All Forum Posts by: Steve Babiak
Steve Babiak has started 70 posts and replied 12707 times.
Post: Come watch a foreclosure sale
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Originally posted by Dustin Phillips:
My wife is from Spokane, unfortunately, I will not be there. However, maybe you can blog about the experience. Details about the property, process you go through, and if you get the property or not! Just a quick synapses...
Good Hunting,
Dustin Phillips
Rich,
Dustin has a good idea here. I have exceeded my quota of votes for the day, so I'll come back later to give Dustin my vote.
Post: Help!!! Bad Appraisal...
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
C'mon guys, sounds like you agreed with what I said - but no votes ...
Post: Help!!! Bad Appraisal...
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Taking a second may not be an option. The lender likely will want to have this disclosed at the point in time when the buyer's application for the loan is made. And the borrower will then have a bigger monthly payment on the combined loans - thus possibly not qualifying for the loan.
Post: Good Walk Through Form/Checklist
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Originally posted by Joshua Dorkin:
That said, hopefully in the not too distant future, our members will have the ability to post attachments here on the site.
(josh [a][t] biggerpockets.com)
Kirk,
Pass it along to Josh Dorkin, so that it can be uploaded for all to access; his email address is encoded in the quoted post above.
Post: Buying with cash at auction
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Originally posted by John Cassar:
That site - http://www.Retrans.com/ - does not seem to be what the poster indicated; I get a site that looks like a "domain broker" has it.
Post: Fourplex - Wholesale or Keep?
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Using 50% rule, you have $1300/mo for expenses, leaving $1300/mo for NOI. From NOI, you take your $400 of cashflow ($100 per door), leaving $900 to cover P&I on a loan. Depending on rates and terms you might be able to get, this could work for you as a rental to keep.
You then have to decide whether you want to hold a quad. And, one thing not mentioned by you was whether utilities are separate. Even though the utilities are included in the expenses when using the 50% rule, tenants not paying for utilities allows them to be wasteful (and thus pushing the real expenses above 50%).
Post: Code Violation w/Number of Renters
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Originally posted by David E:
This isn't an HOA issue as much as it is a city/county issue, but I just learned from my city inspector that the county my rental property is in (Prince George's County, MD) has a law stating that no more than five unrelated people can occupy a single family home. Of course, no one told me this when I bought it (through an real estate broker/investor), when I began renovating it (through a contractor/investor), nor when I applied for a rental license at the town's public records.
As owner / landlord, you are responsible for knowing how your local municipality defines the meaning of "single family". In one town where I have a rental, it's a maximum of 3 unrelated persons; in the next closest town, it's a maximum of 2 unrelated persons. And that definition can be changed by the municipality passing an ordinance.
More discussion of ow a single family is defined is at this next link:
http://www.biggerpockets.com/forums/52/topics/10860-how-many-people-in-a-single-family-
And the neighbors will be the ones blowing the whistle on you, should you exceed the maximum allowed, AND they get upset over something (parking, noise, guests, parties, etc)
Post: Phoenix thieves
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Let's not forget about the ones that go up in flames; I posted about one here:
http://www.biggerpockets.com/forums/16/topics/34765-reo-not-yet-listed-on-mls
Post: Forum suggestion
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
Originally posted by nationwidepi:
In attempting to find some of my previous thread topics I started, there is not an option to pull up only the topics in which I "started".
I can get "posts since last visit", "my posts", and "monitored topics" but not "posts I started/created"
Will B
Nationwide
I have found myself doing just the same as Will described. So I gave Will my vote.
I would extend this a bit if possible though. If I am viewing another user's profile, I would like to be able to see the threads that user started somehow, and not just my own.
Post: Phoenix thieves
- Real Estate Investor
- Audubon, PA
- Posts 13,453
- Votes 8,355
This is not some new thing. Happens all over. Some people take the entire kitchen, because they used HELOC money to buy it, and now the bank repo'd on the HELOC, Vacant properties have always been hit for the copper in the pipes; some thieves even punched into the walls to get the copper wiring. I've seen them take the toilets out too. Some have had yard sales before the foreclosure sale happens, selling anything a buyer might be willing to give them a few bucks for.