All Forum Posts by: Angie Hills

Hello everyone! Wow - am I glad I found this site! I have already looked in the newcommer section and posted a few questions! Just found the intro section - LOL
My name is Angie - I am 36 - live in Georgia - near Savannah. I have been married for a year to Steve. I mentioned in one of my earlier posts that he has some past experience in investing, rehabbing & selling. Just doesn't have much to show for it due to his X robbing him blind. But we are now in a position to begin inesting again and are really excited about it!
Thanks for being here!

Hi all! I mentioned in a post earlier that we are in the process of re-financing our house to get 10k equity out for starting capital to get back into REI and have a relative that is willing to 'loan'/'invest' around 20k.
The relative is my mother-in-law. My husband has been talking to her about it & she mentioned loaning the money & he told her he didn't want to borrow it he wanted her to be an investor. I'm not sure what the difference is/would be??? He said to me that if she 'gifted' each of us 10k we wouldn't have to pay taxes on it???
So - I'm asking for advise on using this 20k that she has to offer - do we 'borrow' it and just pay it back with X amout of interest? Do we offer her X% of the profits after sale of a rehab for 'investing'?
My husband thought about using the 20k and our 10k for partial downpayment, rehab costs, and to cover mortgage while rehabbing & vacant until it sells. Then giving her X% (he was thinking 20%) of the profits and re-using the 20k for the next project.
Any advice is appreciated...Thanks for all your help!

My husband and I are working on some capital to get back into REI (he already has experience) and we were talking about getting Market Value's & COMPS from Realtor's. He said - it may be worth one of us getting licensed to acces the MLS. I told him I would do some research and see if it would be beneficial for us to put the $ and time into schooling & licensing. And make sure there aren't any conflicts with a licensed Realtor or Appraiser Investing.
Any advise on this? Thanks in advance for all your help!

Hi all - thanks in advance for all your time & input - it is greatly appreciated!
My question - my husband had in the past 10 yrs (8 with his X) - purchased I believe about 7 homes. Some they lived in, remodled, re-furbished & sold for a profit - then bought another one, then repeated the process. They had a couple over the years that they kept & rented out. I don't know that he considered himself a REI or even considered how much $ he actually made until I pointed it out recently when the X sold their last house & made a 250,000 profit (for herself) - he also stated that for the other homes they probably made around 250,000 & had nothing to show for it - she blew it all. But that's another story - LOL
So I told him he has the experience - he has bought all of these on his own & did almost all of the work. He still has one rental house now. We have been together now for 2 years & are finally getting on our feet after both divorces & her robbing him blind - LOL
Now my question - LOL
We would like to get back into REI - we are working on Re-financing now and talking to a relative for investing & may have access to between 10,000 - 20,000 for investing. I see alot about flipping, wholesaling, flipping contracts, etc. As a way to make quick profits/capital. But in one program I had - Donald Trump real esate program - the instructor stated that he NEVER sold a property - he kept them all for residual income/passive income and net worth and constantly increasing value. This all makes sense to me & since my husband is experienced in rehabbing & renting/lanlording - I think we're both comfortable with going at REI via this avenue. But - I'm having a little trouble following how to keep aquiring properties. If we have our capital invested in downpayment and/or reha bbing & are able to rent out for positive cashflow - even if minimum. Where do we get capital for downpayment & rehab on another one? Is this just the slowest route? Do we have to wait & save the monthly cashflow from rental and/or get equity in this house to possible re-finance & putt out escrow for capital for downpayment/rehab on next one?
I'm just wondereing if there's something I'm misssing - as I mentioned - any advise would be appreciated!
Thanks!

Hi! I am new to the site and am enjoying reading all of the posts & learning.
I found a HUD home forsale - asking 72,500 and the HUD add said 91,000 as is value.
I went to the courthouse database and found the property & it's tax assesed value was around 82,000. (which is usually well under fair market value - correct?)
The HUD site also had a note stating that it needed more that $5000 in repairs therefore was FHA non-insurable.
House happens to be only a couple of blocks from my house & I know a couple of houses in the neighborhood sold recently for 120-130,000 & they were smaller.
Does the FHA non-insurable mean that it does not pass code for FHA to approve a mortgage? How else could you purchase this? Cash, or are there other loans for a 'under' code HUD home?
Do you offer HUD a lower price than their asking? I don't know anything about them - so not sure if they list their homes at their bottom line or not? Would I need to contact a Realator that deals with HUD & ask them for a fair market value?
What would be a good offer and/or profit margin for his HUD home?
Any advise would be greatly appreciated!

Allison - I would love a copy of your business plan also!
Thanks in advance for your help!

I started as a foreclosure consultant. Basically, you call the lenders of people who are behind in payments, and see if you can work something out with them to adjust the loan to help the homeowner. I have my own contracts, and run ads for it.

The small business guy (such as me) has hardly no overhead, so I can charge much lower than most big companies. $250 an hour isnt bad by anyones standards, so you might want to look into it. Its VERY quick cash. I make everyone pay through paypal, so as soon as the contracts are signed, Im paid. I charge $250 upfront, and $250 once the lender and I reach an agreement. If not, the last $250 doesnt need to be paid.

Actually, if you are interested, pm me. Im not giving away the farm for free, but Id hook you up if you were really interested. I wouldnt do it california though.
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TonyS - I am new to this site and just read your post and wanted to pm you regarding info on forclosure consulting - but since I am new - it would not let me contact you until I have 10 posts. Please reply with info or contact me if able.
Thanks in advance for your help!