All Forum Posts by: Scotty J

Thanks for the responses. My action plan is to contact the current tenants to check on timing/walkthrough/cleanliness then advertise ASAP.

Thanks Marv!

So it is acceptable/legal to list/show the property if the current tenant cooperates?

Need to keep it for at least another year (lease) and then re-evaluate.

Hello,
Rookie rental guy here...

My current tenant gave notice. They are still in until the end of the month. What are is the best practice for turning it over? I'm mainly curious about if I can re-listing it and show it while the current tenant is still there or if I should wait until they are out and the place is cleaned up.

Thanks for your recommendations in advance.

Hello,

I'm thinking about pursuing a vacation home in a rural area. I'm looking at an improved lot with sewer and utilities available and would like to put a cabin/modular home on it. Something simple like this:

http://www.conestogalogcabins.com/pages/cabins_homes.html

What are my options to finance the deal? Are there any lenders that will do 10% down on construction loans to include the land and cabin?

Is it even possible to finance a kit cabin that I would build on my own or sub contract on my own? Would this require 2 loans, one for the land, one for the cabin?

Also, is it possible to split the deal between 2 families?

Just looking for some guidance on what is available in today's market and what the down payment % would look like.

Thanks

Can you or others help me out and fill in the procedural/strategical blanks where there is something missing?

Hi. Can someone please help me out?

I'll preface this by stating that I'm a newb (I will post in the intro section shortly.) and am anxious to get started. I have been reading, reading, and doing more reading. My marketing material is on its way and I just want to make sure I have the process mapped out, then I'm going to throw myself in the fire and see what turns up. I have some guidance, but i'll be pretty much on my own as far as figuring out whats a deal and what isnt, how to structure it, and get it done. I'm still weighing my options as far as wholesale, rehab, rent, lease option etc, but I'd like to have a solid understanding of the upfront 'work'.

I've been trying to study the overall process of capitalizing on foreclosures however I'm a little fuzzy on connecting the dots from start to finish due to reading so many posts...

From what I gather here's what I've come up with:
1. Establish buyers list. (most important part)
2. Buy marketing list
3. Mail marketing material
4. Recieve call
5. Obtain critical details to evaluate deal

A. Address
B. Lender, Loan amount, pmts months behind
C. Establish move out date
D. Set follow up appointment to make a deal (try to crunch it while on the phone) or part ways
E. ???? Anything else to accomplish on the first inbound call?

6. Structure deal

A. Owner has strong equity in home
i. Negotiate as low as possible, but shoot for ~65% FMV for wholesale deal. If not wholesale then still negotiate for as low as possible.
ii. Sign option contract
iii. Assign contract, get paid at close. or just simple buy the property, rehab, rent etc..

B. Owner is upside down or near break-even with outstanding balance/FMV.
i. Figure out FMV.
ii. Make offer at ??%, Sign purchase contract.
iii. Have owner move out.
iiii. Have negotiator establish short sale with bank
iiiii. Have short sale package signed and submit it to the bank
iiiiii.Wait for approval letter from the bank.
iiiiiii. Assign contract, or simply close on the property.


This may be over simplified, but how did I do? When does a title company come into play? Please add/delete steps where necc. I want to have a solid understanding of the process so that I can speak intelligently when my phone rings...

Additionally, if this is laid out in an article or other resource please provide link.
:D