All Forum Posts by: Account Closed

 I did it at  www.mortgagecalculator.org with 1.179 property tax 

the ones I'm carrying currently are in Fayetteville NC, Philly and Houston. 

Hello.

I wanted to see every ones opinion on this? Who would do this and who would not? This is what the numbers look like for this C class neighborhood in CA. The reason I like it is because it would be paid off after 13 years. The reason I don't like it is that it is negative $32 a month if I don't property manage it. 

This is for 13 years

$80,000 purchase price

$10,000 down = $70,000

Rent $800

Payment $572 %4

Insurance $ 40

Water bill $ 40

Vacancy $ 40 or %5 of the rent

Repairs $80 or %10 of the rent

Property Management  $60

= -$32

Thanks Kristine,

Yes. I typically get full priced offers within a week or two.  Since it's December, I will wait until January to make any major price reductions.  I'm thinking sales price will end up being 155-160ish.  

Hello Kristen, this was my 2nd Hard Money Lender that I used. So I'm still new to the game. I used a Hard Money lender because I didn't have the capital and my debt to income ratio was off....so being a former banker and doing mortgages the traditional way for me was going to be very challenging so I opted to go with hard money lenders on my first few deals. When I build my capital up and increase my pool of private money I will just have more choices available to me when funding a deal. I am by no means an expert. I am just a seeker of information and enjoy the education I receive from groups like this. I saw so many bad posts about them while doing research I just wanted to share my experience. I said it was a little challenging in the beginning because I didn't understand some of their requirements. Honestly I had another deal that I was closing up on so I will also take responsibility on not being focused. I did also start off with a rep that didn't hold my hand as a new investor so that also added to my confusion.... but that was quickly resolved and then I had someone with me through every step of the way. So I appreciate them because I personally would not have been able to close the deal without them or my 1st Hard Money Lender. If you all know of other avenues of creative financing Please let me know.  I do not work for them or receive any discounts so I'm always looking for better deals!!! It's business not personal.

Aisha

Hello Kristen, this was my 2nd Hard Money Lender that I used. So I'm still new to the game. I used a Hard Money lender because I didn't have the capital and my debt to income ratio was off....so being a former banker and doing mortgages the traditional way for me was going to be very challenging so I opted to go with hard money lenders on my first few deals. When I build my capital up and increase my pool of private money I will just have more choices available to me when funding a deal. I am by no means an expert. I am just a seeker of information and enjoy the education I receive from groups like this. I saw so many bad posts about them while doing research I just wanted to share my experience. I said it was a little challenging in the beginning because I didn't understand some of their requirements. Honestly I had another deal that I was closing up on so I will also take responsibility on not being focused. I did also start off with a rep that didn't hold my hand as a new investor so that also added to my confusion.... but that was quickly resolved and then I had someone with me through every step of the way. So I appreciate them because I personally would not have been able to close the deal without them or my 1st Hard Money Lender. If you all know of other avenues of creative financing Please let me know.  I do not work for them or receive any discounts so I'm always looking for better deals!!! It's business not personal.

Aisha

 I see it now. since i am laser focused on only FULL AUTHORITIES. I guess the lesson here basically is that you can't determine until the court appoints the PR as full.. Even if she does become successful with the hardship claim, i dont think it would go from limited authority to full or can it? 

If what you say is true, having seen it (structurally sound and ARV price). I wouldn't worry about any of what you are saying. All three issues are overblown by lawyers. If it was so dangerous everyone you know would be dead. The only time I'd worry about asbestos is if you have an old octopus furnace or if it's on your pipes, that's it. As I don't want to remove those. Asbestos flooring? Just go over it. Lead is nothing if you take proper precautions. Ie - Don't scrap without lead masks and wear a tyvek suit. Once it is painted it is fine. Mold is 95% of the time No issue. Wear proper mask/suit and get rid of it.

Looks like a great house - I'd go for it if the ARV is right and you can get it for 40-50k.

Does it matter what it's called?  It says "subject to court approval" and I know Nothing about Cali probate proceedings, but that seems "limited" to me.