All Forum Posts by: Account Closed

I am selling a house in Albuquerque and the stucco company hired to patch up the stucco is saying I must redo the entire house due to an inferior job at a cost of 12,000-14,000. This was quite a shock. The house was built in 2005. I don't know if I'd have re-course from the builders or what to do. Maybe just put it back up for rent and worry about it later. Strange because I know similar houses in the area were sold and I don't think they had this issue. I don't know for sure since I live in Baltimore.

Ok, you get your degree in EE like I did, get into field engineering where you make a ton of money on per diem, and travel the world for 10 years. This is exactly what I did and used the cash to become an investor. I own 10 places now and am buy and hold. Still trying to get to retirement. I am amazed by those who can figure this stuff out with not a lot of cash but that's the better way to go I think. Good luck!

"certain amount of time to make it viable" ... to make flipping viable.

I live near Fort Meade and all 7 of my MD properties are in Crofton and Odenton. They cash flow well. A friend of mine and I are searching for properties to flip. I find that niche to be more confusing than buy and hold. Buy and hold you can spend $10k more than you expected but you'll get it back in rent or when you decide to sell. More pressure to stay within a budget and sell in a certain amount of time to make it viable.

Cash out refi is definitely an option and thanks for the suggestion to use fidelity. I currently have 8 mortgages and I know it's hard to get over 10 of them due to lender requirements. So if I refi I can only buy one more as opposed to 2 more. The other reason was thinking of selling is I live in Baltimore and the house is in Albuquerque and not in a bad area but not as good as the houses I own here in Baltimore. But it's all kinds of a toss up at this point number wise and hassle wise.

Don't know much about land contracts but sounds similar to a lease option except with money down that they lose if they back out. That sounds not bad to me. Right now it's all or nothing. The house is paid off and want to use the money to do other deals, like flips. Might end up doing a land contact, get some money, then do a refi to free up some more.

Good information. I have had it on the MLS for the entire time. The agent recommended the starting price and I finally got it out of her what she really thought it would sell for after the poor showing for the month, which according to her is around 169k to 175k. I'll give it some more time and if it remains the way it is I might just rent it again or try for a LO.

I have a rental house up for sale in Albuquerque. Advertising on Craigslist and getting a lot of replies from investors saying they have potential tenants that want to buy on a lease option that will last 1-3 years. The investor makes their $$ by finding houses for these future homeowners. Anyone ever hear of this marketing technique? I thought it was pretty original. I just might dip it if my house doesn't show any more traffic. Only one person in 35 days. Lowered the price from $200k to 180k.

Hi Amit

That's quite an impressive job you did there! I live in Odenton and work at Northrop Grumman at BWI. I own 10 houses at present and mainly am a buy and hold investor. Looking to try out flipping sometime soon. I'd be happy to share thoughts about it with you.

Scott

I appreciate all these responses. I didn't know lenders would lend for a primary residence if owning over 10 mortgages to begin with. Will have to consider that one.