All Forum Posts by: Kel S

Interesting idea!

Here's a few thoughts. Not sure if it would fly but brainstorming never hurts :D

What about investing in hard money loans? I have no clue what all is involved in that so if it sounds rediculous, forgive me. I'm thinking hard money means private loans? Anyway...

An LLC or similar could be formed and members could join based on membership levels (Silver, Gold, Platinum, etc.,) and each level has a monthly donation requirement. Or not. Just throwing ideas out there. It could be just a one time fee.

There could be a board of directors that would accept applications from investors wanting a loan. They would then approve or deny based on the criteria, available funds, etc., The interest gained could be divided amoung members based on what membership level they are on. (ie; the higher the membership = the better your return).

Can someone tell me where the donate link is? I haven't had any caffeine yet this morning so vision is still cloudy :mrgreen:

Well, if the bank excepts the offer (which I'm not holding my breath as they didn't last time with our contingent on inspection), the exit stategy would be if something more major was wrong with the house and if so, we could walk away.

My husband has an eye for some of the things such as wiring, basic plumbing, etc.,. But without the gas/water on neither of us would have any clue how to determine if a furnase or water heater was actually functional. The furnace would be the biggy I would imagine. The one in this house is at least 25 years old.

I too would love to own a storage unit property. One con that I might mention is because of the economy, situations where owners are finding people actually living in them are popping up.

Storage Unit As Shelter Not Unique, Workers Say
Girls Found in Md. Shed Spotlight Housing Woes

By Susan Kinzie and Joshua Partlow
Washington Post Staff Writers
Wednesday, November 24, 2004; Page A01

In 20 years working in commercial storage, years when she has also had to work nights waitressing at the Golden Corral to help support her children, Robin Lawrence has seen lots of people living in storage sheds.

"Sometimes they can fix them up really nice," said Lawrence, who works at Economy Storage in Waldorf. They might add insulation, carpet on the floor, a bed, a rack for their clothes, a television, a hot plate, maybe even a little grill out back. "It's just like a little efficiency, but without running water."

Rest of the article is here:
http://www.washingtonpost.com/wp-dyn/articles/A8714-2004Nov23.html

I'm not talking about a regular 9-5 job, but wondering if any of you have other things you do that generate a reoccurring income for you? You of course don't have to say what it is if you don't want to. Just curious if you do something besides just RE?

In my case I have several online business (membership type sites) that generate a bit of income. I'm not getting rich on it but the big plus is that it's something I love doing, I adore the clients I have as they are great people and it does allow me to stay home with my children and contribute to family expenses.

Anyone else?

Mike,

I agree and that makes perfect sense. I just wish I had more "mechanical" experience but I guess with the gas, electric and water off I couldn't check things out anyway to see if they work. If I knew those things were working I would of happily put in an offer without a contingency. But it's just too risky for me right now to do that without knowing.

The good thing is I'm indifferent either way really. If we get it great, if we don't that's fine too as I have enough to do getting the first house ready to rent (: Plus I know there will be other opportunities that come along.

A few months ago I put in a offer on a house. At that time I offered higher than the asking price (cash) and contingent on inspection. Three days later I heard back the the bank rejected our offer and accepted one for a lower price than the asking price and no inspection from other buyer.

Fast forward to yesterday. I see the house came back on the market. So I called the realtor and they said that the previous buyers never got signed addendum forms into the bank and so eventually the bank just dropped the deal. Things that make you go hmmmm. Makes me wonder if even though the buyers didn't do an inspection perhaps they found something majorly wrong like the house being too close to the property line or something. It does sit pretty close to the fence at the back of the property. It's sort of an odd set up as it doesn't have a backyard, only a big front yard.

So I go over today and figure I'll throw my hat in the ring again by putting in an offer and just see what happens. But again I make it contingent on inspection. Granted this house is cheap. About the price of a lower milage used car, but it will need new siding, carpet and a few other non major repairs that I can see. But it's the things I can't see like if the furnace works, is the electric updated, plumbing all in good working order, etc., that is the reason I have to have an inspection. Since I'm not a handy person by trade and the fact that the gas, water, electric is not turned on, I can't determine these things without doing an inspection. I'd hate to buy something w/o an inspection and find out afterward that it needs $20k or more in repairs!

Anyway, it's interesting how these banks work. The first time I offered almost 5k more than the buyers who's offer they accepted. But since I wanted an inspection they rejected our offer. Makes me wonder if they know something I don't about the house? Though I know they are suppose to disclose things but I guess you never know.

I should know in 2-3 days as the bank was quick to respond last time so we'll see.

Well that is good to hear that you both feel it's the time of year. I imagine those looking to move would likely start thinking about it come spring or just as soon as the kids are out of school.

It just got me pondering it after reading a few threads about investors having a significant number of empty properties.

I'd love to hear some feedback on this topic. In this forum and another I'm on I'm starting to hear more and more investors say that they have more vacant units these days than previously.

So my question is where are the tenants? Are the folks that have gone through foreclosure moving in with family instead? Are renters choosing apartments over houses? Maybe they are moving out of the area instead?

I noticed here in MI/Ohio area there are a number of for rent signs and some have been there since summer! It's a little un-nerving to say the least especially since our plans are to invest and hold in property to rent. Granted Ohio and MI are both starts that are suffering significantly from lack of jobs, etc., and heaven help us if the Big 3 don't get their bail out loan.

Are any of you noticing a decline in tenants for your rental units? Is it any different than say a couple years ago or do you just see it as going in cycles or perhaps it's because of the time of year?

Thanks guys! We are very excited about it. We've been doing interior painting for 4 days now and I swear if I never have to paint again I won't miss it. I'm thoroughly exhausted. I realize from how sore I am that I have muscles where I never thought I had :mrgreen: I think it will take 2 more days and we'll be done with the painting.

I have an interesting story to tell you all....

The house next door I've noticed is empty and looks like it has been for a bit. So I did some detective work and found the owners, which is a home building company. I called them and asked them if the house was in their rental program or if it was on the market. The gal said she'd leave a message for the owner. Anyway, later in the day the owner calls me and said it was rented but the tenants recently moved and that they would consider selling the place. I asked what price they had in mind and he said he'd have to talk to his partner but probably 70k but open to offers. I bout choked LOL! The house is also a 2 bedroom/1 bath but is a little smaller than the one we have and isn't nearly in as good of shape. So I was surprised by what they may ask for it. But you know what...I planted the seed of interest and one never knows.