All Forum Posts by: Mike Cumbie

Hi @Christopher Prince-Barry

That sucks, I hear you on not wanting to piss anyone off (especially since they will be the ones coming out to inspect it). I'd say keep calling/emailing but be as polite as possible. Wish I had something better for ya.

Good luck!

Hi @Brittany Mineard

It is going to depend on where you are and things like how clean the title is. I just had a cash offer close on a piece of land last week. It was supposed to close July 3rd. That was giving 4 weeks (We need 4 weeks even with cash here). I hear some people can do it in 3 days. I wish I was in those markets sometimes :)

@Jomar Edwin Benoit

If you are semi suburban or urban. Step outside and look down your street, both ways. In your mind compare the type of house you live in against the houses you can see (Ranch, colonial, row house). Next, take a minute and figure what upgrades you are aware of. Also think of the last time you saw a contractor over there for anything, imagine the curb appeal, does it look like they have a current roof, is the value even with the neighborhood? Low? HIgh?? Now take that same thing and run up and down every street within about a half mile radius. Have they each redone their kitchen? Bath? How many? Did they upgrade the old brick with some classic stone?

Now take that information and expand to 5 miles (do the same thing). 10....20.....30. Wrap it up in the county..... Region, state. Do you feel a computer/math person in California will have that answer? Did you register upgrading to 6 panel doors? Did the owner 9 doors down ever tell anyone they put in granite vs laminate counters?

The only current way is to compare. It's why appraisers charge, they have to look into the comps and establish a value. Sure a computer can compare 1200 sq ft ranches, in this neighborhood, with a 2 car garage. An investor understands why the one 50K over is worth it. 

Welcome @Michael Cline!

Glad to have you! Keep diving in and let us know how you are doing, ask questions!

@Jack B.

The amount of Federal Fair Housing regulations you are getting wrapped up in (your last 2 posts) is unfathomable to me personally. I do not live in the Seattle area, but I can only guess they have even stricter local regulations there. 

So either you are 'Entrapping" people with the most outlandish wording.... or you are just trying to "Troll" members. Either way they are violations. Please refrain from following up on this line.  

Each market is different. My market changes real slow, also follows the curve in a much smaller fashion. CA may lose 10% on a $800,000 house ($80,000).

Our average house is $120,000 ($12,000 loss in that scenario). Could rise to 10% higher.......$132,000.. Nobody here is rushing to sell or buy. 

Escrow is generally money held back to pay expected coming bills. 

Escrow can change based on many factors. For instance if you bought a house valued at $50K and the taxes were $1200 a year. You have since improved the property (New siding, new windows, added a shed), the house may have been reassessed at $120K. That could make your taxes $2400 a year. That is a $100 a month increase to you. If you had insurance at 1200 a year but had a claim, they may choose your new insurance premium is $2400 a year. That again would be a $100 a month increase in escrow. 

If your mortgage and interest is "Fixed" normally they aren't the cause of the change, it is another factor. There is nothing wrong with calling and asking. It should point you in the right direction. Sometimes you can fight a reassessment, you can also look at other insurance plans to drop the rates.

Hope it helps and good luck!

Hi @Patrick Thompson

Someone has to say it so let me be the first one :P

"Renting to friends/family is a rough gig". Someone always feels they are giving more and it hurts the family more than the business (Which is usually a huge hit). I have rented to friends/family/lovers/My Wife's friends/Wife's family/Wife's lovers/our friends/our family/our lovers....... (OK not really... some are true... :) ...)

If your nephew is helping write it down out of respect to you both. X hours a month on call. Z hours a month repairing issues, Q hours a month enhancing the property. Y amount discount on rent. With something you can both agree to, you can also agree later when someone feels slighted. If it's just a "You were helping". It turns into "I waited 4 hours for a plumber for you, missed 2 dates and now you want me to work on the boiler?"

Good luck and happy investing!

Really depends on the area. What is the standard for the comps? If all comps have newer windows... maybe. If all the comps have old windows, most likely not.

@Mike Dymski

Ours go through title issues, easements, contracts etc. So it makes sense. Luckily for me the ones we use most commonly are getting 50-60 clients a year each through our agents. It's kind of a "speed dial" due to necessity for client issues. Just happens to work out when personal questions come up. 

If I didn't have the connections I wouldn't go searching one out (Much less expecting them to take my call). Seems like the blueprint is to add "An Agent/Attorney/Electrician/Plumber/Handyman/HML/mortgage rep" who will all drop everything and answer your call. If you send 8-10-20-30 deals a year their way they call back within 24 hours (Which is acceptable to me). If you have no relationship..... you are in line.

But I agree, there isn't a "role" that I would expect an instant response from without a previous relationship that has provided results.