All Forum Posts by: Scott Conner

May not be the right place to ask this, but here it is. I found another little house in Wabash, I have been in it before as some of our friends were buying it, up until the divorce. It is a foreclosure listed with a local realty. The listing states that in order to make an offer you have to have proof of funds, or letter from financing institution guaranteeing funds plus earnest cash. Is this normal?

After I searched it the right way I found the answers I was looking for!

Has anyone went through the Rich Dad Coaching course? Is it worth the $2500 they want for it?

I now know why he walked!
To put it simple NFF It does not have a "furnace" it has a boiler. I saw two broken hot water lines to the upstairs registers, and have no idea the condition on the boiler. The upstairs bedroom has a pole holding the ceiling up and you can see a big dip in that area from the attick. Plus there is plaster falling out all over the house.
The house does have a nice kitchen and some beautiful wood work. However I would not mind a week or two's worth of work but this will need months or BIG $ to get it rented.

Off to find my next possible victory!

After I get in it tomorrow 5:15 pm I will let you know what I find. This water problem typically only happens 5 to 6 times a year and his sump pump was always able to keep up. When we get heavy rain and there is a lot of debri (leaves and such) in the street it blocks the drain and the street floods. There are drains on both sides of the street, if I open the one on my side it is no problem, but if the city came and opened the one on his side before very much was drained then he got water, if the street did not flood he never got water.

Thanks to all for the insight.

Scott

Very good points. I just wsh I knew how much he tried to get the city to fix their problem.

Thanks Chris exactly what I am looking for, I will check out the website and I will make the 3rd Saturday of the month a must as I create my real estate business.

Thanks Again1

I have $2000 dollars easy maybe $3000 available to get this started. Ant ideas on quick money to complete? At least until the refi is done? I have an appointment to get in the house tomorrow, here is what I already know. I have lived across from this house for 14 yrs and the same owner had been their the whole time. He worked on the house a lot and did many major repairs including putting a new front porch on the house. This house will need very little to get it rented, appliances and new furnace is about it. Known problem, the storm sewer tile is broke in the alley beside the house, when it rains hard the broken tile goes into the basement. He has tried to get the city to acknowledge and fix the issue with no luck. My fear is sitting this summer with no electricity that the basement will be full of water!

Well it is 90 miles almost straight north of Indianapolis, and 45 miles south west of Ft. Wayne along US 24 It is a City of about 10,000 and the whole county is about 15,000 Currently there are 66 foreclosures and just over 200 houses for sale in Wabash city! Still 4 major employers in town but we have last a couple over the past 3 years. Probably more info than you wanted but there it is. Oh yeah and in the early 1900's we became the "First Electrically Lighted city in the World" The city put four carbon arc light bulbs at the top of the court house to light the city.

Currently there is a house across the street from me that was a foreclosure that is for sale for $10,000 it is an older 3 bedroom home that two years ago would have probably sold for $50,000 the area I am in has one duplex and two single family homes that are rented all most constantly. Plus my one bedroom apartment above my garage that my current tenant has been there for 3 years. I could easily get the money for this home by refinancing the mortgage on my house which would save me a point or two in interest and may not raise my payment more than $20. My preliminary numbers on the house are $1400 year taxes and $500 insurance, should rent pretty quickly in the range of $500 What are reasonable numbers to figure for repairs, and what am I missing?