All Forum Posts by: Ken Hicks

This is a very helpful site for me. I read the first book and it was easy to read and it really got me thinking on how i want to invest in realestate. They have lots of products I recomend "The Weekend Millionaire's Secrets to Investing in Real Estate" http://www.weekendmillionaire.com/ They have monday night chats from 8pm-9pm eastern time. with special guests like carelton sheets some property managers ect. I recomend the chats. I don't ask many question but Mike Summey answers the ones I do. Check it out. Basically Mike makes $1,000,000 a year on his rental properties. If i remember correctly his new goal is going to be $1,000,000, a month. Pretty crazy numbers. I will be there tomarrow night.

I was looking at building a duplex or row homes. can any one give me some advise on what i should expect. has anyone done this before. I'm looking at purchaseing some land not much to build some row homes on or duplex. i was thinking of building a ranch style duplex with garages in the midel but this would take up alot of land i could put atleast 5 row homes on the area i only could put 2 ranches on. what would you guys do? I'm looking to build then rent these out. If i do it right i could put 10 row homes on this piece of land. I'm just wondering how they would rent i tried to talk to the managment group in the area but i dont' think they believe me i will do it so i didn't get a good answer i guess what i can do is just buy the land and take my prints to the management and then start to work with them. oh i will be funding the project myself and manageing the project such as accepting bids ect. let me knwo what you guys think.

somthing to keep in mind is how long properties are staying on the market in your area. I sold my primary home myself. I was going to sell with a realtor but i got one guy telling me $200,000 which i thought was way low so i asked another one who said $240,000 I got kinda mad how can you have a $40,000 difference. So i put a forsale by owner sign in my front yard and thats all the advertising i did and if it sold it sold if not thats ok and in 4 weeks i had a couple so excited they just drove by and seen my sign and purchased the home for $251,000 I was asking $255,000. So i guess its how hot your market is. oh and the apraiser so happened to apraise the home for $252,000 wow i barely made it. to me apraisels don't mean much just when financeing. I came up with $255,000 by seeing what else is forsale in my neighbor hood, and how my home compared to others.Just my opion.

Can somone explain the lease option to me. I read a few books and I have some questions. I hope i can explain them.

1.If you find a tenant to lease option a home for $100,000 with a $4,000 nonrefundable fee and the monthly payments will be $850. Now after the 3 year deadline the tenant wants to purchase the property how much wouldhis mortgage be?would it be $96,000 or would it be $92,000 after he pays some principle on the excisting loan of $85,000. I hope this makes sense.

2.what do you do if the tenant stops making payments? seek a attorney to evict them?

3.When filling out the papers for a lease option You negociate a price sign the papers then file the dead at the court house? is a attorney ever involved with a lease option.
I hope this makes sense. ask if you dont' understand.all input will be helpful

Does anyone have a good detective service they use to find people? a service that can help find a vacant property. one that can find the owners address. somtimes they just list the names of people and no address and my local court house doesn't have names on computer that i can personally look up and if i give them 30 names they moan and take forever. how long does a detective site take to get the information back to you.

I payed half upfront then the contractor got a bigger call for an apartment complex and didn't get back to mine for about a month then called said it was finished, I went to inspect the property and it wasn't near finished. Contractor finally finished I payed the rest and I will never ever see him again. Now i'm thinking of making a contract so if a contractor says he needs 1/2 upfront I will then present a contract that states he will be fined $100 dollars a day if work is not completed by such and such date. then maybe he won't need the up front cost if you tell him you can do away with that contract if he gets payed in full after the project is finished. to a point if its a $30,000 job then you might pay in quarters. Hope this helps i hope know one has to do this.

I'm from PA i'm pretty new at this. What part of the state are you from? I'm in Cambria county.

A friend of mine got a call on one of his bandit signs and the guy was telling him he is with the city and what he is doing is extremely illegal and he will follow up on the matter and fine him blalblalblablalblbalbla. the guy never left a name or number so my buddy did nothing and he got no more calls. i'm guessing it was a compeditor.

every thing helps. I"m new to investing and i have purchased both my rentals with the same realtor. somtimes i wonder if he really understands what i'm looking for. Right now i'm looking for a house that i can repair and flip so i can buy another rental for bigger cash flow. he told me that if a property like that comes up then another realtor would buy it first including himself. i want to find a realtor that is looking for the win win with investors. meaning if i did buy the property from him he gets a % then i rehab it and relist it with him. i've talked to alot of realtors and they don't seem to want to get involved. when i ask if they could give a verbal offer that is very low on a home they tell me they need 500 down and a contract written. i would love to find a realtor that is not affraid to make a verbel offer of $27,500 on a property that is listed for $39,900. i could make about 10 offers a day but only get 1 a month accepted so i could see why they won't do that. some realtors tell me they work with investor i wonder what type of investors they work with.

CMACONE thanks the yahoo site will do just fine. its not exactly what i'm looking for i think the best way would be to use the INSPECTORs way and contact my realitor. I just don't like bothering him because about 90% of my offer from him get rejected and to ask for comps on a fsbo i don't think that would be good for our relationship. i'm located in the pa boones and most data bases are not here plus the homes can range from $15,000 to $400,000 I don't realy want to spend all day at the court house finding this information. thanks everyone.