All Forum Posts by: Account Closed

Those types of photos were great "post-eviction therapy" for me, after evicting a disgusting (probably mentally ill) inherited tenant.  They helped me deal with the shock and reminded me that my new mess was nowhere near as bad as some people's messes, and then seeing how nicely those messes cleaned up gave me lots of good feelings about how nice my unit was going to look.  I guess a sort of reminder that many other successful landlords have gotten through this and I will too.

Plus its just great entertainment in a sick sort of way, hahaha... :)  

Sorry this is kind of a personal question, but how is the area around Slevin St & 27th, in Portland area of Louisville?. My grandma and mother grew up there, and when I remember it, it was a nice little hood. Now it looks pretty rough on streetview.  :(

I'm not taxed on the proceeds of the cash-out, correct?   Whereas I am taxed on the operating cash flow.  Thus, I don't consider the cash-out proceeds to be in the same "money bucket" as the monthly cash flow.    (and dont count it towards my ROR)

I know personally, I consider the cash-out money to be entirely "delicate seed money", so I push it right back into another cycle.  The operational cash flow I account for separately and may be a bit more prone to spending it. 

Either way though, even if you dont consider the cash-out proceeds to be true revenue, the numbers still look fantastic.  For any newbies considering this method, its a great way to get started!

I do BRRRR such that I cash out about 65% of the ARV, and that has always been more than my purchase+rehab+refi costs. I also pick the cash out amount so that it is more than my purchase+rehab AND I have enough cash flow to be comfortable managing it as a rental. The refi DOES cut into the cash flow amount, but it blows up the ROI. In fact I dont even know how to calculate ROI since I have "negative" money in the property! And I can keep doing it until I get to 10.

I am a bear of very little brain, but I am not sure if I agree that cashing out the forced equity is "cash flow" as someone explained, nor would I agree that you are buying "a business and not a property."  

Its a very slow process if you want the best financing (6 months to a year seasoning until you can cash out), truthfully it should be called "getting rich slowly!" 

Unfortunately there is almost never a "Mr Banker" to deal with. Most banks holding a REO property on their books act like a faceless bumbling entity that has no idea what its different hands are doing. The property exists on some spreadsheets somewhere deep inside an office park, and there's many different people with different pieces of the pie. Eventually they will have all the stamps and approvals or whatever to find an asset management company which finds subcontractors to eventually sell the property. How any given REO property will actually get sold is a mystery of the ages.

If you are very lucky, the bank in question is small, or has a "REO" department and hopefully a website with some REO listings that your property is listed on. Try googling the address and looking for a "REO" or "auction" webpage. Otherwise, you can try calling their corporate switchboard and asking for a REO department.

 Well it comes back to what your goal for marketing is. You are talking about marketing, but marketing WHAT? To WHOM?  From your profile it looks like you want to bird dog, so you'd be marketing for that service?   Or.. do you just want to get your feet wet in producing content and recruiting eyeballs on content?  They'd have different strategies and paths to success. If you dont know what your success looks like, you're just playing with action figures. 

You dont say what you'd be doing, so we can only assume..... Anyway AFAIK, you cant legally sign contracts yet, so you can't really do too much transactionally.... I'd just learn and soak up as much info as you can.. Drag parent/guardian to some local REIA meets, see if you can take some free/lower-cost courses at a community college, learn how to analyze deals, watch investment properties on the MLS and learn what areas do what (learning your market).. Set goals for yourself, etc. Good luck!

Can also try sticking a blank mailing label on the door and door frame, so it will be broken if the door is opened.  

However the banks are always declaring obviously vacant houses near me "occupied" and the telltale sign the bank knows its vacant is the shiny new no-name gold-colored locksets that will be keyed to one of several common "REO" keys

I use a VOIP wholesaler called Vitelity. I can pick my number and its quite cheap, I think about $2 per month per number and $0.001/minute, (but unlimited plans exist) and you can also use SMS, voicemail-to-email, call forwarding, and they have virtual fax and 800/888 numbers too.  You don't need to use the VOIP option (eg if you have a softphone), you can just forward all calls to your normal number. Its a wholesaler so you are expected to be a little tech savvy, but their tech support has been good to me. I'm not related to them in any way other than being a long time customer. 

So, clearing away some of the hoodoo of "fancy new technology" :

Basically a blockchain is just a public ledger of transactions, basically very similar in concept to the current "chain of title" we already use in the US...  Of course, it would be very useful to have counties standardize on common specifications for blockchain-recorded real property transactions, which would make title searching so much easier.. But unless the county is involved, I wouldn't see any need to get involved with it..

Bitcoins (and other "anonymous coins") are very neat, but absolutely fraught with fraud and theft. There's a lot of incredibly fascinating stories about the dark-net drug markets that were the initial heavy users of bitcoins either getting stolen from, hacked, or pulling "exit scams" where they just shut down and ran off with the "escrow" accounts.   I did actually invest in some bitcoins, but they were "lost" in the Mt Gox debacle.  All I have to show for that investment is occasional emails in Japanese from a Tokyo bankrupcty court.

I'd also like to warn anyone running around with money burning holes in their pocket to be very skeptical of "initial coin offerings"..  It can be fun to play with, but watch out. Its about as solid a market as penny stocks. 

Selling property via anonymous transactions is kind of odd, because in order to take title you have to give up your identity anyway. And as stated, bitcoins are considered property so you get double taxed if you try to convert them to cash after making profit on a real estate transaction. Plus, imagine you are a law enforcement person.. What is more suspicious to you, some guy selling his property on ebay for cash, or some guy cashing in a bunch of bitcoins after having sold his property to some mysterious foreign entity...