All Forum Posts by: Tom C

Howard,

Hopefully we can find some that will work for both of us.

I uploaded a few pics of this duplex in my gallery, if anyone interested in seeing what $17,5 can buy in Ohio.. :)

Nasty hu? That makes me question your ability to select young single female tenants.

Is she cute? I was thinking the same thing Mike. I have a mother and daughter that try to do the same thing to me. You really just need to sit her down and explain things to her and not be afraid of hurting her feelings.

Very cool Eddie. You may have a point. Perhaps the banks have figured out how to complie data on hot investor areas and use the old feeding frenzy mentality? I don't think that any of them are really that bright, but who knows. Hell, Fannie and Freddie are now accepting 125% LTV and the Cap and Trade bill has a provision that ALL homes must meet new energy standards per the EPA before they can be sold.

Can you imagine what an inspection will cost??? I am begining to think MikeOH is right more and more every day. The life we have known is over.

I would love to see more people do this an shut these rent a center places down. In my opinion those places should all be banned and the owners should be hung in central park. They really are the lowest scum of the earth.

When I can walk in to one of those places and buy a used dryer for $75 bucks, but if someone who doesn't have cash walks in, that same dryer cost $300 and by time they finally get done paying for it, they have paid $600 for it.

It's one thing to offer a service to people who need it and make a small profit. It's another thing to take complete avantage of someone simply because they are poor, ignorant and have no better options

I'm not sure how some folks were raised and I am by far a god fearing person, but some things you simply do NOT do to a fellow human being and I believe the rent a centers of this world are the scum of the earth and I put those owners right up there with drug dealers.

Sorry for the rant, but at some point someone needs to put these dirt bags out of business.

Nope.. I just write up a contract. I am basically doing the same thing the rent a center places do, only at better rate and they get it for the price I pay for it at Lowes or Home Depot.. No mark up.

My county will only accept a challenge once a year in March.. That really ticks me off!

Kel,

Congrats on the find. It's little pricey for me with that rent, but if you manage it correctly, you see an ROI.

Tom

I agree with Mike and the others. I do not include any appliances, although, I do offer to buy new items for them, charge 12% interest for 12 months. Many will take the offer because it's cheaper then going to a rip off rent a center place. They do not own it, until it is paid in full.

Here is may latest deal and I am jazzed! As of last night, I have an accepted offer of $17,500. It is a duplex 3/1 both units, his asking price was $23,000. Currently rents for $400 per unit.

The current owner paid $32,000 for it 4 yrs ago. Just passed city inspection 2 months ago. He is an out of state owner and doesn't want to deal with it anymore.

Improvement since then.

2 new furnaces
2 new hot water heaters
New windows all around
New Roof
2 new Bathrooms.
Upgrade electrical panels.
All new hard wired smoke detectors
All utilities are separate and paid by the tenants
Taxes are $600 per year

The area is not in my usual hunting ground. It's not a war zone, but closer to the war zone then I usually hunt in. I do have to say, this maybe one of the best purchases that I have made to date. Unlike the REO's and HUD's that I buy for under $20,0000 and require $3 to $5K in rehab, this will need nothing right now and comes with fairly good tenants on month to month leases, who are all on flippin SSI.

There is a rough lady next door that manages it for the current owner for $40 per unit per month. I may keep her on the payroll at a lower rate, just to cut the grass, do evictions, so I won't have to lose a days work and to yell at the tenants when they are misbehaving. I will have to see if we can come to an arrangement.

Now I just have to get my funding finalized!!