All Forum Posts by: Peter Lee

So, I made an offer a month ago on a BofA short sale and was accepted. My realtor happens to be both the buyer's agent and seller's.

She called me up today and ask me for my first 5 digits of my Social Security Number and my date of birth.

Has this ever happen to you guys?

She says Bank of America needs to I guess to identify me, which sounds like crap to me as they could just issue me a numeric ID.

I'm worried as she may have my last 4 numbers from my bank statement I gave her to show proof of funds. Thinking back, i should of just gave her a fake number, like 123-45. lol

I guess I could lock inquiries on my credit, but i don't want to jump the gun yet.

Hey Tyler,

How much are you offering to pay the buyer's agent?

I have used a flat fee listing service, but offer the standard 3% co-op to the buyer's agent which worked out for me.

Great job Ryan!

Quick question on your COMP. You had mention you thought the property is worth about 285K, is the property you sold a track home?

Here where I live, every home seems to be in a track home with an HOA and are all relativity close in price range, so getting COMP's are much easier than other places I hear about where one home is worth $100k, and you're neighbor across the street could have a $400k home.

Hi guys,

I've been investing in real estate for the last 10 years or so, mostly small single family residence, 3bed, 2 bath. I was wondering what type of properties you like to invest in and why?

Do you like SFR, Condo's, Townhouse, 4-Plex, etc.?
Price range?
Rental range?
Age of property?
What kind of features does your investment property have? Near good schools, highway, etc.?
What type of properties have you had your biggest gains?

-Peter

Wow, that's a lot of threads on lead paint. I'll have to read it when I get a chance.

In all reality, i don't think it's going to be a big deal regarding the lead paint issue as there are tens of thousand to hundreds of thousand houses that were build in my town pre 1978.

I just need to cover myself in case of issues down the road. Does anyone know if I get some sort of certification saying that my house is clear from lead paint? That way, I would transfer my liability to the company that issue me the certification.

Thanks for the reply guys,

Steve: Most of the homes that I buy, I usually budget about 8-12k in repairs. Paint, Floor and refit plumbing is typical. This is not my first deal as I have purchased over a dozen homes in the past. This would be my first older home deal tho.

Phillip: Yes, good tip on driving in the area at day / night. I did pull up the COMPs for one prospective home and I think I can get $900-$1000 a month, asking price $52k. From the picture I see, it looks like it's almost ready to rent. I will be looking at the property tomorrow.

Also, how long does the typical asphalt shingles roof last?

Someone mentioned the lead paint issue with older homes, anyone know anything about that?

Thanks
-Peter.

Hey guys, I was wondering what your take was on this situation.
I'm thinking about buying a few older rental single family homes vs buying a newer home.

Here are the specs.
Older House
Built: 1950 - 1970
Cost: $40k - $50k
Sqft: 900 - 1300sqft, 3 bed
Rental Income: $600 - $800 /month

On a scale of 1 - 10, 5 being middle class type of house, I would say it's like a 3, it's not in a great neighbor, but it's not what you see on TV when you think of the Ghetto, gangs, violence, etc. That would be a 1 on the scale.

Newer House
Built: 1995 - 2000
Cost: $90k - $110k
Sqft: 1000 - 1400sqft, 3 bed
Rental Income: $1000 - $1100/month
On a scale of 1 - 10, 5 being middle class type of house, I would say it's like a 4, maybe 5. It's in a nicer area. These are like starting homes for young families.

What are you're thoughts?
I could buy much more older houses (2x as much), and cash flow is much better.
Do you feel that a home built in 1950 is old? It's concerned old where I live.
Would I have a bunch of issues with it down the road with the older house or 1950 isn't really that old for a house?

Sample pics of older house:
Built 1963

Built: 1969

Sample pics of newer house:
Built: 1994

Built: 2002

Does anyone know if BP has a local forum, sub category of Cities? like Las Vegas?

The only way I was able to find this thread was to do a search on Las Vegas, sort by most recent.

Hi Phillip,

Could you also please send me that report?
I will PM you my email.

Thanks for the feedback guys.

I just got another letter from her attorney, stating that she expects her security deposit back. WTF?
The lease is for 1 year and it's only been 6 months.

My lease clearly says.

"EARLY TERMINATION OR ABANDONMENT: Should Tenant decide to terminate lease early or defaults, Tenant will automatically surrender all deposits made to Lessor. "

Are contracts voided when you file for a BK?
This is some BS.