All Forum Posts by: Bill Axford

Im working on a lease option right now with a motivated seller.

There is problem though the house is worth 215k but, they have 2 loans the first one being 177k and the second one being 25k for a total of 202k.

These people are really motivated and said they would let me have the house for the first loan balance.There payment on the first mortgage is 1150 a month and the total between the two is 1300 monthly. Fair market rent is probably 1200 monthly.Is there anyway this could work without doing a Short Sale. If not is this deal worth trying to pursue.

Bill

real estate transaction documents. For example, lease options, SS, quit claim deed, stuff like these. This could be really useful for people just starting out.

Bill

This is in the plans for the first week of October.

Just trying to get as much info as possible.

I called on some of the properties and he said the properties are located on the eastside of Cleveland. If I shot you a PM with some of the addresses maybe you could tell me more. I also did a street view from google to look up and down the street for trash, junked cars, signs of the ghetto and it from what I could see it looked pretty clean.
Is there better areas of Ohio that I should be looking for cash flowing properties?

How about some names of any good propety management companies in the area?

Thanks,Bill

I'm in on of those states that it is almost impossible to produce rentals that cash flow and my goal is to produce cash flowing properties. With that being said why would Cleveland be a good or bad place to start?

Thanks,
Bill

Just wanted to know if any one knew a good realtor in the cincinnati area. Thanks Bill

Jason,

Never mind on the wholesaling I read in the other section.

Thanks

Jason,

What about the 50% thing on rentals I have been reading so much about on these forums.

Also what does everyone mean when they "wholesaling"? Is this what you mean by contacting the homeowner?

Also I do have one rental property here in town but theres no way that I can buy a local property that will cover the 50% mark.

Thanks

Jason,

When you say "farm" what do you mean? I have made some offers on REO homes at 70 cents on the dollar and the banks just seem to laugh. Am I up in the night when I make these offers or are the banks just in denial. I think they think the state of Utah is going to pull them out of this housing crunch. Are you aware of any out of state areas that are hot right now.

Thanks, Bill

Thanks for the warm welcome. Right now I am currently buying the house I live in now and also kept my old house and turned it into a rental.

I think would be easier to invest close to home but, the market here still seems to be way off based. I have been looking for multi family units but the cash flow around the area seems to be in the negative for rentals. So, I am open to taking my investments else where. Any ideas?

Thanks again,

Bill