All Forum Posts by: Michael Potts

@Paul Welden That really helps a lot thank you! I may take you up on the offer for the HUD site. The realtor I am using is an investor and developer. He has used the loans before but I wanted outside info because he is making money on the deal and could tell me anything. He said 203Ks are easy and has used them a couple times. Everything I have read so far, it doesnt sound so easy. Thanks for the great advice.

Matthew Porcaro, thank you very much for the information. It does have me nervous that the bank I normally deal with does not do these types of loans. So finding one that has and is good at it is going to be tricky. 

Hello BP folks. I am thinking of buying a property with a 203K or Fanny Mae Homestyle loan. Does anyone have experience with these loans types and if so is the process as painful as I have been reading about? What are the pros and cons of going this route from a buyer perspective? Thanx for any and all info!!

I am the last person to really speak about being a landlord based on the fact that I am not one (here comes the but), But I would think that any person the has leveraged property for rent would have put CASH aside for vacancy or some other form of emergency. Seems to me that a lot of the threads that I am reading, things like, "thats not my problem they cant pay rent" and "its a business and not a charity" is misdirected frustration because they, the business owner, is either over leveraged or didnt plan properly to handle this type of situation. Not saying that anyone would have expected something like this but you would think that most landlords would be able to manage a two month vacancy or equivalent with renters not paying rent. By all means this money is still owed and due to the landlord but you would think it is something they can work out with the tenant. For personal savings they say three to six months of expenses saved in cash, and I have that, so I wouldnt expect much difference with a business.  

Hello all, I am new to investing and have yet to make a purchase. There is a home that is behind my current house that is one I have had my eye on for a long time to purchase as a rental. The home has been empty for a long time and I would like to inquire about buying it. First question is what is the easiest way to find out who owns the home when it is off market? Second question is what is the best approach to contacting the owner, one that has the best likelihood of a successful transaction? Any thoughts and insight would be very helpful. Thank you all for taking the time. 

R/ Michael