All Forum Posts by: Kim Rock

Anyone have such a thing? I need to refi one of my investments that is currently in an ARM... Since then I have purchased other property included my primary residence which I own with my husband. I want to keep the investment in my name only, however with our primary mortgage being both myself and my husband (and being a sizeable amount) I will not be approved to refi the investment on my own, but do not want to add my husbands name to it. So in other words, I need his income to qualify for the refi - but can't use it..

Wow okay I'm going to jump in here for a second...
I'm the realtor Leesa is referring to. No I'm not trying to take advantage of her because she is new, LOL.. I came across this property and thought it made some very good investment income, had recently been compeltely rehabbed so needs NO work, and is in an up and coming area so I wanted to pass it along to some of my clients who I know have interest in that sort of thing. I actually was considering buying it for myself at first, but right now I am stretched a little thin for down payment money and am in the process of buying my own primary residence and selling my old one - with all that going on, I can't afford to take the plunge on a new investment currently. The price is on the high side for the area, and they are asking more because they know the rental profit is good for it and because of the rehabbing. I don't agree w the price of it, and didnt say it's a good deal as it stands pricewise compared to others in the area. In general though, it has a ton of potential as far as income and lack of maintenance needed for a newbie. Taxes are correct, Phila taxes are very low.. They do not go up if it's non owner occupied so she doenst have to worry about that, the taxes are the taxes. Tenants pay all utilities, to answer that question as well. Lastly, Philadelphia's rental market is doing GREAT right now compared to other parts of the country. I am currently 100% occupied in all of my properties w/ very litte effort or advertising. I also said I don't feel hard money would be a good choice for this since it has the potential to be a long term hold. Hopefully that answers a lot of the questions people have had and shed some light on the situation.. Basically, Leesa is trying to get into investing but doesnt have the money to get into a convential loan currently. I am thinking for her personally that starting out w/ something very small (maybe a 50k Philadelphia house) would be a better way to go, use the rental incomes to pay off that house as quickly as possible and then use that equity to purchase more down the road. This one way big too big of a jump, but for the right person in the right situation it's really not a bad investment at all right now.

Didn't end up making an offer at all.. Ended up finding a different house all together that we like and are still negotiating the details on.

I work with wholesalers as an agent and you're not really in competition w each other.. As long as the seller agrees to the sale price - you enter into contract w/ the seller, assign it to someone else, put your fee on the HUD 1, and the seller and end buyer go to closing. It's really not that complicated.

Hey Scott,
I know I am a little delayed in replying to this thread, how did your first closing go? :) GL!

What is the asking is actually below market value? Still stick with 70% or adjust accordingly?

We are looking to buy a "starter home" to live in a few years, fix up and then either rent out or sell (depending on the market) and buy a bigger house when we are ready to start a family. We are looking at reo's so we can get a good deal, put some sweat equity into the house, etc. Found the following listing the other day:
The listing price is 175k - it was originally listed as high as 219k and has been on the market for about a year. the 175k price drop occured in the last week. Homes in that area that are nicer tend to sell for about 210-230k. This one is in much need of fixing up - it seems structurally okay but needs all the normal cosmetics along with a missing toilet and shower in one bathroom. What do you feel would be a good starting offer price based on the scenario?

Just curious if in the states that banks are currently in, if you called to say you had a buyer who coudlnt get financing, if the bank would approve the buyer to take over the current mortgage? Has anyone ever called the lender and told them they were going to do a subject-to loan and had the lender okay it? The seller I am buying from has his loan currently w/ wells fargo, if that helps you determine whether or not this is worth a shot to try?

Why dont you try finding an agent on this board who is in your area? I think you'll find most of the agents on here are also investors..

I would say only get it if youre going to be buying/selling more than 5 properties per year. (others or your own). I do invest, and did get my license to help make it worthwhile for me when I buy or sell on my own, but in order to make up for the prices you have to pay associated around the license itself it's best to have a few other deals than just your own, and market yourself as both a realtor and investor.