All Forum Posts by: Michael S.

That was great. It had me laughing.If it was shorter it would make a graet T-shirt.

Just last week, I was riding the subway home when at my second stop a man in his late twenties came onboard the train and was begging for change. His story was that Yesterday he had no shoes and some good samaritan offered to buy him shoes and he accepted, but he no longer liked them so he was collecting funds to buy new shoes, he just needed 29 bucks. It just burned me that I work my *** of for money and he expects me to hand it over to purchase him new shoes. Needless to say I just ignored his panhandling.

My experience with pet stains has been extensive being that I am a pet owner myself and have had the pleasure of rehabbing a bad smelling pet owner home. On a side note, I currently won't rent to pet owners becuase I know that no matter how careful you are, sooner or later your pet has an accident. My other rule is that if I were to rent to a pet owner, I know that pets and carpet are not a good mix. Anyway I have had scuccess with an industrial strength enzymatic pet stain remover. I let the product sit there for an extended time and let the enzymes nuetralize the damage. In the worst case scenario, I had to replace a portion of the subfloor. Once the salts in the urine get established on the wood, even the enzyme doesn't help.

I have come to find out that pet urine shows up under a UV light. So now if I am doing an exit survey of one of my units, I bring along a UV light to see if there were any undocumented pets and stains.

I would like to present the followingscenario and see how the board would recommend to do this deal.

Condo In Georgia: 25k.
Needs about 3k in repairs/upgrades to bring to full value around 75K. to 80k

Similiar unitis rent for $750 to $850.
No HOA fees
Taxes $850

I have the cash to buy it clean, but want to get my money out ASAP. What would be the best way to structure this?

Should this be purchased cash and then refi cash out after seasoning?

Try to find a coventional loan with 20% down(I doubt I would be able to find a bank willing) and do rehab work out of pocket?

How would you go about gettingthis done through a corp?

I just spoke with my local Window World and was considering to use them for a low income property I have my eyes on in Upstate NY. They said that the 189 price is good for windows up to 60" wide and 90" tall. They did inform me that there is an additional $10 per window fee to dispose of existing windows, but only after I inquired.The property I am looking at has single pane double hungs that must be original and anything double hung will be better. If I get anywhere with the dal and decide to call them in for a measuring, I will advise on price quote.

I just found a potential find that is Bank owned and they will only enertain cash offfers. While I would more than qualify for a conventional rehab loan for this property, I do not currently have the cash to lay out for a direct purchase. Asking is 130k. and need approximately 55k to finish properly. Finished value should be around 250k to 280k. Previous owner gutted and could not finish renovation. Needs all interior finishes and windows. My last 4 properties have been gut rehabs, 3 of which I flipped. The work required is par for the course. I am hoping to refi into conventional loan after rehab is done and use as owner occupied. Has anyone on the boards worked with such a lender in NJ?

Calvin:

It sounds like you are trying to do this work yourself. If that's the case you are missing the point of the buyer insisting that this work be donme. They want to be assured that your oil tank has not leaked. The sand is just the icing on the cake. it prevents the tank from rustuig away and making a depression or a hole to fall into. The big question is there any soil contamination and if there is to what extent.

Take a look at this link I came across. Scroll down and on the left is a free list of REO listings.

http://countrywide-foreclosures.blogspot.com/index.html :D

I currently own 3 small multifamily homes and am looking to jump into the commercial side. My current units are duplexes and triplexes. I want to sell these and purchase a big multifamily. I found an 18 family bulding that someone has started rehabbing and cannot complete. My question is what kind of loans are available to complete this purchase and repairs and what kind of down payment will be expected of me?

I plan on staying in the 2 family until I find another primary.