All Forum Posts by: Ruth Lyons

Welcome!

Both books are excellent--why not get both?  You could initially skim them and then go back and study them one at a time. If you decide to flip (or fix up distressed properties and rent them), you should also get "The book on Estimating Rehab Costs" by J. Scott. 

Thanks all. Very helpful feedback.

I have a 3 BD, 2BA 3-level tow home for rent in Baltimore county. Perfect for a small family but a family with 5 kids wants to rent it. Obviously that's much more wear and tear on the property, and I would think I could charge a little more rent if I decide to rent to them. Are there rules, or laws that I need to be aware of? How would some of you with more experience than me go about this issue?

Welcome, Jack!

very helpful discussion, thanks all!

Interesting, thanks for sharing. Just so I understand, your contact is referring to Baltimore County, or nationally as a bank policy (I see you're in Orlando). 

Thanks Jeff, Rich and Percy. I so appreciate your insight! I am noticing that properties are more expensive and the pickings are slimmer than in January when I bought my last one. 

I am not interested in buying at the market high which it seems we're getting close to (or are already at) in Baltimore County. 

Thanks for your answer Percy. So are you saying that the bank will hold onto it for a few months and then it'll be back up for auction? What's the reasoning? Is it an accounting thing for the bank? Or will they fix it up and try to sell in on the MLS? They are paying taxes and other costs for it to be sitting there so it seems like they're signing up for more costs.

I'm looking for some insight. I went to an auction to observe yesterday. One house I was interested in was bid high by the lender. His bid was clearly at the ARV level even though the home was in foreclosure and needed work. What is the reason?