All Forum Posts by: BJ Everson

What is your goal in this program? If you are trying to buy HUD foreclosures there is a site called HUDhomestore.com. You will need to wait for the property to turn to "Investor" as Buyer Type before you can submit bids. If this isnt what you're referring to let me know.

there's $21k left in equity? or have you removed your 8% closing costs from your equity number and the $21k is net take home? bc if you haven't removed your costs to sell then that $21k can be a lot lower. if it's net, sell. or consider refi/heloc to hold as rental while you use the equity

all depends on what tenant base you're dealing with. high end hardwood/engineered. if this is in low-mid income and you plan to hold it for a while (5+ years) then vinyl plank all day. if you're in a really rough tenant base (aka a lot of kids really) then there is some heavy construction grade flooring that looks like hardwood you can get that's expensive but durable than anything else.

a new way I am finding contractors is actually through FB Marketplace. go to your local buy/sale pages and you'll usually find a few contractors posting their work. offer to take them out for beers (on you of course) and let them know what you're looking for and if they can help. I do this when trying to find someone I want repeat biz from and never knew a contractor to turn down free beers. if you're just looking for a 1 time work guy/girl then can skip that part. good luck!

Hi Jon,

This is as good as place as any to look for that! Some of us are working towards setting up a Columbus BP meet up soon and there are local real estate groups (COREE) that you can attend before becoming a member. Or simply contact ppl in the Columbus market thru BP and ask for a coffee/beer meetup has also been a good approach for some of us. 

What is your current rate? If you still have the loan from 2006 I would imagine its higher than current rates. If you have a big enough chunk to pay down some of the loan and refi at a lower rate and balance you could potentially get the rental to cash flow positive. I would go to the bank you currently have the mortgage and ask them your refi options. If you are considering selling short that will hurt them and they should be willing to help you with a refi. And Refi's with the same bank usually dont require an Appraisal unless you are trying to cash out as well. 

Look to see what your mortgage payment would be at current balance and current interest rates and see if youd cash flow. 

All of what I said is solely based on you knowing/believing that the location still recovering and will get better.  

just go to your courthouse and if they're good people they will walk you thru it. to start, google quit-claim deed affidavit and use that as a template. then the ppl at the courthouse should help you if it's a lil off. I've actually hand written one at the courthouse with their guidance

you are getting 50% of a deal you are only tellijg him what to do? sounds like a really good deal for you. sounds like your payout will take some time and soley up to your friend as to when to sale, which isn't good as I assume that's the only way you get paid. but in the end what does it really matter to you when you have no $ in it?

Welcome to BP! If you're considering Columbus at all feel free to send a direct message. I am an active investor currently flipping SFHs in the capital city. 

you can separately meter the units and have them pay water as a way to cut your expenses. then I would make sure the exterior would draw the eye and interior focus on the money areas (kitchen and baths). functionality of the units is another route to take on the interior.