All Forum Posts by: Alex Aronson

Hello,

I had an email appear in my real estate only account from broker enterprises LLC. I am not sure how they got my real estaet email account, but according to their email and the website, they can do 100% commercial loans, no doc loans, stated loans, lines of credit, and hard money.

Has anyone done business with them before?

There website is brokerenterprise.com.

Thanks for any help

Tom,

Can you go into further details as to what you mean by "land contract" if you had to deal with the issue.

Thanks,
-Alex

At my local REIA meeting yesterday, I learned about a City of Memphis, TN proposed ordinance that has me concerned and I want to know if other cities out their have a similar ordinance.

Essentially this ordinance requires rental property to be as energy efficient as its neighborhood profile for similar sized property. For example, if a neighborhood of 1,000 SQFT SFH homes have an average utility bill of $200 a month, and my tenant calls the utility company to complain about a $400 utility bill. This ordinance may require me to repair the property.

This ordinance is not finalized and the amount of the fine, how big of a variance from the neighborhood profile, or the standard operating procedure on how to determine if the issue is a building or tenant issue has not been establish.

This ordinance is coming out because we have some slum lords who have property which have utility consumption that should be for homes twice the size of the property.

If anyone knows of a city with a similar ordinance please share. My local REIA as well as the Apartment Associations are trying to address this ordinance before it gets put into law. My REIA members believe a tenant should have a safe place to live and to have a utility bill that is fair for the size of home, however we are concern if this ordinance is written too vaguely, it will become costly to the members and as a tool for tenants to abuse the system.

Rich,

You either have a lot of bad debt that makes you undersirable, do not own properties f&c, or have not tried hard enough to find financing.

Sorry if I offend you, but I can't see why you can't get financing. I know several local banks that would give me a 100K heloc if I had a 200K house to use as collateral. Do you have a REIA to participate in that can provide local help and guidance?

Try Eric Linderman at Kismet Funding. He can work wonders. Go to Kismetfunding.com for more info. They are based in Memphis, TN and if I am not mistaken can do deal in all 50 states. My mortgage broker turned over my application to them when his financing went south.

Good luck

Hello,

I am putting my first deal together where I am rehabbing a home. My insurance agent who insures my cars, personal residence, and my rental homes says he cannot provide insurance to rehab a home.

Does anyone have an recommendations on an insurance company I can use for my venture? I am rehabbing in the Memphis, TN. Thanks,

At my local REIA meeting, there was a sentiment from the more veteran players (particularly the mortgage brokers) that Fannie MAE/MAC will change mortgage allowance from 4 to 8 soon to help relief the number of foreclosures on the market.

Does anyone else have the same sentiment or has heard similar from their REIA?

I think if Obama does things that cause basic commodities such as gas and food to increase (which I think he will), then the housing market will take longer to recoup.

I personally think the sub prime lending was not the sole cause of the credit crisis and housing burst since according to the data I have seen, the percentage of sub prime loans as a total of all loans is about the same as it was in the 90's and early 00's. The difference with 2006-2008 is that gas prices more than doubled and food cost went up. Thus when your mortgage jumps 1 or 2 points, many people who where already squeezed with higher gas and food cost could not bare the added cost.

If Obama does anything that the market perceives as limiting the supply of gas (stops or eliminates off shore drilling or puts a ban on new oil refiners) or to increase the demand for corn (ethanol subsidies), then this mess will get worse.

My mortgage broker says 1st quarter/early 2nd quarter 2009 should be the worst foreclosure rate since starting in December the largest number of sub prime loans are going to start to reset. After that December 2009 the # of sub prime loans will drop off considerably and things should start to improve.

It will take only 1 hurricane in the gulf to bring $4 a gallon gas back to the US.

God Bless the United States and happy investing.

My most recent acquistion had its mortgage sold to GMAC. I just read that GMAC may go bankrupt or out of business. If that is the case, what happens to my mortgage or mortgage payment?

Wishful thinking is that my mortage payment goes away, but then again, that is wishful thinking.

Hello,

I typically buy turn-key properties to add to my rental portfolio. However, with new financing restrictions I can no longer do a cashout refinance to get my down payment funds back for my next deal.

Therefore, I am chaining my investing strategy where I flip two homes and use the proceeds to buy my next rental.

I just secured a contract on a home that needs the following work.
-New A/C old one was stolen
-replace 1 window
-paint exterior and interior
-new carpet upstairs
-remove carpet downstairs and refinish hardwood floor which is underneith
-plaster work around a chimmny
-fence work
-yard work
-light fixtures

My question to the board is what should I do first. I know I need to replace the window and have the fence fixed up so to help secure the property. After that, I am thinking I need to do the following roughly in this order.
-get chimmy plastard
-rip out old carpet
-get house painted inside and out
-start yard work
-put down new carpet
-refinish hard wood
-replace light fixture
-A/C unit replaced

-My goal is to have all work done in 4 weeks. Any advise. I plan to use contractors for all work from my local REIA

Sorry,

I meant to type Razor.