All Forum Posts by: Tim B

Sam, you bought one depreciating asset that is under water - so why buy another depreciating asset. Would you buy a stock knowing that it will probably drop in value in the future. Real estate is like any other investment. If you really want to buy real estate buy a REIT.

The same folks that believe $100 a month is good also believe the "buy and hold strategy" always works. Sure when real estate was appreciating at 10% you could just sit on it and make money. Investors in small rental properties should carefully analyze their actual ROI (return on investment). How much time is involved in managing the property, legal/financial risk in renting in a litigious society and finally alternative investments for your hard earned dollars.

Those getting rich, involved in these investment strategies are book/seminar gurus. Flip houses - then bank the profits - leave rental properties to the pros.

If you really want to invest in rental property - buy a REIT.

The most recent addendum requires buyer to pay $10,000 in damages. Buyer also agrees to pay all sellers attorney fees and costs to enforce it's rights.

Has anyone heard of this being enforced?

Sounds like the social engineering morons are still running Fannie Mae. Haven't we learned from the housing bubble that not everyone should own a home.

Chase is using ServiceLink as their closing agent. ServiceLink is located in PA and handles the entire closing over the internet - using a local notary at closing. I'm concerned ServiceLink is not aware of all state, county and city real estate laws in my area. Typically I use the bank's closing agent however in this case I'm inclined to use my own title company.

Has anyone had an experience with ServiceLink closing their transaction?

This thread illustrates the difference between investors and rehabors - Investors buy houses and write checks to contractors - people who rehab may do much of the work themselves. It all depends on how you want to spend you time. Difficult to say wether it is cost effective or not.

Some things should probably never be done, unless you do it every day - such as refinishing hardwood floor. Without daily use of a sander you will never develope the skills necessary to do good job.

If you want to flip 30 houses a years it will never be cost effective to any work yourself. Your time is best spent looking for deals. If want to flip several houses a year, and enjoy doing tile work, then it may be cost effective to do it yourself.

Not insane at all - there is a guru in Orlando that advertises a week long seminar which involves visiting her recent job site - providing info all aspects of the renovation. She was charging $3000 and it may well be worth it to gain that much info in such a short time.

This is a business and there is a big difference between sharing info on a forum and personally showing someone all the tricks of the trade. Do you think GM excutives invite Ford employees to tour their plants and research facilities. All I need is one more investors to compete with - along with the hundreds that already exist.

I'am currently working with and mentoring a friend to partner with on future projects. I'am not teaching him 25 years of rehab knowledge so he can compete with me tomorrow.

Most of us are working full time at a business - willing to share some info on this forum. Check with the book, tape, seminar gurus for a complete training course. Visit your local investor group and you can gain lots of usefull info.

There's a house flipper in Orlando that will be happy to show you her recent project for a fee of $3000 a week! Most who rehab houses for a living (not selling books, tapes or seminars) don't have time for tag alongs.

Thanks for everyones suggestions - just finished the floors and they look great. The carpet pad had turned into a gummy tar like material that required hours of scrapping and sanding. Water is never good on wood floors, however paint thinner removed some of the material. In the end, hours of sanding was required. 36 grit is only good for typical floor sanding situations - this floor required starting with 16 grit. Even my contractor with 18 years experience had never seen such a mess - hope we never do again!

Upon exposing oak floors I found the old carpet pad has completely broken down and sticks like glue to the oak. Used a long handled scrapper - but that is very slow and gouging the floor.

Anyone have an idea how to remove this padding - refinisher says the sticky padding will gum up the sand paper and his machine.

Can anyone help me out of this sticky situation?