All Forum Posts by: Scott Ficek

Thanks.

I have to ask the next question..where do you go after 15 (which is where I am at today)?

I thought I would throw out a topic for discussion....Tell me about the process that you go through to screen tenants.

Mike-
If I can ask....How are you handling buying 10 per year now with the new mortgage regulations? I own 15 and my lender is saying that they cap at 10. I need to look at hard money lenders (banks, not people).

Welcome!

Take a second to update your profile with your City. It will help everyone know where you are from and may open doors to local contacts for you.

What would you like recommendations on? We have lots of very knowledgeable people that would love to help.

Those are some great questions......

I think the answers to those questions actually depend upon what part of the country you are in and what is typical for that area. If I told you only to buy wood houses, but you live in Phoenix, you would look at me funny!

Because the bank is paying a Realtor to sell the REOs, partner with a real estate agent that owns and sells investment property. Have them teach you the ropes for free (they get paid by the seller).

Equity in your primary residence is dead money that is not working for you. What is it earning you except a badge of honor and piece of mind?

I leverage my equity to increase my investment property holdings.

Any attorney will do, but make sure they will do it for a flat fee. You don't want to get $5000 bill later!

Also, depending upon what state the house is in, you may be able to find a Realtor to write the paperwork for a flat fee. I charge $495 for just doing the "facilitation" of the paperwork.

Nice find. Great to see the pictures.

You should first contact a mortgage broker as this is not an "arms length" transaction and could complicate life a little.

You may want to use an attorney and/or a real estate agent to facilitate the transaction as well as paying your own appraiser so that other members of the family are assured that everything was above board and you were not taking advantage of her. I am sure your not, but 10 years from now, you don't want to be sitting around and Thanksgiving and someone is grumbling about it!!!

No. I used to be the Director of IS for a coffee company and manage 18 people (plus have 3 kids under 5 at home). Now I am a full-time real estate agent and investor so it is much easier.