All Forum Posts by: Brian VanDussen

I have the opportunity to bid on a cottage for property management. It is a little different than just managing a rental for the fact that the leases are ranging from one week to a month. Check in is 3pm and check out is 10am. I would be in charge of cleaning entire cottage, doing laundry of linens, etc. Taking care of lawn in optional. I'm on call 24/7 and have to check the place out after any severe weather. How do I bid this one and what should be the rate? It is on Lake Michigan in West Michigan area. Thanks for your thoughts.

Brian

My sister lives next to a house that has been for sale for over a year now. She is asking way to much for the house and that's why it isn't selling. Come to find out she only owes $30k-$40k on the house and it's worth $115k. She is asking $130k right now. She has a lot of relatives in Texas and would like to move back down there. She has a daughter that lives with her but doesn't help with the payments, ect. So it sounds like she's barely making her payments as is. Would this be a good sub 2 deal or is there something that would be better.

bjvd

I've got a call into a realtor for a house that he's selling for $91,000. He has renter's who were the previous owners. They stuck $40k into it. The house sold for $135,000 in 2006. The renter's want to stay in the house and get their credit back into shape for 12-24 months. They will then buy the house back for FMV. How do I go about getting this property with little or no money out of pocket. I was thinking lease option/purchase? Or is there something better. Thanks for the advice.

bjvd31

I thought of that, but with a family would prefer to have a house of our own. People say that there are ways to buy real estate without having to borrow from the bank, but I'm having a hard time believing that. I don't have a "rich uncle". Knowing that social security will not be available when I retire, I figure real estate is the only way to secure a bright future for my family. I can find properties, but it is the financing I'm having trouble with. Thanks for your advice slimmatic, but my goal would be to buy a rental a year. Is that an unrealistic goal and how can I achieve that?

I am 31 and love real estate. I've done some flips in the past(6yrs ago). Now, living in Michigan, the economy isn't that great. I want to get into some rentals again and start building a real estate portfolio. My credit score is 650, but has a foreclosure due to a rental that was a bust. I had lost my job and renters left town. I've looked at hard money lenders, but you need to own your own home which I currently do not. It's a great time to buy but getting financing is already hard and getting tougher. I would like any advice you could give me. Thanks and have a prosperous new year.

bjvd31