All Forum Posts by: Andy Collins

I love technology, but for this I get in my car, drive around the area and call all "for rent" signs I see,

Out ofstate
Asbestos
you don't know the area
It will be high maintenance (age),and you will have to depend on PM for everything

That is a headache waiting to happen

You will need to do the HELOC and put the money in your account 2 bank statements before you apply for the mortgage.

The mortgage company will ask for the last 2 months bank statements, and any large deposits they will ask you to tell the where they came from,,,if you say you borrowed the money, your not going to get the loan,,,,but if it sit in your account two months so its not on the months they request, your fine

if you purchase a property with hard money, you can refinance with a new appraisal in about 3 months, as long as you made improvements on the property.

I would be concerned that one lender has turned you down because they ""think' you are buying an investment property an not planning on living in it,,they must have some reason for thinking that,,or something that could turn up with the next lender,,you could end up going from lender to lender, appraisal to appraisal,,and that will get expensisve

If you qualify the person as a good prospect, I would go there unless its a long way away.

If someone tells you they want to get $200k the first time you talk, and it ends up being worth $75k, I'm not sure if I would spend too much time on it,,but do your research,, often sellers have to be "walked down",,brought down gradually to the true price of what they own.

I buy and sell radio station license,,I had someone that wasn't looking to sell, but I needed what they had,,he started out at $800k,,,we finally went to agreement at just under $400k,,but that didn't happen overnight, it was several weeks, lots of research, and we came to a deal that was good for both parties

I negotiate for a living, and one thing to always remember, the seller doesn't really care about you making a profit, they want to get the most from whatever they are selling, by selling at a fair price.

You need to show them why what your offering is a fair price, not just some price you made up off the top of your head to make you money.

You need to show them comps, cost of rehab figures,, etc that support your price.

You have to get them to look at the facts, not what you or they "think" something is worth.

@Samantha M. yes, that sounds about right, but in the $100k ARV range I'm finding it tough to find 80% deals.

I try to stay in within 10 miles of my house, I avoid any neighborhoods that have a lot of rentals (which is sort of funny), etc.

I'm having to look outside of my preferred neighborhoods/school areas (not school districts, but say in Mesquite, there are certain schools that renters prefer, so I really prefer to buy in the areas that qualify for those schools.

Erik Drentlaw yes, that's the idea anyway, I haven't actually gotten myself to "pull the trigger" on any of those deals,,I try to follow my business model closely, and this is something that doesn't "fit"

Samantha, I can't find any 70% deals right now, but yes, that what I'd love to find, with ARV of just over $100k,

I buy properties with ARV's around $100k-$110k, but normally get them for about 80% between purchase and rehab. I haven't bought anything in about a year because I can't find those deals right now,,the cheaper houses can still cash flow, and I'm considering buying a couple and seeing what they are like (ARV around $60k)

,,I found a deal recently on a house in an area I love that should have an ARV of about $160k,,but even at a good deal for today, it was a horrible investment, so I had to leave it alone.

Honestly the best way around this is to work a 'regular' job and buy a rental,,,get some experience as a landlord under your belt and have a regular paycheck.

Hard Money Lenders will want to make sure you have plenty of cash to handle the situation you described,, I buy and hold, and before I get a hard money loan they qualify me for the conforming loan to get out of the hard money

I'm in the Dallas area, and you can forget getting great deals, there some some ok deals, but as the saying goes, there are more people wanting to buy then wanting to sell.

You can get a 1% deal, but i don't know how in the world you have any cash flow with $1,500,in rent with $143k in the house,,,taxes along would run about $300 a month and a decent reserve for maintenance and figuring in vacancy, etc,,,