All Forum Posts by: Wes S.

We will see if they have a 'Limiter' on me on the next deal...haha. I know they are 70% LTV 'in house' when it comes down to the formal process of getting appraisals, ect.

FHA 30 yr Prim Res with US Bank is at 4.25% = Crazy Good! Prob worth taking a look at to soak up other rental debt but their might be other opinions on this.

Chris, do some more digging on the site...there are some good threads on this topic.

Here are a few must reads...

- Bible, especially Proverbs.
- Cash Flow Quadrant by Robert Kiyosaki
- How to Win Friends and Influence People
- 4 Laws to Debt Free Properity by ?
- Think Big and Kick *** by Donald Trump
- Greatest Salesman in the World by Og Mandino
- Think and Grow Rich

Fire her Don! Just kidden...I've had this in a bath too, somewhat mangled it myself. I was at the same point of no return after pulling some wallpaper off and thought 'what the hell am I going to do' so I ended up skimcoating it. I use the 'Sheetrock' All Purpose Joint Compound, the blue lid: This stuff dries a little quicker and easier to sand.

If you kind of mix itself up in a tray, it softens up, and then I skim coated it. Don't get to fussy, just make sure you have all the paper rips cut off and do a nice level coat. Let it dry, hit it with some sand paper and then I did an Orange Peel texture to hid any other defects. Mine turned out really well.

I think I had bubbles but after I painted it, you can't tell...I think you just need to keep going and not give up....if all else fails Don, texture the hell out of it, maybe a knockdown, and roll with it. Good luck!

Lovin this thread. Couple comments:
- When the sheep are all running one direction, I'm running the opposite. I believe the time to create substantial wealth is now but you gotta still buy according to your risk tolerance, expected returns, margin of safety and future exit strategies.
- Cheryl, I too have several SFR loans with a local bank. I'm paying ~6%, 15-20 am, no closing costs or appraisals and it adjusts every 3 yrs with a 2% increase cap, so max it could go up 3 yrs from now is 8% and soforth. I've really been torn about this b/c I'd like to lock in some of my gem properties with these low rates but on the flip side, I can close within days, good relationship, biweekly pmts and can leverage a little equity with this bank.
- I'm very curious about a private $ setup b/c I feel I'm at a tipping point where I may have to look elsewhere on future deals which are coming down the pike.
- I'm also curious on thoughts, might be a dumb question but, when is the # of rentals owned 'too many' in a specific market based on size/population. Could there be a teeter totter effect when rental demand slows years from now? I guess thats why I feel comfy with SFR b/c of the exit strategy to retail.

We bought a 4 plex similar to this income/tax rate from an old lady few yrs back...paid $40k for it but invested quite a bit in fixing it up the right way so we wouldn't have future headaches. Decent return now.

Lot of variables your not mentioning here: Condition, Rehab $ needed, ARV, comps, location, Asking Price, ect.

Do your homework, nitpick it apart and start low...

Voted...Good Luck Mike.

Great question...and hopeful this will turn into an interesting post.

My best deal is still blooming. I bought a little farm on the edge of town couple yrs ago, 20 acres, noticed the lane wasn't plowed during winter, finally tracked down owner who was long gone out of town...he was in forclosure, worked with him and CW/BOA to do a short sale and got it done! Took 6 months, lots of headaches but in the end worth it. Currently renting it out/farming and covering my PITI...but has development potential and/or our Assisted Living Facility here is expanding and currently in talks with them. I'm confident I'll 5X my money and hope to 1031 it into farmland.

Also, FYI, some of the concrete structures that look stained or dingy by age...Check into Soda blasting. I've done this before, basically sandblasting but with Baking Soda. Does wonders while retaining the structural integrity & detail.

Wow, that place is freckin awesome!

I would love to shine that place up...and as you look at the pics, structurely it looks sound (what castle isnt) just needs some lipstick and tlc.

A lof of variables here but if I were you (If you can man the ship/cover costs/afford to bring it back to life a bit) put a healthy price tag on it and all it takes is one individual with a lot of money that sees the History and beauty in a structure like that...limited prospect list I know but this thing is beyond unique.

But plan A I think makes sense to turn it into daily rental/lease deal for B&B or Special Events...or lease it to a business partner who will run it as that.

Cool story/pics, thanks for sharing.

Dave, A lot of these banks have their own websites listing these REO's, no need to subscribe to certain site if you don't want to. hompath.com, homesteps.com, hudhomestore.com are all govt entity and then it comes down to the actual bank reo site or REO management company that does this for the bank IE: pasreo.com does all Wells Fargo's REOs.

I track everything that comes through Sheriff Sales and pick out houses that look appealing, find out where its going after SS and then you can be the first one in line to call listing agent or once it pops up on the site. You can also set up alerts on these sites or through Realtor.com. Hope this helps.