All Forum Posts by: Michael V

What is the best way to get a list of foreclosed properties in Illinois? I don't mind paying for a list, but I just don't want to get scammed out of money for an old list.. Any advice is appreciated!

Besides the credit line, any other pitfalls I should watch out for?
Thank you

My personal credit score is about 720ish. If I personally guarantee the credit, will I have a better chance of getting it?

I have been thinking about this for the last 30 minutes, so I am probably wrong about my calculations.

First, set up an LLC.
Then, get a checking account at a bank and get a line of credit from them... say $100,000 at 17%.
Buy a house that is worth $125,000 after repairs for $50,000. (possible in my area)
Spend $25,000 bucks repairing it.
Get a loan secured by the house for $100,000.
Pay off the bank for the line of credit
Put $25,000 in the bank.
Enjoy the $125,000 dollar house with a $100,000 mortgage.

What do you think?

Has anyone used this service to see what the current rental rates are in your area? Is it accurate? Any other websites that you can recommend?

http://www.rentometer.com/

I think I will do that (bi-weekly car payments)! Thanks everyone!

1. Get a girlfriend/boyfriend/wife/husband and enjoy the money together
2. Travel the world
3. Get involved with a charity by donating time and money

I want to know my options when it comes to purchasing SFH. I am located in Michigan.

What are the best terms I could get on a 30 year loan w. maximum seasoning of 1 year?

Known:
Credit score 683
Not primary residence
0 down

Want:
All closing costs rolled into the loan

Estimate:
Purchase price 50k - 110k
LTV - max 70%

Thanks in advance!

Just a little update:
I'm going to make a separate post about the following subjects soon:
DONT deal with people that are attached to properties emotionally (even if the price is good)
DONT deal with friends or family. I no longer speak to the "friends" I mentioned in the beginning of this post.

BTW, I'm attending tomorrows meeting of the REIA of Wayne County:

If anyone is going to be there, look for the kid asking 10,000 questions!

Thanks for the advice guys! I really appreciate the support, which I'm not getting (regarding investing in real estate) from anyone I know... Sucks

I need a new credit card. The one I have right now is not reporting the maximum limit and wont do so for at least a year (as per their customer service department). I would like to have a card that has no annual fee and gives back some cash (2-3% money back at gas stations, 1% everywhere else).
If someone could point me to the right one, I will be very grateful!