All Forum Posts by: Mikey Cas

Would it be considered unethical to call the neighbors of a sellers home. Just to ask basic questions, I did a property information search and found out this property I'm interested in was purchased a year a go for $7,900, and she was asking 18,900 now, and says ARV is 39,000, But it was purchased for 39,000 two years ago. You guys might be thinking, go to the property yourself and have an appraiser determine, but I live pretty far away. What do you guys think? Call the neighbor ask some questions? Thanks for any help. It seems like a deal, but a realtor in the area said the market is very slow and could take a year to sell!! But renting is a different story, much easier. I've been doing a lot of research and want to get my first deal going. The only thing holding me back is the distance, about 6 hours away.

I'm in the early stages now but the seller claims $40,000 is arv. I will have my own appraiser do an appraisal because she could be wrong. What exactly is a signature loan? How long do I have to repay that? Can I get 15,000?

If I wanted to take out a 'personal loan' or a 'business loan' rather than a traditional mortgage and use it for a real estate investment such as rehabing and then flipping,or renting out, is this possible?? Only reason I ask is because I found a potential deal, and the seller is agreeing on $11,500 for the home. I already spoke to a few lenders, I dont think any mortgage companys will lend any less than $50,000. Would a deal that small have to be cash for it to work smoothly. Thanks

hey guys, interestingly enough I just found out...that the property is listed at $11,900, and found out the area is a declining part of town. This could be a red flag..she emailed me saying its 18,000 negotiable with minor repairs. Now I am having some doubts. The repairs could be far more than what she claims, and this property might not sell for a long time.

Awesome, great advice. Would offering 8,000 be a lowball offer? It would leave room to negotiate up to 10,000. Her asking price of 18k leaves 22,000 room for profit....LESS fix up holding costs etc. So if i can get her down that could make this worth it. I just dont want her to turn away the deal bc i lowballed.

Hey guys, I have been following advice and not looking on mls websites for deals anymore, and came across someone who is in need of selling their home. Asking price is 18,000 negotiable. ARV is estimated at 40k with minor repairs. BUT before I do anything I will send someone on my behalf for an appraisal and a contractor for estimates of repairs etc. Because the seller told me it needs "minor"repairs, and obviously I wont just take her word for it before even seeing it yet. But does this look like a deal? And is there enough room for a nice profit and to get my feet wet. I am thinking to make it work I can get it for maybe 10-15k. Do I need to file for any building codes or dpeak to the town to fix this up, although they may just be minor repairs, or is that only if I add rooms, etc. THANKS! I can send a picture of the house if anyone wants to see and let me know what they think, with some details.

Whats the best general advice for a newbie thats a full time student to find below market properties. I found plenty of properties at retail with a good gross rental to purchase price ratio. I am talking about without using mls, foreclosure websites etc. I am not really looking to rehab just to rent out with positive cash flow. Thanks

thanks for the responses....do you think it would be less risky investing in an already occupied property where the crime is not too high yet lower income? Does any1 have trouble finding renters in vacant properties. THANKS

Hey guys, Ive been reading large amounts of posts, and came across the term slumlords, something I never heard before. Does owning rental property in low income areas make you a slumlord? Or is it when you let the property deteriorate without giving a damn. I am looking into buying rental properties in lower income areas because of the positive cash flow and affordablitity, not to take advantage of anyone. The term sounds kind of bad lol. Is it true people in low income areas are against abesntee rental property owners and consider them slumlords. Just want to get a heads up. Thanks

do you guys think there would be intense competition in low income rental areas to buy properties as investments if they are more profitable??? And when people say you "force cash flow" how much down is considered forcing? More than 25%?