All Forum Posts by: Jeremy S.

How old is the panel? Does it have a sticker from the inspection? Does it have fuses or breakers that can be reset? What is the brand of the panel and how many Amps is the main breaker/fuse?

I believe that there are auctioneers who will accept a flat fee regardless if the property sells but you must do your own marketing.

This is a very interesting idea and one I've considered in the past. Buyers tend to think an auction automatically equals a bargain price and don't even consider what similar homes are listed for on the market. I stopped going to auctions for investment property but I was at an auction about a year ago for a simple 50's built ranch home with no updates and I'll never forget it. The bidding went to 190k and there were at least 3 similar homes within a few blocks that were superior listed for 150-175k. I was in complete disbelief and I still remember the losing bidders crying. Anyhow, I suggest you try it and report back. I wouldn't worry about a reserve price lowering the interest from buyers. In my area, an absolute auction is rare.

A lender could best answer your question. It would depend on your personal DTI and there may be a seasoning period depending on the type of loan you intend to use.. If you could refi at 75% LTV you could borrow $45k if it appraises for $60k

I'm not an expert but I think resilient vinyl planks installed at a 45 degree angle would look great and should meet most of your requirements.

Maybe look for some cheap carpet on Craigslist and just lay it on the floors. Possibly some of that indoor/outdoor carpet? It's about $0.30 sq ft and is easy to work with. Good luck

Congrats, very impressive for 21 years old! How do you plan to build equity? Simply principle reduction and a little appreciation or are you doing some renovation or increasing the NOI? I'm also interested how the location to the dump will net a $0 trash bill? I take trailers to my local dump and they still charge me every time.

I've used HELOCS to build my portfolio... Just make sure you can cover the payments on your personal salary until you get some experience as a land lord

I attended this event in Harrisburg and as some of the previous posters have mentioned, Tarek and Christina have no real affiliation with this company, they are simply paid promoters. They did not show up at the event and I don't believe you would ever see them if you bought the full course. The speaker was very combative and made sure that nobody else got an opportunity to talk and made an *** out of anyone who attempted to ask questions. It's my believe that it was for fear of anyone blowing holes in their program which, from my experience, won't work as they describe. They say they will give you a "secret list" of property in foreclose, which is public record on the county sheriff sale website. They than say that you can buy these homes for 50% value and sell the home owner on the idea because you can put cash in their pocket. This simply will not work as the bank would have to agree to a "short sale" and wouldn't be likely to allow the home owner to put cash in their pocket when the bank is taking a $75k loss on the bad debt. Nonetheless, still a worthwhile networking event. Go there to meet people and turn them on to bigger pockets where they can find real useful info and save thousands of dollars.

I would contact a settlement company to handle the transaction. You would have their fees to pay plus a total of 2% transfer tax (usually split 50/50), title search/insurance and recording fees with the county. Most closing cost are charged by the lender in the form of origination fees and prepaid interest, taxes and insurance. There is minimal upfront charges with a cash or owner financed deal. You don't spell out any terms of your agreement and that's your business but if it includes a balloon payment, be certain that you will be able to obtain a commercial loan for the property when the time comes. 5 units will require a commercial loan and that typically means 20-25% down.