All Forum Posts by: Michael McDevitt

Be prepared to spend quite a bit of time in your car during the rehab, going to & from the home.  I wouldn't take on a long distance rehab project, but that is just me.  What is your personal situation - can you be there for periods of time, or do you have to be at a job every day?

If I were you, I would go to the wholesaler first and ask to move the closing on the rental unit back.  If he/she doesn't want to do that, hard money lender is the next call.

The Statutory Right of Redemption. About half of all states have laws that give homeowners the right to redeem their mortgages for a period of time after the foreclosure sale, typically by paying the foreclosure sale price, plus interest and other allowable fees, to the foreclosure sale purchaser.

I would start by asking, "why are you possibly interested in selling your property?"  The answer to that question will tell you a lot about the seller's issues, wants, etc.  The answer will also tell you how to structure your offer, to help the seller reach their goals, while also allowing you to make an offer that makes your buy better.

I agree with @Mike Vann.  If the seller will not give you enough information to make an informed offer, pass on the property.  There are other properties with sellers who will share that information.

I haven't had to remove a mobile home from a property - thankfully.  I just Googled, "how to remove a mobile home from your property."  There was plenty of good articles on the best & cheapest way to do it.

@Daniel Luedtke, yes I would do the LLC. See a good attorney and tell him/her what the deal is between your FIL and you and have the attorney draft the document(s) to reflect what you want. Be sure to review them carefully, to make sure it says what you wanted.

I would let them do it.  DirecTv installers are no better or worse than cable installers.  They will both do a poor job running the cable wire on your home.  The dish itself is no big deal, either installed on the roof or on the outside wall.  It is attached with several large screws - no big deal.

Boy, that sounds incredibly expensive.  

An exterminator can get rid of rodents for $100-$200.  The key is the exterminator will leave these little "bricks" in the crawl space that the rodents will eat and die.  The rodents that are left, will leave the property.

A handyman can plug any holes in the crawl space, although rodents will still get in.  No home is sealed up enough that a rodent can't get in.  

I had very good experiences with owning Section 8 rentals, when I lived on the east coast (NJ).  I found the local Section 8 Housing office very friendly and willing to answer any questions I had.  The rents allowed (100% paid by Section 8), were at the top of the market in that area.  I had many applicants to choose from and I always chose decent, hard working families that, for one reason or another, found themselves on government programs.  The key, I think, is to do the upfront work of finding good tenants.  My tenants always treated my properties well.  I even offered them incentives, like buying a new appliance or ceiling fan, if my property was taken care of by them.

Now, if you accept any slob with a Section 8 voucher, you WILL have problems.  I think the program gets a bad name, because landlords don't screen their tenants correctly.