All Forum Posts by: Jen Shrock

I don't quite know why, but I hate them.  Despise them.  Would be hard pressed to take one if it was given to me.  I am with @Dawn Anastasi, I am more of a ranch type of person.  Two story if it has some interesting character.

@Wayne Brooks Thank you for the thoughts as to why something wasn't moving. It is something that I will have to keep in mind and look into with the property that has caught my eye. The property is a bit basterdized in the sense that, while there are both a SFR and MFR for sale side by side, they are interrelated with some things so it sets them up to be both investor related, at least in my mind. Both were purchased by the same person and both are under short sale status. At this point, the ads say make an offer, so we will see.

@Dell Schlabach  I appreciate the examples.  Right now I am having patience because I am working on my own residence to sell.  There is a lot more leg work that I would need to do to see if I feel that the properties of interest are what I think that they could be.  I was hoping that you would have a grand tale of being able to swoop in on something that had sat in short sale for so long and get a screaming deal.  :)  Isn't that what we all dream of, though.  Before I make a jump with this, I will need to collect my numbers and will throw it out for BP nation to tear apart the deal.  Thanks again for the insight, though.  Coming from someone who is dealing with so many of these, it is a good dose of reality.

Giving this a bump because I am curious what people think about your question as it pertains to a short sale that has been on the market for a long time (1+ years).

I can vouch for ozone machines.  It got skunk smell out of the inside of my car (my dog jumped in before I realized he had been sprayed).  Talk about a horrendous smell!!

@David Wurzel

Thanks for the response.  I will look into those.  I came across this

http://www.biggerpockets.com/forums/49/topics/139139-blanket-loans

which answers my question too, I believe.

I was looking through listings on a site this morning and I picked multi-family as my only property type to search for. What I found was several traditional multi-family properties but there were also a large number of listings in which there were 3 SFR homes bundled together and being offered as a package.

If an investor wanted to purchase one of these property bundles, how does a bank view the properties for financing?  Do they look at this like one conventional loan since the properties are being grouped together for the deal or do they make you split up the loan between the properties, making each property carry it's own loan?  Obviously you would have to insure all of the properties separately, so I am wondering if the bank would make you split up the deal into separate purchases so that they can be 1st mortgage on all.

If they only make you take out 1 loan for all of the bundled together properties, it could be helpful when it comes to the limit on loans for personal conventional financing.

I am getting ready to put my primary residence and a vacation property on the market.  These two particular properties I would like to sell to fund a start in real estate investing and pay off all personal debt.  I have an 8 unit that has caught my eye of 1/1 units. I really like the area they are in and would be ok with my primary residence being in one of the units.  Once one of my other properties sell, I would have enough for a 20 - 25% down payment at the current price, although I think that can go lower.  The property needs a lot of work which I could spread out some and finish a bit at a time while working my day job.  While due dilligence would still need done to ensure the quality of the deal (it is in short sale status), I am a newbie and my concern is that even if it did turn out to be a great deal, that I would not be able to get financing for it.  So, I have that concern and just the concern of evalating the deal as a newbie and getting the numbers right (my brain thinks like an engineer, not an accountant).  I have been thinking of what I could offer of value to someone in trade for mentorship.

Dont know if you can rent an ozone machine or not, but they work wonders.  I bought one on Amazon for $125 or so.  Let's just say that when I first became a believer is when my dog was loose in the neighborhood and when he was jumping into my car it was then that I realized he had just been sprayed by a skunk.  I took my car to a car cleaning place that had an ozone machine and it took care of the horrendous smell.  I bought one for personal use after that to help freshen up my house.  Sometimes it takes a couple of treatments (I try not to run the full length if I don't have to).

Dont know if you can rent an ozone machine or not, but they work wonders.  I bought one on Amazon for $125 or so.  Let's just say that when I first became a believer is when my dog was loose in the neighborhood and when he was jumping into my car it was then that I realized he had just been sprayed by a skunk.  I took my car to a car cleaning place that had an ozone machine and it took care of the horrendous smell.  I bought one for personal use after that to help freshen up my house.  Sometimes it takes a couple of treatments (I try not to run the full length if I don't have to).

It would be a great niche.  I am currently reading J. Scott's book on flipping houses and he specifically speaks to this as being something lacking with most traditional Realtors.  That they just don't get what the special/different needs are for investors when compared with the regular clients.  He said that most of the time their inability to recognize and adjust for that difference, it ends up creating very poor results for both parties involved.  He actually recommends it as a possible niche in his book.  You will be starting ahead of the curve on this!