All Forum Posts by: Michael Randle

Look into the Fair Credit Act, if they did not give you written notice, and then put something on your credit you have the right to sue for damages plus 1000 per infraction. You are probably hosed in the short term, and unless you want to do leg work yourself might not pursue it long term. You need to ask yourself is the juice worth the squeeze. If you are looking to move heavy and fast next year, might be worth looking into a lawyer. If more of a 1-2 per year is your goal might not be.

IMO, SFR are inflated, not in a bubble...yet. Average home price vs average family income pushes very close to the DTI max. Multi family are in a bubble I feel. The price per sqf is almost double SFR. I think when more states begin to allow rec Weed the less influx we will have. People will have more choices where to go enjoy their habit and might opt for warmer climates, ex NV and AZ this election cycle. Also with housing and rent how it is if those ultra low rent and property states (compared to CO) pass the laws some people might migrate out of necessity due to the high prices locally. I realize that my assumption is based on Weed, but that is our Prohibition and if history teaches us anything it is that where it is available people will flock too it. Just my two cents.

Newb question. What is the difference betwen CapEx and Repairs?

I saw this and have been following it from when it was proposed and it starting in the SF bay area. From an arm chair lawyer position I think this is going to go at least to the Fed app level to be decided on. I can see some major arguments about right to privacy, king of castle type laws.

Personally I think it is BS and more proof of the power of big business lobby, but no one has elected me as their rep in DC.

Limited experience but I am working on my first deal, just a little further down the road than you are. So take it with a grain of salt.

Your next 3 things you should do in the next 24 hours are, Contact Deutsche bank and see if they really are the current owner of the property. https://www.db.com/company/en/contact.htm or you can try the NY number to start the foot work.

Reach out to an agent if you are new to this investing thing and let her know you are looking at a house, she might direct you along also.

Finally find a bank to see if you can be approved for a loan or what you need to do in order to get approved.

That would be what I would think. Good Luck and happy hunting.

Bump, I would be interested also in knowing if a % of down payment can be hard money lender. I would assume no since it is still debt, but if you didn't tell the lender it isn't like hard money shows up on a credit report.

A property is only worth as much as someone is willing to pay for it. End of question. You cannot scan a house into Zillow.com and have them write a check to you. The Internet is a great source of DATA, you have to use your experience and gut instinct to come up with useful information. The sellers lack of equity is his problem, not yours. Some people make bad deals, me and my first house for example, that doesn't mean you should have to pay for it. That would be nice but so would winning the lottery. In the end you will be paying the bills and you have to make a deal that is financial sense for you. Low ball the crap out of it but allow yourself to accept counter offered. I did -20% on what I was going to pay for a property I am working on right now. But it also matter the market, in Denver if you offer anything under asking price you most likely will not get it. Here the asking price is more like an opening bid. There truly is no science to it, more of an art, like every form of investing.

@Kathy Stewart I just sent you an email about some information concerning Lubbock. If you have time I would greatly appreciate any help you might have.

Just from my experience I hired a PM for my first house. 10% monthly and 50% one month to put a tenant in. I fired mine because I believe they under charged for rent and waited a full month to fill my house. Might seem like I am being a hard @$$ but in Denver area for the property they had 16 application in a week. Plus side they did screen well so far.

Josh Caldwell thank you for the support. I have a phone call set up tomorrow morning with the broker where I am going to ask a few last minute questions and make a verbal offer. Kind of scary to do this without having an agent on my side but I am thinking you are right about moving fast. He did mention another person who contacted him today but I do not know how much it is a sales tactic and how much is true. Follow up question, do I need an agent to make an offer? If so I am sure I can grab one tomorrow to write up the contract. Any additional last minute questions I should ask? I know I will have to do all due diligence the next few weeks but anything I can do last minute over the phone to get a better feel?