All Forum Posts by: Michael Hicks

Can't win them all.  Hats off on the creativity.  There's always another deal.

Great site but the information was not accurate in 3 of the 4 homes I searched.  It did give the correct names on all of the properties I checked but only one phone number of the 4 was correct which happened to be my grandmothers.  Only one who hasn't done away with her home phone.  Still a great tool.  Someone else referred to the tax records.  That is usually my go to for locating owners.  The tax page usually has a lot of other good information as well.  When the current owner took possession, assessed values, etc.  I have looked up properties in the past, driven to their home, and left notes.  Some never to be heard from again and some reply months later when the mood hits them.  Some so long after that it took me a minute to figure out what they were talking about.  Good luck.  Mike

A lot of times it is easier to pull off the trim, put extenders on the receptacle boxes, and hang 1/4" drywall of spots such as these providing you are not just covering up a problem but rather taking care of a cosmetic issue.  I have done this more with ceilings than anything due to cutting down on the mess but the concept works both ways.  Hope this helps.  Best of Luck, Mike

This is correct.  I have placed the highest bid (won the auction) before but of course it says subject to bank approval.  They called and asked for my highest and best which I told them I was sticking with my bid.  After a week and a half they called and informed me the bid was rejected.  The property has been back through the process about 6 times.  I gave what I felt like was a fair offer based on condition.  I went to one of their live auctions in Chattanooga and they started the bids out low but bid against you until the price was to their reserve...which was too high 95% of the time.  I believe there was one property sold of the 15 available on the particular day I went.   

@Chris Soignier, great input. I'm leaning to building 6 unit buildings. I would like to move all of my SFR's and have my rentals in one spot. We will see what happens. Thanks for the reply

@Keith Baird, The demand for affordable units in my area is great.  I usually have units filled in a week or less.  Thanks for the reply

@Steve Vaughan, Definitely a buy and hold.  

I have a piece of property with that has already been divided, utilities in place, and ready to build. I hope to start construction by mid May. The property is zoned R-3 which in my area allows for up to 6 units per lot. I am leaning toward building 4 6 unit buildings on the property. I know by building over 4 units it takes away future FHA buyers and moves me from residential to commercial in the eyes of the lender. What advantages/ disadvantages are there to building 4 or 6 units other than the obvious additional number of units, land cost per unit. I have not owned any rentals bigger than a duplex. Are there tax advantages to 4 vs 6, insurance costs 4 vs 6, and anything else you can think of. The buildings will be built ranch style, basically a duplex doubled or tripled/ mirrored to increase the number of units. Any suggestions are appreciated.

@Dashon Jones, hats off to you for getting started.  That's the hardest part.  So credit cards are risky...what in this business doesn't carry risk.  If you are creative enough to make the credit card deals work then you should have no problem creating some owner finance deals.

 I like that.  I tell people there is a reason banks hand out "suckers."  Sometimes they're even called "dum dums"