All Forum Posts by: Tom C

ImFlippinCrazy,

I think you made the correct call also. That 8K could have been gone pretty quick if you would have had to hold the house for any period of time. I understand what R2 is saying, but at the same time, the last thing you want to do is lose any money on a deal when its other peoples money that you are playing with. I know if I had to fork out even 2K OOP beyond my reserves, would cause me issues. So I couldn't afford to take that risk and you also have to consider how much work you are doing to earn that 8K. Does that mean you are going to work the next 2 or 3 weeks for 16 hours a day. If so, you are making what 23 bucks an hour? not much considering the labor involved.

Tom

Well the bank told me that they were told by the title company that it takes them 10 business days. I will call them again. I wasn't real happy that HUD got to choose the title company either. I thought the buyer always gets to choose.

Thanks

I made and won a bid on a HUD home and the title company has had the paperwork since 4/30. I called them yesterday and had to leave a message and I have not had a return call. I want to get in this house and start the rehab. The longer the house sits there empty, the more chances of something happening to it. Should I be ticked off by this point or is this normal?

Thanks

I want to setup an LLC for my property investment business, although I have been told not to title the rental property in the LLC's name, due to the fact that when evicting, you have to have an attorney to do the eviction. I live in Ohio and does anyone know if this is true?

Also, I want to do a quick and dirty LLC online for 100+ bucks. Is there any advantage to having an LLC out of state verses just setting one up here in Ohio? I am sure this will be one of many that I will need in the future.

Thanks

Tom

I've got the same problem. I sit at my company job knowing that soon our entire division will be laid off to off shoring, I am waiting for the title company to contact me about closing on our first rental. I go to school at night and I can't focus on that anymore. I just want to get in and get started rehabing our first house, get it rented so I can start hunting for another.

You are not alone brother.

This is exactly why I put the flipping idea to rest for now and decided to find properties that will make good rentals. With the current market, there is no way that I want to be stuck trying to sell a house. The holding cost will eat away at all the profit. You are looking at having to make the choice between listing it at a huge discount, putting much more money into it to make it "special" or hold it for a longer period of time before finding a buyer. Now is just not a good time to be attempting to flip houses unless you buy them extremely cheap and cheap out on the rehab.

Most likely is a load barring wall, but you can place a couple of post and finish them off and it will work just fine.

Hey Beek,

Don't turn away from looking at HUDS. Out of 5 that I have looked at recently 2 of them would have worked, so I made an offer on the best one. Not all HUDS are in horrible condition, many just need paint and trim to make rental property.

A big kitchen. Nothing worse to the younger folks is to walk in a house and see a bunch of walls. The first thing my wife and I do when we buy a house that we are living in, is to knock down walls that are between a kitchen, dinning room and living room. With lifestyles today, we want to be able to talk to each other while we are sitting at the table and in the kitchen. Landscaping also makes a big difference.

If you use Mikes 2% rule then you are off by about 1K a month. If you are able to get a 30yr fixed @ 7 percent and roll all of your improvements into the loan, you are looking at around 300 a month extra, but thats not pure cash flow. Since as you have stated, the vacancy rate could be pretty high. I think I would at the most go in at 115K.

But then I am also just a newbie