All Forum Posts by: Terry Hoefer

With the buy/flip market is so tight in our area (Waukesha County), We recently decided to change our investment goal for the time being. Buy and hold, single unit duplex for income stream. while we postpone our desire to fix/flip for a better market cycle.  As we will not be occupying. and have no experience as landlords, we are wondering if it would be cost effective to use a property manager. Although we are looking within our area, we see a benefit to having someone else do screening, collections, etc. How much can we expect to pay for our. thus far, miniscule investment property portfolio? Any advice?

@Belinda Lopez-Great story, good for you! I have to keep in mind that the route can go all over the place and still land where you want it. Patience isn't my strong suit, but I keep finding opportunities to practice. Good thing I'm not impulsive...

@Jim Keller-in other words, move on to the next one, this could take awhile. Thanks for your response.

How many times can a mortgagee file for loan modification to postpone foreclosure? I'm assuming there's a limit and they can't be concurrent. I've read that an auction can't be scheduled for a year from the date the foreclosure started. Would this "pause" in fact delay the potential auction?

@Wayne Brooks-good to know, thanks! I'll share this with him tomorrow at work. I told him about Bigger Pockets and the generous input the members give to each other.

@Al Wilson-I wonder if he should find a real estate attorney, specifically. He's got a lot going on besides the house stuff, and obviously low on funds, he's a good friend and I'll pass on your good wishes. He, his wife and I are "googling" our fingers off!

My friend is facing possible foreclosure on his home. The bank filed, but has not yet served to him and/or his wife. He checked on c-cap and saw listed as defendants, along with him and his wife, two other financial entities, prior to him buying the property. These others are from Feb '08, my friend bought the property May 09 with FHA. He never heard of these others and had no liens on his house for anything. The odd thing(s), are when he called the bank, the two names they had both matched his wife's first name. One had the first and last name, but a different middle initial. When my friend asked the bank, they said he would have to call their atty to figure it out. Meanwhile they said they "paused" the foreclosure because he filed for a loan modification. We were going to work something out with him if possible, but this new information has all of us puzzled? Anyone with this experience?

A layout of the whole living/dining/kitchen areas would be easier for me to consider the options. These are my favorite puzzles to work out!

@Melinda Flores - I would definitely get a manager to handle rentals if I were to have more than one. Thanks

@ Joe Villeneuve-thanks for your comments. We do work full time, yet we managed to complete a full rehab on a property in 6 weeks. We do some of the work ourselves, but we hire out for the major plumbing electrical, and wood floor refinishing. We've done a lot of tile, paint, installing cabinets, drywall and minor electric plumbing. I figure in a few more years, I will retire from my full time job, and will then have a running start for increasing the number of properties I can do at one time. Then I will be using contractors more extensively. I draw plans, for moving walls, windows, etc. and we've used them for permits in the past. That saves money.