All Forum Posts by: Carolina E.

HI @Jason Munger.  I'm not 100% positive, but I believe if you have a zillow account you can add that house to your favorites and it will alert you if status changes.  I know for example if you want to know if a rental pops up in a town zillow would alert you.

@Michael J. Beasley Hi Michael, that's short for Craigslist. This is where I found a wholesaler I still work with. Be weary because some are just daisy chaining deals, selling others properties or trying to sell MLS properties. But it's still worth a shot to call especially if you see that they advertise a lot.

@Michael J. Beasley  start going to meeting if you haven't already.  Also, call up wholesalers in your area...bandit signs and CL.  

@Ryan Auber Hi Ryan.  Great on getting started by saving.  Since you said you plan on living in the property while you rehab, have you considered looking into buying a multi unit?  If you were going to live in one unit you wouldn't necessarily need to have the 20% down since you would be owner occupied.  You could also do a 203K renovation loan since you would be living there.  Then you can start to rent the units and hopefully live "rent" free plus continue saving.  

@Matt Kelty Hi Matt, congrats on getting out there and getting started. One question I have is what is FMV? I ask because you could always do a cash out in about 6 months if you have any equity in the house and use that for the second one. Did you have the well tested and inspected? I wouldn't be too concerned if a lot of the houses around are on well, maybe that is what they would be used to in that area.

@Heather Walker I would say it depends on what the going rate is for a property in your area.  5-600 is a pretty penny to be making.  You could quickly save some money for a down payment on another house or you could always do a cash out refi and use that money to buy another house as long as you still making a decent cashflow on it.

@Bob Floss II Thank you for the reply.  I do think they are pretty close with the assessed value, that's why I haven't fought this one.  I was just hoping maybe they had to slowly raise it, not just in one year.  I was only dreaming and hoping I had some fighting chance.

Hello BP!  I am currently being offered to sell one of my condo units along with the entire building complex.  I am seriously considering doing this, but not sure if it would be the smart move and/or if I can do a 1031 Exchange.  I am very green on that subject, I am trying to see how I would even start.  The building is about 30% owned by individual owners.  The other 70% is owned by a company that would like us to join them in the sale.  They have shown us possible percentages that we would get per unit.  Can I still do a 1031 Exchange if I join with them?  Also, I would like any other input you might have on the matter, not just the 1031 Ex.   Like what should I be considering.  Thanks.

Hi BP!  So I am wondering if there is a limit to how much your real estate tax can go up in a year?  I am going to guess there is no limit, but was just hoping.  I purchases a property and got the taxes lowered by getting it assessed to purchase price.  Now a year later they are raising the assessed value to about double.  I did purchase it at low market price, but it did not need much work.  Any insight?   I know it's probably too late now, but for future reference.  Thanks.

@Steve Booth Hi Steve, most insurance companies that I have dealt with will not insure your property while it is vacant. Even if you have multiple properties they are sticklers on that. There is an insurance company that works with investors. Check out REI Guard.