible there are very few golf courses that profit greatly. That is a large reason many courses are publicly owned. I do not want to squash any dreams but am giving you a realistic view having seen it myself. The man I know owned other companies that supported his golf courses because golf was his passion. To spend 10K I better be at the one of the best golf course around or be getting a large profit share. I do not believe you will get either from the numbers you have posted or from my experience in the golf world. I genuinely hope you can prove us all wrong!!!

Hey will just wanted to make sure I understand correctly: Your inspection has to be completed within 17 days of acceptance? Here in MN we do sometimes as little as 3 days and 1 or 2 days to remedy anything found. How long (assuming im understanding what you are talking about) does it typically take to close from acceptance of your PA till deal is closed?

I personally believe there may be a slowdown but much faster than expected the private market will pick up the slack. People will still desire to own homes. There will be a huge market for those who are willing to take a "risk" and loan to people while keeping the loans in house. Many small local banks already do this. They may require a certain amount down but that is only reasonable especially when we have seen so recently how it doesnt work with looser criteria. Just as a down market opens up many investment opportunities for us investors so could a down banking/loan market create many opportunities for small up and coming banks and investment firms. Lastly I think interest rates are bound to rise and when a home loan with 20% down gets a bank 10% or more interest they will be jumping at the opportunity to get in the business again.

Even if I am wrong I believe it is in the long term best interests of our country to not have a quasi- government entity controlling real estate in such a direct way.

Our local MLS has added a rentals section as there was growing demand among frustrated real estate agents that were seeing their sales turned into rentals somewhere else. They get a marginal fee for bringing in the renter but it is nice because now I can see what places are actually renting for not just the asking price. Is anyone changing their thinking on length of the rental agreement? We typically look for a year agreement but with this news should we look for shorter terms so we can raise rents more often?

I am usually better at conveying sarcasm even when using the internet as my medium but I obviously failed!! Will, I was only alluding to the first time posters that come, ask for money, and are never heard from again. Obviously there are many people on BP (hopefully myself included) who contribute greatly to this site and are successful to many degrees in their own businesses. I apologize for any confusion!! My one and only award here is being an addict. I fully realize the breadth of knowledge here and am utilizing it everyday! I appreciate your opinion and advice as much as anyone on here.

Its going to be hard to find any success stories as I imagine not too many are still "investing" in real estate let alone coming to biggerpockets anymore!