All Forum Posts by: Mike V.

Zilpy.com kind of like Zillow.com but for rental market. Looks like a pretty usefull site.

I just refinanced my SFR rental last month and nowhere on the appraisal did it account for it being a rental so in my case it did not make a difference one way or the other. Good luck, appraisers are very cautious now - big difference from 2 years ago.

Wheatie,
Just curious, where in MO? I live in St. Louis and spent time in Rolla getting my engineering degree.

Here is what my CPA recommended - Pull as much equity out of my SFR rental as possible. Every individual property is in a seperate LLC and as broke as possible, this limits the liability should something go wrong (lawsuit) at any one property.

I love it! Great job.

Thanks for all the great responses. Having a fair amount of building experience I thought I had the hardest part figured out but I am starting to get a better view of the whole picture. Buying is everything and what I have found is buying in the retail market doesn't leave much meat on the bone. Thats what prompted my question - to follow the 70%ARV formula I would have to make some pretty low offers.

Just some background on me:
I bought my latest project from a preforclosure company and made decent money on it but less than what they made on it and I'm pretty sure I did a lot more work (40K rehab) than they did. Not faulting them at all but I wouldn't mind getting in on that.

I hear others claiming that one key to getting good deals is making low offers in mass. How is everyone doing that? I don't have any problem looking and analyzing a lot of deals - in fact that is a pretty enjoyable job for me. What I am wondering is do you guys have a buyers realtor that is making all of these offers and how often do you burn them out? Or are you just making an offer directly to the sellers agent? Thanks in advance for your thoughts and experience.

I only have read Rich Dad Poor Dad and thought there were some good general principles in the book. What I did not like was the repetition, and the amount of detail he included in every story even the ones from his childhood. It seemed fake and done for effect but not bothersome enough to stop reading or to ignore the good advice.

Thanks, if rates are lower than HML I would be interested in finding out more about these lenders.

Yeah, he has now mentioned several times on his show that he is currently looking at real estate. Pretty interesting to hear that on a stock show.