All Forum Posts by: Mary B.

Loan to value is general based on the current market value. Which is why some offer as much as 80% LTV. However, there are lenders that go by ARV rather than CMV, on average 65%. You just have to find the HM lender that fits your criteria.

Kudos,

Mary

HUUUUUUUUUUUUUUGE DIFFERENCE....and though it may take some getting used to ...I LIKE IT.

Kudos,

Mary

Here on BP there are those that don't bother with anything less then $30K, $50K, others less then $100K etc. So you can get any number of nays, especially considering these houses are significantly less. 

The thing that should be swaying your decision is do the numbers work in your favor. The fact that you're asking tells that you're interested and of course its very affordable to buy...maybe even more then one at a time. Generally, houses that low in price are in rental only neighborhoods. Are you ok, with holding it for some time? If yes then proceed. Now you have to find out about the amount of work that's needed to bring the house up to code aka rent ready status - the cost of repairs, is there structural damage, is it a complete gutted from basement to ceiling and if so how much will it cost and how long will it take?

Basically if each house has an average costs of $60K to get it rent ready with rents around $500/mo will that cover your expenses? Will you be upside down on your mortgage? 

However, if you have connections to overseas buyers or a hedge fund you can buy them in bulk then flip them for profit. Either way, there's much to pander. 

Kudos,

Mary

Assisted Living or B&B seems like the most cost effective avenue to take. That or ....if you really want to and can afford to be uber hospitable, donate it to a large military family in need. That could be a handsome tax write-off.... my coin.

Kudos,

Mary

@James Paine I'm not quite that good but thank's for the vote of confidence. :-)

Kudos,

Mary

Oil prices seem to always take a significant dip every 7 to 8 years right around the final term of the presidency and then after the election it mysteriously goes through the sky...so by 2017 you will see that crude elevation.... at least that's been the case since the Clinton Admin...which is when I've first noticed the trend. my coin.

Kudos,

Mary

Never heard of it myself. Is it somewhere along the lines of a Letter of Credit but from the CPA rather than a lender? Is it a commercial lender or HM Lender requesting this document? Interesting to know if this is something to expect in the near future from more lenders...

Kudos,

Mary

How long do you hold it before you sell? Do you have a property mgmt company already in place? Are these new developments? what class of neighborhoods are you investing? Also are they tourist rentals, time shares or for the locals to buy / rent? 

Kudos,

Mary 

Keep looking that's all. Either look in another section of the city closest to the NE or another area altogether that has sensible numbers. I don't concentrate on what doesn't work, only on what does and build on that. My coin.

Kudos,

Mary

Hey @Jerryll Noorden

I receive correspondence from a realtor/attorney out of Philly. When I saw your post seeking legal counsel I asked her if she knew any real estate attorneys in CT. She doesn't but does know of one out of NY. Often they work a tri-state area so maybe the NY attorney works CT or knows someone that does. If you want I can have her send you the info of the attorney in NY. It's worth a shot. Just pm me your contact info and I'll have her forward it to you.

Kudos,

Mary