All Forum Posts by: Mark Gingrass

Anyone know how I can refinance a house even though I just got a truck repossesed?

Is this possible? Do they check credit on a refi?

Any info will be appreciated. Thansk.

This is the form I was trying to use, but their is no where to put other members on it.

http://www.sos.state.ok.us/forms/fm0074.pdf

Simple Question:

Can I have an LLC with 3 equal members? Or would that be a limited partnership?

I ask this because on the LLC paperwork for my state (OK) they do not ask for other members on the articles of organization. On the partnership papers they do ask for them.

I wouldn't go as far as to call me a POS. I know where you are coming from though.

Let me clarify this. I do not follow up on LEADS. As far as my clients go, I give full attention to and try hard to meet their needs.

I work for my clients. Its the LEADS I am not following up on.

My problem is not getting clients. My problem is the amount of time spent with the clients once I get them.

I work a full time job so It makes it hard. After you get off your day job, it is not very easy to go feel like showing clients around.

Like hopeful_homes said, maybe I will refer my clients for a commission.

I think a lot of my problem comes from the fact that I do not feel comfortable with my broker.

I wanted to do flat rate MLS listings for 300 bucks. Had clients lined up. They told me i can't do that. too much liability. Its what I want to do. When someone rehabs a house and knows how to sell them, why not put it on mls for 300 bucks? I don't get it.

Takes maybe 20 minutes to put on mls. 300 bucks for 20 min? Thats worth my time - part time.

Last year I got my real estate license. I thought it would be a good idea to learn more about RE investing.

I can see how to be successful in this business. I actually get calls and I don't even do anything to generate leads. I find buyers, I even find sellers.

My problem is that I do not follow up on ANY of them. I lack the motivation to show other people homes.

My lack of motivaiton may come from the fact that my mindset is on investing and not on finding dream homes. I'm sick of showing house after house just for the client not to buy one.

My question is this: Was I just not meant to be a RE agent? Has anyone else got their license and did nothing with it? I find RE investing fascinating, but i find being a RE agent very time consuming as I work full time elsewhere.

I guess I just need justification to quit? I'm a little lost. [PLUG Removed by MOD]

To start off, I live in a nice part of town (moore, ok). I am looking for advice on garage conversions.

I have a 3 bedroom 2 bath house as it sits. I actually live in the house now. I am thinking about converting half my garage into a 4th bedroom.

Long term plans is to live in the house for no more than 4 or 5 years and then rent the house out.

What are some of the pro's and con's of having a converted garage? Would it be more rentable as a 4 bedroom rather than 3? How much more can I get? What if I decide to sell instead of rent in 5 years?

Also, what kind of costs will I be looking at to do the conversion, as well as undoing the conversion if need be?

Thanks for all the suggestions.

It appraises for 78K yes. I guess that would be the ARV though.

What i'm asking is if someone can offer $70K on the house because it is in the forclosure process.

If a property owner is facing forclosure and can proove that they can not pay the mortgage payment. This would be ideal for a short sale right?

Lets say property owner X owes $78K pay off amount.
The house only appraises for $78K as well.

Does anyone have an idea of what the lender would be willing to accpet in a short sale.

The house will need all new paint and carpets to make rent ready.

Any ideas will be appreciated. Thanks.

I'm not good at this rental game as I have one house that I take a loss on already.

But I found this house List priced at 19K then the next day dropped it to 16,5K

This house is currently rented for $350/month.

To me, this sounds like a pretty good find.

The house's market value according to tax records is 26K. I found it hard to find comps in the area but they seem to be in the 30's.

The current tenant does not want to move.
What would you do as a beginer investor in this situation.