All Forum Posts by: Terrence Evans

Dumb question coming..

Ok.. when it says cash only on homesearch or auction.com, couldn't you use a HM lender in lieu of cash?  I was thinking that HM loans tend to close very quickly compared to standard loans so there would be theoretically less hassle involved.  The reason I want to go that route is because I don't have the cash to begin with... :)  and I will likely need to rehab it.

hi I was wondering if someone from Atlanta could tell me what the REI landscape looks like near downtown given the infill of the last 10+ years? Was born and raised there but live in L.A.. I'm contemplating doing a rehab / flip or rehab/rent if the market is favorable since price points there are better. Much obliged.

Thank you all for the answers... Makes sense.  If it were that easy it would already would have been done.

Ok so let's say I buy a a non-performing note for 30 cents on the dollar and I know that the area is someplace relatively depressed like say Detroit.

Let's say that the balance was $30k and the property is worth half that.  What is to stop me, the buyer, from throwing out the new balance and just creating different terms more appropriate for that property?  Do you have to be registered to do so?

@Shaun Weekes , Thanks for the connect.  Do you have advice for me here?

Thanks @Bernie Germani .  Are you a part of any local REIAs?

So I am trying to get prequal'd for an owner occupied tri or quadplex here in SoCal. It will likely be FHA. I was told the other day by a lending rep of a certain nationwide bank that because I'm just starting out as a landlord, the bank won't count the income of the other units towards my numbers. Is this true??? Or typical???

This seems like a show stopper to me...

@Account Closed  : Proposition 13 restricts the growth of property tax increases in California.  But when you buy a new property expect it to be around 1.25% of the purchase price (and a little bit more depending on where u live).  And it will grow a little bit over time with appreciation.  It isn't like other states where it it is tied to the theoretical / assessed value of the home.  That is why long time owners of the property you buy will be paying relatively little taxes compared to what you will end up paying.,

@Larry Fried So how does that work? Do you go to a specific Turnkey place for your properties?  What are the typical financing reqts? 80/20?  

I really wanted to be able to live in one to take advantage of lower entry reqts and trade rent for building equity.  

Also I want to be clear about something.  Although I expressed interest in just doing a buy and hold owner occupied MFU, I am open to other possibilities too.  I just want to get on the path here.  If it means buying and rehabbing mobile homes or tiny houses to get started, so be it.