All Forum Posts by: Pat Martin

I just closed one on 4 properties together it's a line of credit though. Loan amount was $350,000 closing costs were about $11,000. Rate is prime plus 1.25%. I can convert it to a 20 yr loan if I want.

It's hard to believe you completed that extensive of a rehab for 80k! Congrats!

@Zach Mitchell Just buy it and let us know what happens!

I remember an article posted on BP several months ago where a cop bought 3-4 first look properties and got the special financing. Needless to say he's not longer a cop and doing jail time. But beyond the potential repercussions sounds like you have no integrity and that's no way to run a long term successful business. It will come back to bite you.

@Mark Updegraff 

 Hey Mark,

 Mind giving an update on this property?  Still a rental or have your sold it?  If you sold it wanna share your numbers?  Are you still glad you went against "BP advice" to buy it?

I just went to a training my attorney did on tax sales and supposedly protocol for tax sales vary greatly from state to state and even county to county. For example, in my county after the tax sale occurs you have ten days that you can raise the bid on any property. If the bid gets raised in those ten days they have another auction for those properties where the price can be raised again. Like discussed above 99% of liens are wiped out, there are certain cases where they are not. But the big kicker for me was that the title is uninsurable for get this 10 years! Anybody have experience with that being true? So from what I gather your not buying properties at tax sale to flip but only for a very long term buy and hold.

You can hire a collection agency to go after them.  Only other way I could think of would be to get a judgment against them which involves going to court.  Probably not worth throwing good money after bad.

Congrats on the purchase!  I just completed a 65k Reno. This one looks like a lot more work. Let us know what you end up spending when it's all said and done.

@Bruce Runn  Each of your 8 rentals nets you $1,500-$2,000 a month?  What is the rent on these properties?

http://online.wsj.com/articles/san-francisco-tenan...

(FYI if you don't subscribe to wsj then copy and paste the title of article in google search click on the wsj link and you should get a free pass to read article)