All Forum Posts by: Mark Gingrass

Marvin,

could you describe what you did on your VERY FIRST offer? How did you approach the situation? How did you find the deal in the first place? What things did you find appealing about the deal?

If you could provide this info, it would be greatly appreciated.

Here is some information I have about this house. Now this is just an example situation, I am not really looking at this house in particular, I just want to understand the numbers.

Here is what I got off of zillow:

05/24/1988: $64,000
No other sale data is available
2006 Property Tax $967
Total assessed value: = $10,209
Market assessed value: = $131,307
Assessed value bldgs: $9,509
Assessed value land: + $700

It's a 4 bed, 3 bath built in 1970 house in Oklahoma City.

Estimated Property
Value Range
$126,000 - $145,000

Estimated Property
Market Value
$136,000

Then it says "Trans Value $64,000 "

Now this house was found under a Preforclosure list.

Typically, what would you do to research this to even know if it is a possible deal?

What makes someone go into forclosure when they must only owe so little on the house?

I just wanted real word thoughts on some real world data that I have collected about this house?

What kind of offer's would be suitable for this? I read that on a preforclosure that people might just be happy with getting out of the house debt free and without hurting their credit? Could you approach soemthing like this with offering to pay remaining balance on loan and maybe throw in a few thousand extra?

I work in Civil Service as an engineering technician. Working on getting rid of the technician part.

I still work because I only have 1 rental.

I own 2 houses. I live in one and rent the other one out. The rental is far far away in SD and i'm living in OK city now though.

Anyways. I was wondering what some of you do to save money? I keep trying to save money but then things happen or I just spend it on crap.

I have just come up with a system for me and a coworker to save money. We have started an account (seperate). The first one to make 1000 will get 25 bucks from the other person. Then it goest o 2000 dollars. The first to get 2K will get 25 bucks from the other person.

I only do this to get motivated to save.

How do you all save money?

I am also in the OK City area and want to find mentors and friends that are into REI. I think I will join the REI club this thursday May 10th.

I got interested in real estate when I joined the military and met some "rich" people that did it. They were very friendly and helpful. I didn't do much with real estate except for buy my own house. But I got roommates and had them help pay for my mortgage. 1 year later, i'm out of the house and I have 3 roommates still there paying my mortgage.

The problem i'm having is that I have "friends" in their with very lax rules. I can't really afford to boot them out and get a family in their. I do like it when only 1 roommate moves i still get 2/3 of the rent though.

I met a realator who tried to give me words of wisdom and advice. He was very arrogant and a know it all. He was telling me how to become a millionaire. In my head i laughted because I knew he was all talk. I read those books too. I know HOW to become a millionaire, but i'm not one. Get me?

Anyways, I changed attitude's towards life completely. Almost every thing I do is positive now. I decided over a year ago now that i'm going to take ACTION and not just talk. I promised myself that I would not be a talker, but a DOER instead.

Plans have changed a bit, but the goal is still their. I have some complications to deal with but as of right now - 1 year into my REI I have my own house + 1 other house that I rent out.

Short term goals - Get roommate for this house to help pay for mortage. And try my hand out on a flipper house.

I accidently posted this in a different forum, sorry for the double post.

I own a house in South Dakota but live in Oklahoma now.
I have a negative cash flow from this house of about $150 month.

Do you think I should hang on to this house for a while to see if I can turn a profit, or am I just trying to hang onto a lost cause? I happen to believe that if i spend that $150 on the house, then i'm at least not spending it on more "toys" and junk for myself.

Next question:
In OK City their is a Real Estate Investment club that charges 200 per year. THey have meetings once a month. I believe they have more lectures, etc but you have to pay for those as well, but at a discounted member rate. For a newbie to the Investment world, do you recommend I join this club? I hope to meet some good people though it.

Question 3.
Has anyone borrowed from the thrift savins plan for renovations or even as an alternative to using PMI?

Thanks for any advice.

I own a house in South Dakota but live in Oklahoma now.
I have a negative cash flow from this house of about $150 month.

Do you think I should hang on to this house for a while to see if I can turn a profit, or am I just trying to hang onto a lost cause? I happen to believe that if i spend that $150 on the house, then i'm at least not spending it on more "toys" and junk for myself.

Next question:
In OK City their is a Real Estate Investment club that charges 200 per year. THey have meetings once a month. I believe they have more lectures, etc but you have to pay for those as well, but at a discounted member rate. For a newbie to the Investment world, do you recommend I join this club? I hope to meet some good people though it.

Question 3.
Has anyone borrowed from the thrift savins plan for renovations or even as an alternative to using PMI?

Thanks for any advice.

I was pre approved for a 127K loan for a house. I want to know if my approval amount will go up if I tell them I want to buy a duplex or up to a 4 plex. I'm pretty sure that the rental income will not count as my income in this situaton for the loan?

Any suggestions on how to get a bigger loan, i'm looking into getting around 160K instead of the 127K.

Their is a nice Repo house for sale in my area. Built in 2000 and I like it second best of all my choices. They are asking 119,900. Considering I like one other house better, it can't hurt to lowball them. If I get it, then it will be good, but if i don't, I might still be able to get the other house I want.

I was thinking I should offer 109,900 or maybe even lower because I would have to pay closing costs. What do you think?

Also, my Realtor has not shown me any duplexes except for one. Is it possible that they are realy that hard to find a duplex for sale?