All Forum Posts by: Steven Barr

@Mitch Messer thank you!

@Mitch Messer super helpful! Thank you!

Would you happen to know where to obtain a list of people in the beginning stages of preforeclosure? Maybe they’ve only missed 2-3 mortgage payments?

@Mitch Messer hope you are well sir and great to hear from you! Been a minute

Are these pre-foreclosures or are they foreclosures?

They’re obviously listed under the foreclosure section, but it looks maybe they read as warnings? Mind clarifying?

I went to the superior magistrate court clerk today for the list of pendants/notice of defaults, and they had no idea what I was talking about. Made calls to sheriffs dept and community planning and development. No one knows anything about this list. I called my local city court clerk and they did not have it and said I needed to try the county clerk (which is the superior court where I went in person)

I have heard you can go to the “local court of the clerk” and obtain this list that details all properties in pre-foreclosure 

Does anyone know where I can go to get this list? (besides online to pay for it)

Thx!

Anybody have insight on what health insurance for full time 1099 real estate professionals is?

Cost, companies, etc…

thanks!

Hi BP!

Flipping a house and code enforcement just came to the property and are claiming that we need a permit for demo’ing and replacing drywall? As well as the roof?

I have never heard of needing permits for this type of work

Does anyone know much about this area? As I thought permits were only needed for structural changes like adding a bathroom

Thanks!

@Scott E. your contractors provide you with contracts, instead of the other way around?

I am planning to have my attorney draft a contract for my contractors to sign. 

What specifics should I include in this contract? (Liens, draws based on completed work only, properly insured, etc…)

Thanks! 

@Andrew Postell  I would imagine if I had 10 or 20 properties with loan balances that small, that this might encourage them to write the loan? 

Alright, don't jump all over me for the question, but I really don't know the answer

Let's say I buy a home for $100,000 and put 20% down with a 7.25% mortgage. I now have $80,000 worth of debt with roughly $450/month in principal and interests payments 

15 years goes by and I have significantly paid down my debt (let's just use $40,000 for this example). House has now appreciated to $150k in value.

If rates are the exact same at 7.25%, can I refinance my $40,000 of debt and simply reduce my principal and interest to $250-300/month in an effort to increase cashflow on my rental?

My thoughts are 

1) Yes, duh 

2) Banks won't refi on a balance that small 

3) You would have to do a cashout refinance, thereby increase your mortgage balance

4) Can't refinance at the same rate for some reason

Thanks guys!