All Forum Posts by: Jason Fang

At those terms, the payment will be $1911/month. It would probably rent for $1450 after a $15-20K rehab. Wouldn't work out, right?

I think I'm getting close to getting an offer accepted with seller financing.  But it seems the seller is not budging from her position and not countering my offer.  See attached text messaging.  Any suggested next steps?

Hi Guys,

I'm working on a Subject To deal but the seller is being blocked by recalcitrant lender.  The seller has a 230K mortgage on the house that I'm trying to take over subject to. He is moving to a new smaller house but is having some trouble getting prequalified by the lender. His credit is okay, about 600. We're shopping for the new house and want to get him preapproved for financing.  The lender says he cannot have two loans under his name, not with his income. He needs to sell the house first.  My contention is that I will be covering his payments. What's the best way of communicating this with the lender?  Should I buy the house first subject to, rent it back to the seller, then try to get preapproved?  How do you get the lender to understand the subject to concept?

Jason

Hi,

I have a prospective tenant without a social security number.  All he has is a driver's license and an ID from Mexico.  Is it still possible to check his background?  If so, what screening company can do this?

Jason 

I didn't.  I went through some of my old real estate guru materials and found one though.  Thanks for checking though.  You guys are so thorough.

Thanks, Todd.  However, it doesn't seem to work when there is only two words in the owner name.  In that case, it returns a "VALUE#" error.  Any suggestions?

Hi,

This is a question for all you mail merge mavens.  Property tax data is usually in the form <Owner Last Name> <Owner First Name> <Owner Middle Initial> ...  How do you rearrange the text string so that your letters are addressed to the first name first, last name second, ie <First Name> <Last Name>?  There's an excel formula for extracting the first word in a text string but I haven't found one that works for the second word.  Thoughts?

Jason

Hi,

Can you explain what is NCOA processing and who are the providers for it?

Jason

Hi,

I'm beginning my first rehab project and would like to do this following the best practices as shared by all of you.  I found these sample Independent Contractor Agreement and this Scope of Work forms but documents are no longer downloadable.  Does anyone else have their sample forms they could share with me and anyone else wanting to protect themselves and their assets?

http://www.biggerpockets.com/renewsblog/2010/02/17...

Thanks,

Jason

Analytical junkies,

I'm looking at buying a house in a working class part of Houston, Galena Park, at a significant discount to market value but I have a reservation about a disturbing trend in its tax appraisal values.  For some reason, the tax appraisal value has been declining by 8% consistently over the last 5 years.  But if you look at the comps, the market still looks hot.  Days on Market is low and the rentals look strong.  It seems like this would be a good rental property but why would the appraisal value keep dropping?  What could be some reasons for this?  Do you think the trend would continue?

Jason