All Forum Posts by: Randy King

Building wealth One House At A Time by John Schaub

Nothing Down by Robert Allen. One of the founders of guru seminars.

Invest in Debt by Jim Napier.

The Journey Is The Reward by Jeffery Young. Published in 1988, it is about the early Steve Jobs and the founding of Apple.

The Search by John Battelle. About the founding of Google.

We purchased a house with an ARV of 210-215K in Dec for 173K cash. We were originally going to do a rent to own with it. Our son wants to buy it. We would like to sell it to him at our cost plus fold in closing cost. Would like a conforming loan so as to minimize pmi and interest rate. What are we going to run in regarding related parties and seasoning when obtaining a FNMA conforming loan?

If I get a HELOC on my personal residence and then use the money to purchase properties in an LLC, how do I account for the interest? I would assume a note between me and my LLC would be needed. I would like to keep the interest I pay on the HELOC off Schedule A. How would I do this?

Bought a HUD in Dec. that closed on Jan 13th for $46,000 and will spend about $5,000 to get rent ready. Plan on lease/purchase to tenant/buyer for $109,900.

Have another HUD under contract closing Feb 11th. Paid 97,000 with an ARV of $140,000. Will spend less that 2K to get rent ready. Plan on lease/purchase to tenant/buyer for $154,900.

For all you BP'ers that have access to MLS, how do you sift and sort to find your SFH deals. Right now, I am downloading all of the vacants for a certain price range and target areas into excel and then start sifting and sorting. I use days on market and current price vs original list price as motivation keys (the houses are vacant). What are you guys doing?

Hey Chris , I am from Madison and attended UAH several moons ago. Huntsville has a REIA http://www.meetup.com/AL-REIA/ or http://alabamareia.com/. Meetings are on the 2nd Thursday of each month. I am also on the email list for Nashville http://www.reintn.org/ and Atlanta http://atlantareia.com/ just to stay abreast of what they are doing.

Good luck. I agree, I think we would have brought back the Crystal Ball! Roll Tide

@Mark Ferguson

The one I just contracted for had an original list price of $133,750 with an "as is" price of $133,750 (I save each days download and can go back). Went through a price reduction to $112,500 which I thought was odd, usually 10%. Then I noticed the as is price had been changed to $125,000 and it was a 10% drop from the 125,000. When I received the PDF of the appraisal it was $125,000. This one was listed originally above appraised value but the 1st price drop took it to 10% below appraised value. They are doing some strange things.... Albeit, HUDs appraised values are usually below market value and disregarded most of the time.

Just looked at the downloadable HUD spread sheet and the "As Is" price is still included. I just completed a HUD package and an addendum was included to acknowledge that the sales price was above HUDs appraised value even through mine was well below.

Clarification, HUD was listing a "0" under appraised value when the property was listed above HUDs appraised value, but I just looked and as Greg noted, the appraised value is gone.

@Mark Ferguson

I heard through the grapevine that HUD is starting to list properties above HUDs appraised value and the "0" represents that it is listed above the appraised value. Have you heard anything like this?