All Forum Posts by: Account Closed

I can tell you what I did and I probably went about it all wrong because I dont know a lot about investing yet. I did have 100K when I started. I bought a rental to begin the positive cash flow putting 25% down and mortgage the rest of it. The left over money I have been using as buy and flip money building back to my original 100K. I got my lumps along the way of what I did wrong and what little I did right. But Im learning!

Looking for anyone around the Roanoke VA area, realtor or other investor. Looking around the area there are some buys, but not sure about the areas. Was hoping to get some idea of the areas if they are decent for rentals. I've been mainly buying in NC, but the drive down everyweekend is getting old so I have started looking into the Roanoke and Richmond area since they are a lot close to me.

Eric Black

Thanks for the info. However the property has already been closed on and deeded so talking to the bank before buying is already out of the question. I am not looking to refi because I have two mortgages already would like to avoid a 3rd one and plus reading past posts on this similar topic people are saying I would have to wait 6-12 months before I can refi. I am not looking to wait that long because I dont intend on holding on to the one I just bought that long.  I am going to be selling the one I just bought with in a month I was looking to see what I can get out to put towards another one to have ready to go when I sell the first one.

Looking through some of the past posts on this question mine would be is there another way besides refinancing a cash buy? Lets just say a cash buy of 55K, home has a FMV of 95K and a tax appraisal of 118K. I would like to take a loan out for about 30-35K would a home equity line be the way to go besides refinancing?

Jermaine, 

   Thank you I will look into that and check it out.

Any investors in the northern Virginia area? I live in Winchester and looking for local REI groups in the area. I know there are ones in the DC metro area, but I am looking for some local groups or even other local investors. I am still learning, so I don't know a lot and wanting to learn from others.

I know there are tons of posts on this topic, however most I don't understand or deal with rentals, or numbers that don't come close to what I am doing. So here is was I am doing

Cash buy on a tax foreclosure through the county for 43K, the house has a tax assessment of 118K and a fair market value of 90K. The house needs about 15K in rehab. I am trying to figure out how the cash out process works and what I can do. What I have seen in other posts is that the banks wont refi you unless you have it for 6-12 months. If that is true then how can I pull my initial purchase money out to rehab and purchase the next property? Is there a way to use the house as collateral to get some kind of loan? I only want to get out 50-60K on the house to go after another property thats for sale at 35K and use whats left to rehab the first house. This way when the first one is done I can jump right into the second one. Once the first one sells I can pay back the first loan, walk out with some money in my pocket and put that into the second home for repair. Then the sale of the second home will be all mine to pocket. It doesn't sound as easy as people make it sound on TV that's for sure. Or am I on my own planet? I don't know what the hell I am doing so I am sure that I am going about this all wrong.

I want to avoid what I ran into on my last flip, buy with my cash, rehab with my cash and during this whole process just watch the world go by and miss out on other opportunities. There is still way more to learn doing this and I have had my fair share of bumps, bruises and headaches so far. I want to avoid that this next round.

Thanks

Okay I have searched the topic of HOAs and some of the lousy stunts that are pulled. Well I now have one of my own. I recently purchased a town home with an HOA. I have tried to contact them by email and phone with no response. When I call I am told I need to talk to so and so, and low and behold he is not in his office and never returns my calls or my emails. I have two issues with this property that need to be taken care of. One the deck which is in really bad shape, I want to replace it quick. Need to submit the proper paper work to the HOA, but they wont answer me to make sure I have the required documents and requests when I go to submit. Two - (this is the escrow part) the HOA is in charge of regular maintenance of the exterior and "routine" painting of the exterior as it even says in their own rule book. Well upon inspection and after I received the rule book the exterior has not been taken care of at all. No routine painting, no repair and maintenance of the gutters and vents and exterior. The gutters are missing a large section of the down spout, there is a section of roof venting gone and the exterior hasnt been painted in years as the paint is peeling and the wood has now been exposed to the elements and rotting. My question is has anyone put HOA fees into an escrow account until they HOA ponies up and takes care of their end like they are supposed to? I had an attorney suggest this to me awhile ago when I was a renter and the management company would not take care of the squirrels living in my roof. He suggested that the rent go into an escrow account until they fixed the problem. What are some thought about that idea?

@Joe Gore - Thanks for the info, I contacted the CT office about this.

In end the GA Ofori office people were the absolutely the worse to deal with. They did not even give a flip about what we had to say and gave an unreasonable 24 hours to get them the new paperwork with ink signatures. It would have to go from me here in VA to my broker in NC to sign off on and then to GA where they are. No way it would of made it there, not even if I drove the entire way myself! They wouldn't take the copies we had made of the original paper work. If I could say what I really want to say about them right now I am sure this post would get pulled because there would be a whole lot of expletives used here. With the gov shut down I couldnt even call HUD because there was no one there. At least they sent my EMD back after going at it with them. If I can avoid these clowns again, I most certainly will, just really lousy service. Now the people in CT, TOTALLY different story! They were the most helpful and did what they could for me. However they could not help me fix the issue with the property, but they gave me numbers and info I could use. And they said they would of been able to accommodate me with an extra day if I needed it if I was going through their CT office, but they dont handle that area. Go figure!

Mark,

Yep signed in blue ink and originals sent. My broker was very specific about the blue ink! I even went out and bought one because I didn't have a blue pen.