All Forum Posts by: Rob Smith

Rob made me nervous when he asked what a title policy is. Then after I posted, he said he had other out of state properties. He's not as green as his first couple posts led me to think.

i am green first property i bought i lived in and when i moved my wife and i kept it second house was bought with an investor group out of TX and i just remember signing papers and then the deal was done third property was also bought with and investment company in Tennessee and i just finished that one about a wk ago they did all the work and title junk i don't even know what they did this is my fourth one and it is my responsibility to do all the checking and i don't know what to check so you guys are really helping thank you so i am pretty GREEN i have lots to learn

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guess i did that quote wrong i need to learn how to do that i asked my questions with in the quote sorry hope you got that and thank you for all the great help what does a vote do for you i am putting a vote in on all that are helping me hope that is a good thing thanks

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Originally posted by Ryan Moeller:

You already have out of state investments so you know what you are getting yourself into and are obviously comfortable with that.

I do have other out of state investments but those were all handled with a bank the bank and the Realtor did all the behind the science stuff and all i did was sign papers this is my 1st deal where i am dealing with a whole seller

My advice is to just make sure you do thorough due diligence on the condition of the property, due diligence on the management company and vacancy rates in the area and with similar properties. Make sure you are prepared for all worst case scenarios.

this is were i need help Property condition,check PM, Vacancy rates in the area how do you do this research

How is the LTV? I recommend to stick around 50% LTV and never go over 70%. That way you can unload it quick if you have to or hold, basically you have many exits. Rents I like when they are 2-3% of purchase and yours is 2.67%. Could be a fantastic deal.

i need to find out my value to know my LTV what is the best way to do this

No pre-payment penalty on the loan I assume? Any chance you can up the rents?

there are no pre pay penalty and the one that is rented for 300 Duge thinks we can get 400 to 450

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Originally posted by Jon Klaus:

Rob, the deal sounds good. Douglas Christian seems quite solid. My concerns are your lack of experience, low cash reserves, combined with the long distance, and that you aren't going to GA to check it out for yourself. Consider the trip as an educational investment.

This may be a deal you should do, but if I were in your position I would go see for myself.

I do have 9k in reserves and i do have 2 other properties that are long distance one in Tennessee and one in San Antonio TX they are ran buy PM is there going to be a problem getting duplexes managed by PM flying what would flying out do for me and if i do fly out what should i do when i am there

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Hi Brian
what is Owner's Title policy i live in California and i probably cant get out to Georgia what else do you think i could do rather than go out there i have called 3 referrals the guy gave me 2 in Georgia and 1 in California i meet him on BP every buddy has good stuff to say about him i guess i could put his name and you guys could see it and let me know if there is any bad news on him It is Douglas Christian out of Charlotte, North Carolina Thanks for all your Guys input

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What about checking the title Appraisals and home inspections do i just call off the online phone book what else should i do to make sure years down the road when or if i go to sell it with conventional financing i don't run into problems

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Thanks Brian i will keep those PM Questions in mind

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it is 51900 loan with payments of 700 a month for 8 years the whole seller i am paying 71 a month for 60 months this is 5000 even no interest there is no prepayment

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All Forum Posts by: Rob Smith

Rob Smith has started 31 posts and replied 83 times.

Post: need help with a deal i am looking into

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Post: need help with a deal i am looking into

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