All Forum Posts by: Tom C

Are you kidding me? I was told that I had to use their looser title company. Ugh.. You can have the utilities turned on, but you are responsible for all damages and the utility bill. In my case, they found a gas leak inside the house and then 3 days later, one outside the house.

8 to 10 years! So I guess I have time to buy up my neighborhood. I stand corrected.. Take your the loss and claim in on your taxes.

If you have any kind of rehab skills, place an add on craigslist. People like me always need someone to do chores that I don't have time for and can't afford to pay a professional to do. We don't have Mexicans in my area, so paying someone like you to clean the barn or do chores while I am busy every once in a while would be a great service. I know a kid that just does simple handy man stuff and makes a good living doing it. I met him one day when he stopped at my house to grab an old washer and drying off my lawn. He made 50 bucks in scrap metal on those.

HUD's in my area need a lot of work. Sometimes they are completely trashed and have been vacant for years. You can find some great deals though. One major problem is that unless you want to jump through hoops, you will be inspecting it with no utilities. Meaning after you buy the sucker, be prep'd to find water leaks, gas leaks, bad furnace and just simple things that wont work. All of these things add up when rehabbing, so factor them in. Closing can be a real pain. The title company that I was forced to use was completely incompetent and was very hard to close with. Your earnest money will go into the principle, you don't get that back as a refund.

I like HUDs and have looked at many, but I haven't found one that hasn't needed a lot work to make them liveable again.

I get his news letter. Yes, he is funny, but most of his stuff is purely marketing. I wouldn't spend any money on for advice or getting into his homes

Here is my take on this. Your investment is really no different then owning a stock or fund. You have high and low's. You don't sell on the low's, you buy more. I would say rent it out and be prep'd to put a few more dollars back into when the market returns. If you can hold it for the rebound and pay the difference between your holding cost and rent. I would hold it, rent it and then make a your profit back a few years from now. Or try to get someone to take it on land contract and if you need to sell the note at least you are still getting a good return.

I guess we are just tired of talking to each other... lol

Companies that use Termidor, will drill holes along the foundation in your basement about every 12" and pump the chemical down into the ground, they sometimes also do the block. They the spray all the termite damaged areas and then pump the outside foundation with it too. Termidor is a fairly new product that the termites eat and take back to the colony with them, it then kills the other termites. Their is no smell and no risk to people to be around it. I used Grace exterminating. Not sure if you have one around you or not. They are much cheaper then the big guys and do a great job. BTW: Using this method gets rid of all of those traps that you see on the outside of the house.

Do some research on it.. http://www.termidorhome.com/

There is no reason why tenants cannot stay in the building. I just had my rental done and they use Termador. There is no smell or gases.

Keep in mind that there are diffferent levels of lower class neighborhoods too. I stay with the neighborhoods that are safe during the day for my wife to drive in. There are some area's that I am uneasy about driving in and I was a cop for several years. I can pick up nice little 3brds for 10K all day long. If its not safe enough for your wife or family to go and work in alone, then its waste of your money.