All Forum Posts by: Varinder Kumar

@Adam W. 

Hey Adam hows it going? Hope your enjoying your REI learning experience. You can send a colleague request and then send personal messages. I would recommend just buying the pro membership of BP there are a lot of tools ie. rental property calculators, flip calculators etc with unlimited amount of use. It helps analyzing deals. As far as buy and hold in so cal is concerned. I personally believe that it depends on how much capitol you have to spend. I prefer to invest in areas that i am familiar with and that i can drive to, so i do not do any out of state investing. It also saves me on property management fees. I also believe in buying free and clear rentals, you will find that a lot of people might not disagree with that strategy but i think its because they are discouraged by having to pay such a large amount off and find it more attractive to just obtain more properties with mortgages.

There are various creative ways to go about purchasing rentals without having to use the traditional lending exercise. Some of which you might want to read up on are "seller financing". It all really depends on what your goal is out of REI, and once you have figured that out you will find the most suitable niche for you to reach that goal. Good luck! Feel free to message me with any questions or ideas.

what were your closing costs? did you have carrying costs if any since you held it for about 4 months? Thanks

how did you fund this? do you mind sharing what your carrying costs were? and PP and ARV? Thanks

@wayne Brooks 

Thanks for the info. For instance say it had 400k equity and the owner took 200k out so the balance would be $200k right? So would i be negotiating on the $200k amount? What happens to the other 200k?

My neighbor passed away two weeks ago and I just found out that he had a reverse mortgage on his home. I am wondering how I can go about purchasing his home? What the process would be and with the purchase price would be? Would I pay with the loan and balanced at? And who would I talk to to get more information in regards to, possibly making this an off market deal?? I feel like I might have an opportunity on my hands here just need to know how to go about it Please advise thank you!

Thank you everyone for responding. My tenant and I do maintain a good relationship. I told him I will get the rat problem fixed. In regards to the motorcycle he did say it was outside near the ac unit where there is also an opening for the rats. Im just glad he did not say the bike was in the garage because i dont want rats in my home period. Im just waiting on the rat exterminator to call me back, i left him a voice mail stating I will get someone else to finish the job if he does not respond soon. Thanks again will keep yall posted should anything else arise.

Patti

I'm going to ask him where the bike was stored outside or in the garage. If it was Inside how should I handle the situation? Thanks

I recently have a rat issue at my SFR. The rats are coming in from the roof. I called a rat exterminator and he said there are 3 openings on the roof which they are entering from. He set traps in the attic and said he would check in a couple days to see if the rats were eating the bait. Today i get a text from my tenant telling me that the rats ate through his harness cable on his motor cycle. I believe my tenant stores his motorcycle in the back yard. The rat exterminator also told me that there is alot of dog poop on the side yard of the house, where my tenant keeps one of his dogs, the rat exterminator said that dog poop attracts rats also. I did have a chance to talk to my tenant about that yet either. However i feel my tenant wants to hold me responsible for the cables on his motorcycle. I dont know how to respond to his text and whats the beset way to proceed?? Please advise, thank you.

I can see why he would say that because your prolonging your term again or it increases your monthly payment by refying to a 15 year, if you decide to do that. I strongly believe in free and clear rentals. It's just alot of responsibility and risk with mortgages on properties. In your case having 3 properties, if it were me I would focus on paying those off respectively. I don't like the concept of having numerous properties making $200 cash flow on each with the risk. Many will not agree with me and some will. I feel it's a standard set by investors to owning many property or maybe it's a badge of success when you have many property, but to me what really matters is if their paid off or not. Good luck. Feel free to message me with any additional questions 

@Neomi Riley Hi please send details to [email protected] thanks!