All Forum Posts by: Jordan Archer

@Christine Mwai

Regardless of your market, adding appliances will make your rental more attractive to GREAT tenants. Go with purchasing appliances to make your rental more attractive. Also, you can raise the rent by doing this. 

@David Rutledge

You can always take a home equity line of credit (HELOC) out against the available equity of the property. This is pretty much a second mortgage. So, if you have 20% equity in your property from your downpayment, you can just pull that money out when the time is right with the HELOC. Keep in mind the HELOC does have an interest rate, but not much higher than most conventional mortgage rates.

Summing it up...put 20% down to avoid the PMI, and refinance with HELOC when you need the cash.

@Erika G. , 

$300 is quite a bit to be losing on rent.

A lot of investors choose to allow GREAT tenants to pay rent rates slightly below market value to keep them around.  If you are in an A+ neighborhood, then you should have no problem finding tenants who are clean, responsible, and timely with payments; especially if they are willing to pay rents that high.  I would hike up the rent, because it doesn't sound like they would have any better options anyway, unless they wanted to move to a poorer neighborhood. Even if they do, if will be a good learning experience, so you aren't intimidated by the process next time.

@Michael Smith,

@Chris Boyd is right. You only need the assignment contract, and the title company will do the rest. Make sure you define in your assignment contract who will be paying closing costs, title insurance, etc. 

@Joseph Grunklee Welcome to BP mate

Depending on if you want to use the name of your company for advertising, and what the purpose of the company is for. If you are using this LLC for acquisition, something that clearly defines your business purpose (ie. Diane Buys Houses, LLC) would make sense.

I've used intelius with hit and miss results. Im pretty sureI paid 20 a month for unlimited searches. 

I heard on Podcast #145 that Jeremy Jones was using Vestus.com to buy foreclosures in Seattle. I was wondering if anyone knew of something similar that was good for South Florida foreclosures?

Thanks

@Chad U.

Thanks for your help. 

Have you bought anything from auction?

I've only dealt with private sellers, so I'm new to this side of things.

Hey BP,

I'm looking for the most information possible on buying auction foreclosures. Any discussions relating to the steps involved, low cost strategies (ie partnering), etc. 

Thanks for the help.

Jordan