All Forum Posts by: Steven Horvath

was this ever made? the link provided doesnt work

yes owning rentals definetly requires some cash. The good and bad about my rental was initially I had the intention of flipping so the property is completely renovated and should not need much in maintance.
I am forming a serious plan of attack for my 2nd SFR and have 2-3 things i need to master atm.
I m trying to utilize my current skill set/contacts which is construction(i can rehab anything w/ my guys), however i lack the skills needed to find better deals on my own. I would simply have to rely on my real estate agent, i dont think that is sufficient. What do you think my best avenue for finding sfr's 1500sqft 3/2/2 that need rehab are? Should i go with 1 or 2 specific types ie hud, forclosures, owner fianance, and learn all i can about thoughs? Or do i need to be good at all possible ways of finding a property if i am going to find a 50% rule deal. i dont wanna learn how to get properties on the court house steps if its not gonna help me significantly.
steven

ohh yeah try lookin up the 50 % and 2% rules for something to compare numbers with. i would definetly be saving that 200 for maintiance if the repairs were not done up front

Glad to have you! I am new as well, with only 1 rental property-but with more to come! this site is definetly a good place to get info and numbers.
Check out the property management/landlord section of the forums, it is a definite eye opener. Treat your rentals like a business and it will preform well-make sure you send out late notices immiedietly, collect late charges if they are late, and file evictions on time when nessesary or your tenants will run you over.
Good luck and will see ya on the board!

Thanks a lot bill! I understand that i need to wait atleast a year so i can get a new appraisal which will give my property a new value. so even maybe a 2 yr private loan does sound a lot more sensible. There is so much to learn and it feels like there are so many aspects to the game.
does it make since to try and get the investor onboard with a presentation before i find a house or do i need to have a property in mind with specific numbers or just properties that meet a certian criteria. my investor might be a family member but he is a old man and a hardass, so its not like i can just call him up tomarrow and talk to him, i need to make a appointment and it feels like a lot of work to find a property-figure out costs of everything-just to have him say no. It seems like it would take a lot of maneuvering to find a deal and it not be gone before i was able to arrange a meeting and actually get the cash from him.
Thanks!
steven

I am very new to everything, especially how loans work, and need a little clarification. Lets say i have a rich family member that would loan me the full cost to buy and rehab a house at around 8-12% interest with deferred payments until i got a tenant. And my goal is to rehab the house and then rent it out for long-term cash flow. lets say 1 year after the purchase i am able to get a bank to refiance my loan and i could pay my family member back all their money and have a rental property with a morgatge at a bank with a conventional 30 yr at like 5-6 % interest. (I am not sure that is how it all works) but my question is how much/were does my private money lender make money if they loan me the money for 1 yr and then i am able to get a bank to refiance for me. do they just get the 8-12 % interest on x amount that was borrowed for the 1 yr-until i get a bank to refiance me? Sry if i am vague i am very new to the process, and want to understand private lending. I have a rental but never using someone elses money, i used all my own and never want to do that again. Any advice would help a lot!
Steven

i want my next one within a year but the way things are going i am not sure. i will have to ask a rich person to loan me the money lol. the 1st rental while its doing good i used my own money and am hurtin

I did my first SFR rehab with my credit card, my only deal so far. it worked i guess, i got the rehab done. I am having a hard time paying the cc back but its getting there. Also my credit score took a hit, make sure to keep your balances under the 40-50 percent mark or your scores will get hurt to.

Thanks a lot for all your help. like i said when i rented it out i had a realtor, and they had the tenant fill all of that out and gave me a copy. i am gointo fix it tomarrow for free and agree with the above few posts. i rather keep him happy and have him call when things go wrong, also it really costs me nothing but a hour of my time. I honestly was just gonna go fix it, but after reading this site i got a little worried that i was managing my property correctly as i have more of the help your fellow bother out attitude. thanks for all your advice!
Steven