All Forum Posts by: Michael Seeker

Logic tells me you would want to use the alias, but logic and government don't always go hand in hand.

You could probably call the local or state department that handles LLC's and get a pretty quick answer (should be a phone number online) and just ask the clerks until you get transferred to somebody that knows the answer. Another option would be calling an attorney in Jackson, MS.

Unless you run into somebody who has had this exact some thing come up, you may not get an "official" answer on here.

This quote says it all: "A government-facilitated REO-to-rental program has the potential to help the housing market and improve loss recoveries on reo portfolios."

IMO...
Improving the loss recoveries on REO portfolios is simply another way of saying "We're going to bail these dumbass banks out some more, we haven't given them enough gravy yet."

Steve, thanks for the link!

I actually did read the FAQ and searched BP for a solution before posting. The FAQ does cover the appraisal amount, but doesn't have any info on the "amount to be raised". Dion's explanation was very helpful. Combined with re-reading the FAQ, I now feel like I fully understand what I was asking.

Not trying to start a fire, just wanted to point out I did do some diligence before posting the question. I even texted a local friend who I thought would have the answer, but he did not know either.

Thank you very much Dion, this was very informational!

To add to what Chris suggested, I highly recommend getting a subscription to Angie's list if you're looking for contractors. Usually you can call the top 3-4 ranked people for whatever you're looking for. If you happen to slip into the conversation that you found them on Angie's list, I've noticed the pricing seems to get much more competitive. They are much more motivated to do an excellent job when they have their reputation on the line.

If you're planning on doing it yourself....good luck!

I am working on a very similar strategy in my area. What I have found is that the best looking properties from an ROI/income perspective are single family homes that have been sitting for a long time.

I've been able to find some nice 3/2 or 3/1 properties that started out being listed in the 70-80K range and are now closer to 50K. These will rent for around $700-$750/mo in my area and either need minor or no repairs. I'm planning on viewing 3 very similar properties all with the same setup and making offers on each around the $40K mark +/-. They may not materialize, but I'd rather feel like I gave it a shot than watching somebody else snatch it up for what I thought was "too low" of an offer.

Unless you're able to find an absolute steal, you won't get as much mileage out of your $ if you start looking into 3 and 4 unit buildings. From my research, the big banks will want 25% down on 3-4 units but only 20% on 1-2 units. You can pretty easily acquire 4 properties with this setup through a big lender. After 4, you'll have to start checking around for a lender that is okay with you having up to 10 loans (I believe this is the current max Fannie allows).

The key is not to get caught up on the number of units, but the ROI you're getting on them. It's very feasible to find cheap SFR's that will make you more money than 3 or 4 unit buildings just because maintenance and turnover tend to be lower.

Hope this helps!

I started looking at the upcoming courthouse auctions in my area. I've never been to or looked at these before, but I'm intrigued by the possibilities.

All of these listings have an "Amount to be raised" listed. I am wondering if anybody knows if this is usually the starting bid amount or what they're hoping to get for the place? Pretty much all of the amounts are at or above market value assuming the property is in good condition (which isn't usually the case). In one case, the appraisal attached to the listing is about 10% lower than the "amount to be raised"

Thoughts?

Here's a link: http://www.jcomm.org/content.asp?page_id=9

I just finished a flip, we had planned on spending the extra couple hundred bucks on pulls, but with how the kitchen is laid out, there are two lower cabinets in a corner that the drawers open about 2 cm away from each other (can only open 1 at a time). If we put pulls on there, the drawers would get stuck. Can't leave them off of just 2 drawers, so we left the pulls off.

I know this isn't the main reason why they are left off, but just throwing it out there. Our mistake saved us a few hundred bucks on the bright side!

Shark bites are only necessary if you are going from copper or CPVC to PEX. All of the fittings (elbows, nipples, coupling, etc.) that are PEX to PEX do not require shark bites. There are crimps that you can buy that are PEX specific. They are not only cheaper but they are excellent for tiny areas that shark bites and copper/CPVC just won't fit in.

Wow...the U.S. just can't compete with that