All Forum Posts by: Tyler Kaye

I just ran across a deal similiar to this (21k not including 2014 taxes). I am not sure what to do with this.

That was what I had gathered in my own research. I just had a hard time finding the proper calculation. In no way do I expect it to produce a vonstant return ratw for SFRs. @Bob Bowling thank you for also making that clear. 

@Shawn Thom and @John E. 

Your question got the answer I was looking for.  Thank you for asking @Tasha Mckoy 

Hey BP,

The word got out in my family that my brother and I are starting to get into REI. While my brother was visiting family in Casa Grande, AZ, a member decided it was time to get rid of one their pieces of property. It is a 3/2 @ 2500 sq/ft. w/ a 3 car garage. The owner wants to sell it to us for what he owes on the mortgage at 150k. I think he is just tired of dealing with it and his busy schedule. The problem for both of us is that we don't live in Arizona, and neither of us have enough experience doing any rehab and listing the property for sale from a distance. We would like to wholesale but do not have a buyers list. I have made a few phone calls to "we buy houses" ads from Craigslist and bandit signs that my brother has seen around to see what turns up. Also, we are in works with a lawyer to draft a LOI for sale to us. Title company is doing research on the mortgage to see if it is assumable. Not really sure where else to go from here. I have look at the local area and determined that we could list the home for somewhere between 179-185K, but we don't have much time to wait out a listing. My brother is being sent overseas and I am active duty in Washington.

Thanks in Advance.

That is what I thought you were talking about, but just wanted to make sure. Thank you.

I just purchased my first condo on Whidbey Island. I feel like I got a pretty good deal. It was a foreclosure and had been on the market for over a year. I found it using the MLS. I used my VA loan to go in with no money down or at closing; requested 3.5% in closing from the bank.

The condo I just purchased is required to be owner occupied for one year to satisfy VA requirements. Unless I sell. Which I might do this fall. I will be doing most of the rehab work myself. There isnt much needed other than updating the interior.

To keep moving forward into my next deal, should I consider HMLs or PML? It seems like it would be difficult to secure conventional financing considering I just used my VA backing for the first time.

@Tim G. What do you mean "title farm"?

I was about to ask a question similiar to this. I would think that you borrow against "real" assetts as long as you have proof and use them as collateral. If they are cash assets, you could do a lot. I am still new to this, but it seems like you are setup well.