All Forum Posts by: Account Closed

Michael, find a hard money lender who will give you 6 months to get the house in good condition and then refinance it. With 30% down or so on an REO purchase many should be ok with it.

It's gonna add to the cost of things of course, but might be worth it in the end. If you get your back against the wall give me a buzz, I just moved to spring hill and can more than likely help you out if the #s make sense.

Uhh, just make your offer with the escrow deposit to be given 3 days after acceptance. Plenty of time to see it before money on the table. If they counter you on the terms, go look at it then.

less planning and talking, more writing. Carpet bomb the local MLS with offers. Something will hit. You are lacking inventory.

I got annoyed at a competitor who flips short sales only one day since he outbid me on a house i wanted that was a few houses down from a flip i was working on. I typically don't bother with short sales otherwise but i liked the area. Anyways, i figured i should put some effort into short sales to "get even (yeah i'm childish at times). So one really rainy weekend i sat down and wrote like 400 short sale offers and faxed them off. 6 months later I still had deals in the pipeline. I ended up closing like 3? I'm guessing I could of closed 6-10 if i was a wholesaler. It wasn't all that profitable compared to the courthouse step stuff I do, but it was something.

Family...business....trust.... Good luck!

Dealing with family....scary
Putting repairs into a house you don't own....scary

Why not buy the house and write an interest deferred private mortgage. Then refinance down the road or payoff when you sell. Tax wise it would seem cleaner and you aren't having to worry about them changing their mind. Or more important, some heir changing their mind cause you didn't pass the peas last thanksgiving.

Seriously guys.... Post an ad on craigslist for a translator, i'd think someone could do it via phone pretty easily on a 3 way call. Keep their number if you decide to keep the tenant and give em 10/hr or something. If that doesn't work find a realtor that will do it.

Let the kid be a kid and treat the parents like adults. Makes for a better relationship.

I only buy houses that are above ground.

Seriously, you really think that there is some top secret source of inventory that is just waiting to sell houses to you at a killer deal all for the bargain price of 19.99/month?

Watch the following link (really graphic but the same concept.) http://www.youtube.com/watch?v=fzzRizr3FSo If it were true, it wouldn't be kept a secret nor only cost a small amount a month.

HOA should totally foreclose and attempt to take over the asset till the foreclosure is over and rent it out "short term". If nothing else, it will stop the traffic from the previous deadbeat owners.

I'm a huge fan of buying HOA liens at the courthouse. 3-5k for "ownership" rights for 6 months to 3 years....sure why not. If the tenant trashes the house, boo hoo.

Yes the owner is still on the hook for the mortgage unless they did some weird financing in an LLC or something. If the total debt on the house is lets say 50k and it is worth 100k it shouldn't be hard to find a buyer, i'd typically be interested except I hate miami.

What minh said is accurate.

You shouldn't have a deposit from him since you already gave a deposit to the seller. He steps into your position, and acquires your deposit you gave already. If you want to recover your deposit by charging him, then you take it directly.

Not sure why you are closing on anything if you are doing an assignment. If you are doing an A-B and B-C(you buying, then turning around and reselling it) then you need to have the title company hold his deposit and try to close things as tight as possible.

With questions like this, look for a mentor or a title company/Agent that can keep you out of mischief.

Ugh, my gut says rent when you want to enjoy it and keep the 200k. With that said talk to the management company (more than likely taking 25% or so) and ask them for rent rolls on something similar.

I bought a vacation rental in suwannee cove at the mouth of the suwannee river, gorgeous place in the middle of nowhere. Height of the market went for 350k, I paid 45k. If you look at the rental history of most of the units they barely receive 10k a year before the local realtor gets her cut. HOA payments/taxes/mandatory water bill etc runs about 12k a year. Do the math.

People justify owning them since they just want it, the rental aspect is to offset some of the bleed. It by no means makes money though so don't call it an investment.

Nobody has the right to tell you not to spend money on what you enjoy, but as an investment stick to something that makes sense. If the rental rolls of other units say it makes a good cap rate I'd be HIGHLY surprised.