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All Forum Posts by: Kyle Karges

Kyle Karges has started 3 posts and replied 57 times.

Post: Will I qualify as a first time buyer?

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Ryan Dossey He might have never ran your credit but he is probably reporting it to the credit agencies. Your new lender will look for any debt. But that's not horrible since you will have the income to offset it plus some...hopefully. You can qualify for one FHA loan at a time. Many people think it has to really be your first home and that is not the case. In summary, as long as your income, credit and debt ratio support it you can qualify.

Post: What are my options?

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

Ask the lady for their number.  It is way to early to tell if its a potential deal.  You can run the numbers already so you know what you would have to get buy it form her for.  But I'd call and find verify the amount owed and explain that you would like to buy it and see if you can work the short sale.

Post: Investing in Phoenix or surrounding?

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Jeff Zamora You can definitely still find something but if your just visiting it might be tough.  It has definitely gotten tougher.  Are you looking to buy with a specific strategy in mind or just cash?

Post: Leverage

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Eric Taylor My favorite way is to refinance the property and pull out equity.  Granted this more easily works in an upward market and you need to control your monthly cash flow.  Always compare how much of a return does the money make now vs in other options.  My last piece of advise is to always have a minimum cash flow on a property you are not willing to go less then.  You need wiggle room for changes in market rent.

Post: Seller Financing structure

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Johnny Wehmann 

I would try to tie up with as little money as possible and make sure there is a no prepayment penalty.  That way you can't lose because you can pay that amount whenever you want and when the timing is right for you.  With the rent of both payments still being less than the going rent, if you ever get into a bind you could rent it out.  Of course assuming you make sure you have the option to lease during the 3 years.  Hope that helps.

Post: Would this be a good idea for a beginner?

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Tamela Shannon I'm assuming you mean "use" a property management company when you say partner? There is nothing wrong with buying a foreclosure auction house and using a property management company with the first one.  

Whether to use a property management company is separate and is based on your talents and needs.

Foreclosure auction is just one of many places to find a property.  I would suggest learning as much as you can about the process by talking to other investors that have done it, especially in your area.  Then know your bottom line and stick to it, know when you hit your max.  Good luck!

Post: What do I do if I've seen the property, know the history, and have access to it?

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Angela Fielder 

Anyone can sell.  It just depends on their situation and getting divorced alone can be one of those situations.  I wouldn't worry too much about finding a buyer.  If you find a good deal you can find a buyer.  You can always go to your local Real Estate Investors Association and there will be plenty.  You will have to talk to people though.  You just need to continue pushing with the property.  Find out where it's at...if it's going toward foreclosure.  If it is you might be able to do a short sale.  Hopefully that helps.

Post: Wake up call.

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

@Alex Santini I would use a few tools to get a quick general idea of the market value of the property and rent.  Even though it might not be exact you can get a decent idea if the numbers will work for you.  Then I would contact your title company and many can offer to give you an idea of what it is worth and since you are going to use them when you sell the property you are not wasting their time.  Hope that helps.

Post: What to say to Absentee Owners

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

 I always ask myself what value can I bring to the table? What problem am I solving? Whatever the answer is ...quick sale, selling without them having to do repairs, etc... Is where you make your money. Ask them to find out what they need and if there is nothing you can give them of value then you will run into that exact problem. That is at least what I have learned from my experience. Good luck. 

Post: Newbie from Cambridge MA

Kyle Karges
Posted
  • Investor
  • Gilbert, AZ
  • Posts 59
  • Votes 11

Welcome! I have found lots of value here and hope you do too. Good luck!

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