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All Forum Posts by: Steve Babiak

Steve Babiak has started 70 posts and replied 12706 times.

Post: MY GIFT TO BIGGER POCKETS MH INVESTORS

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

Mike,

I don't do MH, but I did read your "book chapter" posting. I would suggest you have somebody (say an editor) polish the grammar a bit. You have used the word "to" where the intent was to use "too" from the context of what is being said. In another place, you have used "pursing" where you meant "pursuing". These are kind of nit-picky maybe, but the spell-checker software still isn't as good as a the properly trained/educated human when it comes to grammar.

Post: MGM International Mortgage Inc?

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

Tim Barry,

Your first post on BP, and it is in defense of a service provider who has been labeled as "stay away" by another post (from an established user).

Profile on BP is incomplete as well, otherwise you would have been given that award at the least.

Seems to lack any kind of credibility, and I'm sure other BP users will chime in to this effect as well.

So Tim, did you actually COMPLETE any business transactions with this company, seeing that you said "the biz is legit"? Speak from your own experience. please.

Post: my first direct mail campaign

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349
Originally posted by Norm Chrostowski:
What do you mean sent to mail address not site?


Since the list is for non-owner occupied properties, you need the owner's mailing address rather than the property address. I think that is what is meant.

Post: Need Help Please.

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

In an interest-only loan, there is no principle being paid - so the balance does not change. Don't know why you weren't hoping for that, but that's the reality of interest-only loans.

Post: 15 yr or 30 yr

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

One thing to keep in mind - that it can be difficult to tap the equity in your investment property. That's just the current lending environment, and maybe it will change ... but that could be for better or worse.

So when you make that extra principle payment on a loan, and then you wish you had those extra funds as cash-in-hand, don't be suprised that there might be lender qualifying that prevents you from getting at that extra money that is now equity in a property.

There was another thread that discussed paying off existing properties or buying more, and where I agreed with another poster who said to do both.
http://www.biggerpockets.com/forums/12/topics/34337-pay-off-properties-vs-purchase-more-properties
I still think you should do both - you just have to plan how much and how fast to pay off when you are in a buyer's market. Having your funds tied up and unavailable these days could result in you not making as much over the long run.

Post: Tell you what i'm doing (it's long)

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

As I stated in one of my older posts, you should never consider "free" labor when setting your purchase price. That post was in regard to wholesalers, but it applies in general, because life happens. If your "free" worker gets injured, how will things get done?

Be sure to properly account for all real expenses, and set your budget accordingly.

Post: little help

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

As Jon said, get it under contract. Since you plan on an appraisal, include an appraisal contingency (along with any others that you need to cover your risks). If your appraisal says it's over-priced, then you can decide to use your contingency to back out.

Post: Duplex under contract

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

If part of the closing costs is escrow of pre-payment for property taxes and insurance with the lender, then you will have some of those funds either applied to those payments, or refunded to you after the conclusion of the refi.

I attended a presentation by a lender specializing in investor loans. NOO, LLC, cash-out refi, etc are all available. This was from a representative of Arlington Capital. See if they can handle your area.

Post: Looking to meet other investors in PHilly area

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

One of the major REIAs in the Philadelphia area is called DIG - Diversified Investor Group. Visit:

http://www.digonline.org/

Put my name down as sponsor.

Post: When to Start Eviction Process

Steve BabiakPosted
  • Real Estate Investor
  • Audubon, PA
  • Posts 13,452
  • Votes 8,349

Dick,

Usually, in order to represent somebody in a court of law, one must be a licensed attorney. I said usually. Might not be the case in TX or elsewhere. Something about "practicing without a license" is how I think it gets worded.