All Forum Posts by: Kristi Rugeley

Freetrainers.com

I went here and you tell it what you want to accomplish and it sets a schedule with work out days and machines. I like it. you also can post before and after pics and you can adjust your training anytime you want. check it out and once again it is totally FREE.
:dance:

All the postings about a good website is true, but i have a lead site that someone in this forum suggested and its free

Its worth looking at the site is www.weebly.com

REIUSA- Hello my name is Kristi and I am a Developer in Austin TX, Check out the areas here in Travis county. With all the big companies like Dell and Heliovolt we have an overwhelming need for rental properties like condos and duplexes. Green is also reallllllly BIG here. People think it cost too much but it really doesnt it might be 1.00 more per sqft to save your buyer or renters thousands. If you place an ad for Green Condo for rent. Thats all that needs to be said.

Check it out- the Austin market is still one of the best. :lol:

Question- ROYALT

The homes did come from a bank forbearance or foreclosures? if not then if you have sufficient proof that the home is worth what you are selling it for then it a rep should be able to get an underwriters signature. As to speak directly to the underwriter. The guidelines cleary state thats that these homes are okay for FHA loans. Sometimes you have to be overly nice.

Maybe if you get some more comps to prove that you are not inflating the value of the home.

2-3yrs ago you could have done it with little to no complications

Thank you all for the warm welcome. to answer grandwally- Land acquisition legal definition is the government can acquisition your land for government use such as roads, bridges etc.
But what I did is... say You want me to find you 6 acres to build on. I would have to investigate the area to make sure it is zoned for what you want to build, make sure that there are no problems with soil and researching the geographic area to give you statistics on what you can expect to profit on your project. When I find the land I negotiate with the seller for a price on the land. And that’s it. Once I got the seller and Investor to sign a contract I was out of the picture.

So unlike a realtor who looks at mls and says here you go, we actually do the research so you dont have to.

The reason banks are not lending 0% dwn on Non-owner occupied properties is because the secondary market that is buying the loans in bundles are not making any money off of them. So the only private bank I know that Might give you 90%ltv is Worldsavings that was bought by Wachovia. Its called portfolio loans, and they dont sale the loan so they make the rules on who they lend to or not. Mind that you have to have atleast a 690+ to qualify for non-owner occupied with portfolio there.

P.S.
Keep all your invoices on repairs. this helps the bank understand that no one is getting &^%$ in the transaction : )

Dustin, most lenders have to run the loan thru an automated system and if the loan fits in the "box" its approved. I have had loans approved with seller seasoning less that 90days but loan amt is based on purchase price and not appraised value. Keep your repair receipts to justify mark up on home.

read this...Seller Seasoning:
Seasoning <90> 90 days but < 12 months, a second appraisal may be required if the re-sale price is 5% or greater than the lowest sales price of the property within the past 12 months.
Property flipping is a practice where recently acquired property is re-sold for a considerable profit with an artificially inflated value, and is ineligible for FHA

Also attatched is guidelines for FHA loans
Hope this helps

It really depends here in Austin Tx. One side of the railroad is $80sq/ft and the other side $200. And it also depends on the project and finishes. the reason the price of the land goes up with the build is to cover the overhead for the builder. But if the projects are completed in 6months vs 12months then the over head is cut in half therefore raising your profit margin. The trick is NOT to find the cheapest dirt but to maximize your lot space especially with condos and townhomes.

Thanks for asking :D
I was introduced to the real estate industry thru lending. As an Account Exec. I begged for loans daily (that’s how I felt at least) and I got paid the least amount and it seemed like I was doing all the work. I moved to Wachovia as an AE to find that it wasn’t any different there. I began investigating how to make the big bucks and realized that land acquisition was the easiest and most lucrative job to have in real estate. Get Bob together with Jon and I get paid!!!! Well then I found out how much they were charging the investor to build on land that they only paid $17.00 a sq/ft for, I knew what I wanted to do. With lots of books, questions and mistakes that we learned from....
Two good friends and I decided to go to Austin where the land was inexpensive but the appreciation was great- and start building. We have an average build out from start to finish of 6months. By cutting time we cut overhead which allows us to charge less per sq/ft and put more ROI in our Investors pocket which in turn keeps them coming back and reinvesting in new projects. That was 1.5million and 3yrs ago.
So that’s how it happened, hope I didn't put anyone to sleep
:sleep:

I just wanted to inroduce myself and tell everyone how glad I am to have found this site. I have invested before but I am a Turn-Key Developer.

thanks a bunch and I wish you all the Best and if i can answre any questions for you feel free to ask :mrgreen: