All Forum Posts by: Annette H.

Matt,
Regarding commercial property, the commercial market is in the toilet right now what with small businesses closing up shop and big companies laying off thousands. I think this will continue a few more years. Therefore, I'd consider it a bigger risk than say SF or MF homes. Nonetheless, my point is not to discourage you but if you willing to take the risk, you could probably get a pretty good deal on commercial real estate nowadays. It would more than likely qualify as a buy and hold so location would be key. I would look for something that has a store front or offices on the main floor and a couple of apartments upstairs that will bring in income right away for you. Also, if at all possible I would try avoid spending $50K in one shot but rather do a minimum downpayment and get a low interest loan (while you still can) for the rest. That way, you establish a stronger credit line (never a bad thing, right?) and still have some cash for another investment. Have you looked into tax liens or trust deeds? I regular earn 10-12% on trust deeds alone, earning me $30K over the last couple years. Good luck!

Yes, I agree. He obtained a bank credit card at the start of last year where he had to pay a deposit upfront and then build up a history of payment. He has an Amex card in his name but it's under my account. He's tried to apply to several different ones but been turned down again and again for lack of credit. :/

So frustrating when you can show a bank your assets, your bank accounts and liquidity and they still find a reason to turn you down! My husband is from the UK, (dual citizen) he's got the assets and despite the 720 credit score he's managed to build in the last year, he still can't get a business loan approval. Neither will they permit him to leverage any of his debt free investment properties. The reason they give is "lack of debt history" ! How are we supposed to build a debt history it if no one will grant us a loan? Besides a hard money lender, is there anywhere else we can try?

Michael,
Marv Rousselow is a good source of information. Check out leaseownhomes.com for info on lease options. You have to be active in this business. However, there are two things you may do to get started investing in real estate passively from a distance. One is purchasing tax liens and the other is to invest in trust deeds. I've made $25K making 10% on my investment in less than two years just investing in trust deeds through Preferred Trust. I can pass along the name of my broker if you'd like more info. For info on tax liens go to www.taxsalelists.com

I don't install a towel rack at all. Instead I bolt a 1"x4" piece of wood and paint it the same color as the trim then screw in three nice hooks to hold towels. Can't hang off of those!

We make sure the exterior doors are either solid hardwood or steel. The door locks are replaced and there is a sensor spot light above each entrance. We place those high enough that it cannot be reached easily.

Often times we have to replace windows or purchase new screens for existing ones. When we replace a window, we ask the installer to install them in a way that would prevent anyone from removing the screens.

We always take photos of everything in the house before it is rented. That's our proof should tenant ever destroy something and try to claim it "was that way when I moved in". Ha!

We've rehabbed distress properties and flipped them. 3BD/2BA is the model that works for us on the east coast. Location is also key. When considering a new investment, we look at the high ticket items such as plumbing and electrical, roofing & windows. Basements are common here, so we make sure they are bone dry.

Generally, houses built after 1955 are the best bet with electrical & plumbing. Also, you'll quickly get to know what the code requirements are, and how to stay compliant. For instance, a general rule of thumb is don't mess with the plumbing or electrical. When rehabbing a bathroom or kitchen, keep those things in their original location, This will help cut costs significantly. I'd open the garage back up if it's large enough to fit a car or two.

This is not your problem. Don't make this your problem. It's the seller's problem. You can make the closing on the sale contingent on the vacancy. Insist on a final walk through before closing and have the locks changed the same day! Let him deal with his own mother-in-law or you don't close. I think that will be plenty motivation for him. In the meantime, I agree with Wayne, find a real estate attorney and have them perform a title search. It's worth the money, especially in this case!

We sometimes have to get things notarized for a closing but find that our bank can accommodate us. Just call some of your local banks and ask if they a notary. Better if it's a bank where you have account but any bank will do it for free, usually. Sometimes, post offices have a notary. There's also the UPS store or a AAA store. Hope this helps.

Hi Jose,
I'm new here as well. Nice to meet you. I wonder if you would mind if I could ask you which are the nice suburban upper middle class areas of Central and North Florida. I have a daughter attend university in Georgia and would like to move closer. Wonder if you'd be interested in helping giving us some direction? In the meantime, welcome to BP.

Thanks Guys, really appreciate the welcome and feedback. Brandon thanks for letting me know about the "keywords". I'll get right on that. Jeff, Texas is a great place but too far from family for us. Don't think I could used to the southern drawl, either! I have my sights set on central and northern FL for me and my family. Plus, I'd take a hurricane over a tornado anytime. :P