All Forum Posts by: Scott W.

advertise, network and (most important) word of mouth.

I will make it as simplified as possible since you seem like a newb. depreciation is an interest free loan from the govt until you sell. like those mentioned above, there are exceptions, etc.

but it is definitely not a *****!

@Mike H. yeah, they are great. I went 90% on the primary (of course, mike got 100%, go figure!) and got 80% on 1 of my rentals. I only have 3 rentals and they are all in my name. got $44k for the rental heloc at like 6.5%. I haven't tapped into it yet though.

get loans when you can't not when you can't. :) 

@Mike H.is correct, the leverage can boost your returns SIGNIFICANTLY.

BUT

in real estate, you can make a lot of $ or lose a lot of $. I have seen the latter more than the former, sadly.

education is the key.

u just did a price decrease. give it some time. it will sell. you did a terrific job!

Location, location, value.

attorneys can pierce the corporate veil of an LLC; umbrella is just fine for someone w/ a handful of properties; easier to do a heloc on a rental when it is under your name (I think?).

been doing this for 8 years and haven't had a single lawsuit or even threat; you take care of your property, you will be fine. it's the slumlords who don't listen to their tenants requests, or maintain their property, that get into trouble.

I was just curious about how many hours of labor. 200? anywho, congrats. you got a day job? if so, how'd you fit it in? vacay/weekend/weeknights?

man, you got a ton of dough in the bank. :)

about how many hours of labor did you put in? also, $12k in total "soft" costs? I find that to be really low; $8k commission but the $4k for Interest, taxes, insurance, buying/selling closing costs?

did you pay cash for this? also, any partners?

I have been working on learning about foreclosures at the courthouse for 3 years now. i have bidded on probably 30 properties and never won. i finally got one. i went up against 2 of the regulars. the starting price was $75k and i got it for $89,500. people on BP say the sheriff sales are so complicated but I have found it to not be that bad at all (nothing you can't find on the county's website at least in my area).  hell, i do my own title search (a 15 year old could do it!). 10% cashier's check due today & 90% cashier's check due the next day. so you gotta have access to a ton of $. i did a heloc, savings, and will get a private loan at 6% interest only (no points).

bidding is not for the faint of heart. very scary stuff! but the best deals are here and they are here every week.

it's a 1200 sq ft, 3 br, 2 full baths with an attached 2 car garage. the taxes will cost me about 13 months worth plus 1-3 months to wait to get the deed from the court. 

no keys come w/ these properties! can't get in!

i will be flipping this home.