All Forum Posts by: Account Closed

Welcome, Stephanie, and good for you for taking action--some folks never have the gumption to do anything more than just get mad!  You will find a vibrant community of like-minded folks here and a wealth of information, whether in the blogs, forums, e-books, tools, etc.

Wishing you all the best in your endeavors.

-Vincent

Georgia,

Look under the "analyze" tab here on the BP site and you will find some resources. Otherwise, forget the public records, I agree with Adam--have your realtor tell you what the property should be worth after you rehab it (commonly known as the 'ARV'). Then figure out how much the repairs are going to cost, plus all the other expenses, and do the math from there. If there is enough profit then the deal is worth doing. I say "enough" deliberately because some people won't do it for less than $20k profit or so. You have to decide what is enough for you.

Best,

Vincent

Georgia,

Look under the "analyze" tab here on the BP site and you will find some resources. Otherwise, forget the public records, I agree with Adam--have your realtor tell you what the property should be worth after you rehab it (commonly known as the 'ARV'). Then figure out how much the repairs are going to cost and do the math from there. If there is enough profit in the middle then the deal is worth doing. I say "enough" deliberately because some people won't do it for less than $20k or so. You have to decide what "enough" is for you.

Best,

Vincent

If you want to keep on the tenants' good side you could suggest they pay for a new dishwasher (since it's cheaper and less trouble than replacing the panel) and you pay for the installation (which shouldn't be very much).  Then you sell the old one on Craigslist to someone who wants a stainless dishwasher and can live with a dent.

No hard feelings, you and the tenants both feel like you came out ahead.

My wife is a military relocation specialist and knows VA specifics fairly well. If I can find something out from her I will let you know...

Too cool!  I went to UCLA in the early 90's and used to be a big Lakers fan as well.  Not as much time to follow it now days with work, family, and what not.

Later,

V

Hey BP'ers,

As a Navy pilot one of my responsibilities is to deliver aircraft to various places around the country.  Unfortunately, I did not get very far today and my jet broke down on the first leg from San Diego to the East Coast.  Now I'm stuck in Albuquerque waiting for a maintenance "rescue" team.

Ugh, I can't stand sitting idle.  Does anyone want to meet up for a beer?  Can I help you strip wallpaper out of a flip?  Evict a problem tenant?  Anything!  I gotta get out of this hotel room!  I've already read The Wall Street Journal and USA Today cover-to-cover and I really don't want to turn the TV on--it's mostly garbage.

I have my own wheels.   Help!

Vincent

(...on the upside, while I'm here I may finally learn how to spell Albuquerque...)

Everyone is incentivized by something, Willie, you need to sit down with your agent and find out what is motivating her.  Once you know that you can look for win-win solutions where you both benefit.  It might be a trust issue since the two of you have only done one deal together so far.  Or it could be that she has another angle you don't know about.

Buyer her lunch and figure out what's up.

-Vincent

Welcome to BP, Ashley.  When you have those "ah-ha" moments be sure to share them with the rest of us!  You're sure to find a lot of richness in this community (and I mainly mean quality of people, not size of nest eggs).

Best of luck to you.

Vincent

A quick Google search revealed this from 'Investopedia':

[In a reverse mortgage,] instead of making monthly payments to a lender, a lender makes payments to you, based on a percentage of the value in your home. You choose whether the cash is paid as a single lump sum, a regular monthly cash advance, a line of credit, or a combination of these methods.

Throughout the life of the reverse mortgage, you keep title to your home, which acts as security for the loan. You are charged interest only on the proceeds you receive, and both fixed and variable interest rates are available. Most reverse mortgages are variable interest rate loans tied to short-term indexes, such as the 1-Year Treasury Bill or the London Interbank Offered Rate (LIBOR), plus a margin that can add an extra one to three percentage points. Any interest compounds over the life of the reverse mortgage until repayment occurs.

As the loan progresses, your debt increases while your home equity decreases. When you move, sell the home or pass away, the lender sells the home to recover the money that was paid out to you. After lender fees are paid, any equity left in the home goes to you or your heirs. If you receive more payments than your home is worth (if you “outlive” the loan), you will never owe more than the value of the home, according to the FTC.