All Forum Posts by: Andy Collins

I would find a mortgage broker that deals with investors, many of the 'regular" mortgage brokers just don't have the experience in dealing with multiple properties (which is why some will tell you that you can only have 4 conforming mortgages when you can actually have 10). You don't need them to pull your credit at this time, you can pull it at myfico.com and it won't count as a hard inquiry.

Also find a real estate investors club in your area, you need to be learning at this point.

I don't deal in condos because in my area they are way too hard to sell, other areas are different, which is why you need to learn from someone in your area

Good Luck! It's a great path to start down.

andy

Just remember, "winning' only means you paid more than anyone else is willing to. My target market is really hot right now, so 'winning' is too expensive for the numbers to work for me.

Obviously if its your residence then the only thing that matters is if its worth it to you.

Is your net worth enough that your worried about protecting it at this time?

Also remember, conforming mortgages (30 year low interest rate mortgages) aren't given to corporations, only to individuals

Buy and hold will require you to be able to qualify for a mortgage or get a commercial loan. This is why some people flip or wholesale to get the cash to be able to get a long term loan.

If the bank thinks it's worth $365k, they aren't going to accept a offer too much lower until they have sat on the property for awhile.

The way you jumped at the $275k price I'm assuming the value is probable somewhere between $275k and $365k,,what do your comps say its worth?

andy

Like others I will consider someone with a BK or foreclosure (but won't consider someone with an eviction).

If you know they are living there, it won't be like they broke in,,you knew it.

Would you rent to the parents with the daughters guarantee? If so then do it, if not then don't do it.

Rights are different from state to state, but just consider anyone living there that you knew about have equal rights, you can't just kick them out (unless when you first find out about it you kick them out, later its too late)

Does the seller's .C-corp have any other assets? If not you could possible buy it from him

when your looking at your cc debt, look at the relationship between balance and payment, they won't all be the same.

If you have a card that has a higher monthly 'minimum' per $1k, than the others, that should be the first one to work on to get your DTI down.

It's great that your working on getting your balances down, not just try to make sure to work on them in the most efficient manner.

Just like what @Account Closed said, you need a contractor you can depend on.

Using a property manager to do a rehab would be like taking your lawn mower to your car dealership if it doesn't work.

A property manager can handle light repairs, things that simple need a plumber called, electrician, etc,,deciding what is the right way to fix something and getting competitive bids for a rehab is something they aren't setup to do.

Find a good contractor, have them get estimates to you know what the repairs will cost if you close on the property, then use them for repairs,,bring the property manager into the mix when its ready (or just before its ready)

When I buy a property I put a sign in the yard immediately, even if the rehab will take 30 days. I normally have a property rented before the final touches are put on the rehab.

I have had 2 vacancies in the last 2 1/2 years, in both cases I had someone ready to move in as soon as the prior tenants moved out and I made a couple of repairs (in both cases they were great tenants leaving), I showed the house with them still in it, if you have a problem/messy tenant it might not go so well....in both cases I had the house vacant less than 3 days (also worked with leaving tenant to leave a couple of days before the end of the month so the timing would work out)