All Forum Posts by: Tom S.

Typically an auction means there are no contingencies accepted: inspection and financing are the main ones used in a standard purchase that are not allowed in an auction.

I would recommend looking for a link in the MLS listing for the terms, or just contacting the realtor in the listing and asking them.

- Tom

Hi Kevin,

Welcome to BP! Up to 10 is the general guideline, with increasing reserves per house required. I believe the reserve requirement accelerates after 4 houses.

An alternative is a small local bank that holds the loans "in house". They are sometimes more flexible as they're not selling the loans.

- Tom

Hi Joshua,

Thanks for the reply and the great website!

I've been in the real estate business since 2003 (buy, rehab, rent, and sometimes sell) and always looking to expand my knowledge and keep up with the latest trends.

Of course, browsing the web you come across all sorts of offers so I wanted to inquire if anyone had done business with this company: REI Wired

Thanks Rian and Joe too for your responses!

Tom

Has anyone used the website: REIWired.com? They claim to be a one stop digital place to get video training classes, downloads and real estate content. They also charge $97 per month for the service. Anyone used them and any feedback on them?

Thanks - Tom

We happen to do it almost exactly the way J Scott mentions: using Home Depot and a spreadsheet for most of the materials. I have the SKU codes and prices, and use that spreadsheet for both the initial estimates and when ordering.

Ordering is as simple as putting the quantities and faxing the spreadsheet to the contractors desk at H.D. $80 for the delivery but they do all the work for you in terms of pulling items off the shelves. Not a bad deal!

Tom

Just to add my 2 cents. I have come across this before and what's stated above is true. You'll need to add another boiler and do some P&H work, although somewhat miminal.

I would also recomend to check with your state or town on permits. I work in the state of VT..anyone touching P&H in a rental property has to have a license.

The process is still fairly staight forward: fill out a construction permit, have a licensed P&H person do the work, and have it inspected. If you go to sell the place in a few years, all your paperwork will be in order.

Tom

Hi Heather - let me know if you still have any properties available in Vermont. We're investors looking for single or multi families, total rehab, under $50k ideally. Thanks!
Tom

Hi David - as stated above, my experience has been to work with small, local banks that will hold the loan in- house. They have much more flexibility on what they can do. I've had no problems even in today's markets, buying with cash, making some repairs, and then refinancing and pulling out cash. The key is to develop relationships with small banks and get to know the loan officer.