All Forum Posts by: Katrina P.

Btw, yes, I have a day-job, but I can do some things (make calls) from work. My dad is on hand where the properties are to manage the contractors, so we're good there. Sometimes I feel that this is just unreal.

Thanks for all your input, guys. Yep, I'm currently lining up all my ducks, making sure my system is in place, etc.

@ Jeffrey, I know, right? $24k for 4 properties is crazy! No, it's not Detroit...it's a small town (where I'm from) that no one would probably know much about. But since I'm from there, I know all about it. The prices are absolutely crazy, and there's no problem finding decent tenants. The two that require minimal work LITERALLY just need to be cleaned, and have touch-up painting done. All appliances are still in place, and the utilities are still on. The hardwood floors and trimwork are in great shape. One of them is a two-unit..the other is a 3-bedroom. They are basically giving these houses away.

Thanks for the thread reference, but it seems that no one specifically addresses the issue of solving the "ghosting" problem. I've posted plenty of times on craigslist, and have NEVER run into such an issue. Anyone else have any clue how to deal with this? It is quite a nuisance!

Hi All,

I have been trying to post a rental ad on craigslist, to no avail. It sends me the email confirmation, telling me it has been "published", yet, I can't find the ad when I go on craigslist. I did a google search, and it appears this may be called "ghosting". Has anyone else had problems with this? Anyone know how to fix it?

Yea, I agree with you, and I am totally on the same page. I'm thinking that these projects will tie me up for the first quarter of next year, but I should have them rehabbed and rented by April. Thanks for your input. Anyone else?

I am not brand new to REI...bought a property in 2005. Well, until this year, I haven't thought seriously about more REI...bought second in September from an auction...didn't get deed until Nov, so it's still not completely rehabbed, but will be by Jan. But before the end of the year, we will close on 4 more properties...3 rentals and 1 flipper. The rentals are all in Michigan (where we're from) and were all cheaply priced. We're getting all 4 for under Half of what I paid for the one property we already have there...to be specific, we're getting all 4 for $24k. Anyways, 2 of them only require very minimal work....less than $1k....all are in decent neighborhoods. This is very exciting, but nerve-wrecking at the same time. Has anyone else started out like this...I mean, DIVING in because there's so many great deals?

Thanks for your response, Jon! Can you explain to me the difference between a LC and a note? I guess I thought they were essentially the same.

There's a property I'm interested in where the seller is VERY motivated to sell because she is in jeopardy of a tax foreclosure this coming March. Anyways, she's willing to finance a note for me, with great terms; however, she owes $9k in back taxes. How can we do a LC with the back taxes owed? My plan was to use the downpayment I would otherwise pay her, to pay the 2008 taxes to bring it out of foreclosure ($2500), then I would be paying the rest of the taxes, as I could, to bring it current. However, there's no way to record the LC if I do it this way, is there? Please give me some advice on this!

It's about $9k owed in back taxes. They would be expecting a downpayment...however, the closer they get to losing it, I'm sure they'll be flexible with that.

I'm still in the due diligence period...so I'm not for sure if there's any repairs needed (although the roof, etc. looks good physically). I will have to get an inspector in there, though to look more thoroughly. The units are (2) 2/1 and (2) 1/1... I still have to find out the demand for the area, as well as look at some comps. However, I can tell you that currently, I'm seeing duplexes in the area listed for around $85k (I know that I can't use those figures for comps, though).

Yes, it's in compliance with codes and zoning, as the county has issued a rental permit.

There is no laundry facility.

Regarding the seller financing...the issue is the back taxes. How do we get around that?