All Forum Posts by: Minna Reid

Do you check with every town or just put them up and hope for the best? What's the worst that can happen, they'll take them down? Maybe I'll get a small fine?
Besides busy roads, what are other good places to post these?

With 14%, 4-6 points? I have good credit (over 700) good income, 60k liquid and the deals I'm looking at are under 200k. This is the best rate I've found with an HML in my area. I can go traditional with a halfway in shape property but my understanding is that if it's not inhabitable, I need an HML. Right?

So after doing my homework, placing ads,etc, I finally got a call from a lady in foreclosure. I have the comps at 230-250, she says she needs 160 to get out of the mortgage, and wants some cash to start over. She says all the house needs is a couple of new garage doors. I am going to see the place this wednesday morning and would like to make an offer on the spot assuming there really is no significant work the house needs that would kill the deal. In my mind I've maxed it out at 180 minus any work. We discussed some rough numbers and she's open to it. So now what? I go with a contract (with an inspection contingency), and just ask for the deal? If she does go for it, do I need to give her a deposit? Does that go directly to her, or does it go in some escrow fund or what? I can enlist the help of a realtor with the contract, in exhange for letting the realtor sell the property later. Or should I just ask my lawyer for his help instead? Am I missing something? please help - despite lots of offers this would be my first deal and I don't want to shoot myself in the foot.

For example I'm making an offer of 84 k on a property with an ARV of 170, my rehab will be about 23k. Thats comfortable on a 65%. But in my own mind I'd like to be able to go to 105 - 110, because there's still almost 40k left. I have about half of the cash in pocket so my holdover isn't too high. I may go with a realtor to market it just so it'll sell faster, and then I spend less on holdover. So 10 k on holdover, 10k on realtors to sell fast...and then I'm down to 20k profit....and guess what? wow - I just talked myself out wanting to go to 75%. Maybe that 65% is pretty reasonable after all.

I could see 65% being a good rule of thumb, but doesn't value of the property come into play as well? If I'm looking at pricier properties (say over 175k ARV), my thought is to allow going up to 75% max acquisition + rehab. Do you consider that too high?

I have about 7k of credit card space, and I have steady income which leaves me with about 2k free a month. I'm also cashing an old profit sharing and I have a large tax return next year which gets me to about another 10k, but not til January or so, and I'm ready now. My original intention was to wait...but i've been waiting long enough...it's time to act. Do you think I should grab another credit card (the offers are endless and I get great rates with my credit) or maybe grab a HELOC?

Hello all- I am somewhat of a newbie and have MANY questions (I'll try to stick to the most urgent. First though - my position is this: I currently have a high paying day job, great credit, and I own my own home (fixer upper) which I happened to run into just before it went to auction, got a good deal (or so I think) and though I've only been in it for a few months, I have some equity in it. I intend to hold onto this house for awhile til I finish up remodeling and then sell in the next year or two. I also own my previous home - a condo which I rent (I just brek even, but am not in a good equity position to sell, I have good renters in it and I believe it's a good piece to hold onto anyway).
Meanwhile - What I'd like to right now is find a good piece of rehab property to flip or rent. I have a lawyer I trust, and a great network of contractors, and am very handy myself.
So onto my questions:
1. Financing - It seems my best bet is a hard money loan as I have almost no cash to begin with? Would that be right? I have good credit and can refi several months into the project.
2. What's the best way to find rehab property? I know a sharp realtor, but I have not asked her what her expertise is with investment properties, or whether I should even enlist her help here, if there are better avenues?
Sorry if these are dumb questions, but I'm starting out and don't really have a clue. Any advice is greatly appreciated-

Hello all- I am somewhat of a newbie and have MANY questions (I'll try to stick to the most urgent. First though - my position is this: I currently have a high paying day job, great credit, and I own my own home (fixer upper) which I happened to run into just before it went to auction, got a good deal (or so I think) and though I've only been in it for a few months, I have some equity in it. I intend to hold onto this house for awhile til I finish up remodeling and then sell in the next year or two. I also own my previous home - a condo which I rent (I just brek even, but am not in a good equity position to sell, I have good renters in it and I believe it's a good piece to hold onto anyway).
Meanwhile - What I'd like to right now is find a good piece of rehab property to flip or rent. I have a lawyer I trust, and a great network of contractors, and am very handy myself.
So onto my questions:
1. Financing - It seems my best bet is a hard money loan as I have almost no cash to begin with? Would that be right? I have good credit and can refi several months into the project.
2. What's the best way to find rehab property? I know a sharp realtor, but I have not asked her what her expertise is with investment properties, or whether I should even enlist her help here, if there are better avenues?
Sorry if these are dumb questions, but I'm starting out and don't really have a clue. Any advice is greatly appreciated-