All Forum Posts by: Christopher Toth

Check out BiggerPockets podcast episode 360...they talk a bit about the 203k loan, it might be helpful. Good luck!

@Tyler Gibson ohio

@Tyler Gibson Thank you for the input. I just consulted an attorney in the property state. He says that municipal leins are wiped clean during the foreclosure. I also asked another title company and they say the same thing.

This might explain why the title company that the seller (REO) is using is telling me that they don't do a municipal lien search. Even though they provide me with a title commitment and clean title... The sellers title company says it's up to me to seek a vendor if I want a municipal liens search. I've never purchased an REO before, so this seemed odd to me. That's why I was asking. thanks again!

Would you get a municipal lien search on an auction properties that just went through foreclosure and is now bank owned? Or is it assumed that all lines where wipes clean during foreclosure?

Thanks!

@Tushar Shah Things with Mid South are going good. I did just have a turnover and they where very quick in getting the property rent ready, and occupied. I only have really good things to say about Mid South. Excellent customer service. 
Also my cash flow numbers only included debt service, taxes, insurance, and property management. No vacancy, and maintenance. I would definitely add in an 8% vacancy rate though.

@Deepti Mandava, if you invest in RE with a SDIRA you loose one of the greatest reasons to invest in RE...Depreciation. Plus you open yourself up to UBIT tax.

Check out QRP, from Damion Lupo instead.

@Shirlin Yiu, I use and recommend Provision, owned by Tom Wheelwright. They are not cheap, but they produce results.

So its no secret that millions ( i think 65 million) are being pumped into re-gentrifying Glenville. As well as the grant money the city is giving for lead remediation in Glenville. Now, these are not fundamental reasons to make a sound investment decision...but being in the path of progress never hurts. 

That being said, does anyone have street by street knowledge of Glenville? What streets would you stay away from and what streets are up and coming, and or being improved?

All insight is appreciated.

@Garrett Gatton, I didn’t save up any money for my first Brrrr. I used a business credit card to fund the acquisition and rehab costs. Got it rented, started the refi in the fifth month and closed just after seasoning for 180 days (6 months). Got all money out except $2k.

@Michael Norris in my experience the homes built in the early 1900’s have higher rehab costs due to unforeseen circumstances from age, higher lead issues, structural issues etc etc...