All Forum Posts by: Rob Anderson

A good Real Estate Agent should be able to point out most of the problems that you listed prior to inspection. If all these things were a surprise to you when the inspection came back i have to question your attention to detail and understanding of what your buying prior to inspection. Either learn what to look for on your own, or hire someone to do it for you. Either way, i agree with the comments above. Dont look at this as a loss. You simply invested in your education which is never a bad thing. Keep on keepin on!!! 

Is there anybody that sues the tenant after the fact for loss of revenue, damages, ect. If there net worth was 10k I would spend 20k just to take it from them on principle. Anybody have any good landlord redemption stories? not trying to highjack thread, this stuff just boils my blood. I wish you the best.  

Sarah I am sorry to hear this is happening to you. Slow down, take a step back, and don't make any decisions on your own. Consult your advisors and let the situation play out. 

In the mean time LISTEN TO @Jon Holdman , @Sarah Jones , @k. 

@Account Closed they are VERY knowledgeable and there advise has been exactly what you should be doing. 

On a side note: There is an old say that says "A smart man learns from his mistakes, but a wise man learns from the mistakes of others." Im logging off and calling my insurance agent!!

Is Stevens award for BP's most vague post or profile complete? No but seriously... welcome to BP. Be more specific. 

If you have finances in order and double close its legal. If you sell contracts you better be familiar with your state laws. 

On a side note it is getting more and more common to see agents with a property that has a lot of interest to deny HML docs as POF. Even more so if you have transactional lending spelled out in the terms of your HML.

NOT LEGAL ADVISE

Wow. I want to see the kind of rats you would find in a place like that. The person/people that lived there must be in terrible health after being in a place like that for so many years. 

Sourced from ehow.com: The ammonia smell that results from the urine in the cat litter can be toxic if the concentration is high enough. Among other things, prolonged exposure to the smell of ammonia from cat litter can cause coughing, nausea, irritated lung membranes, eye irritation and abnormally high heart rate. Certain bacteria that live in a cat's feces can also be particularly damaging.

Find a local REI group, Read books, Learn the lingo, meet local investors and help them with general labor in exchange for experience, read more books, familiarize yourself with market trends and prices, keep saving up. No one can answer this question for you (thats why no one has). There are an abundant amount of ways to make money in RE. All of them have different levels of knowledge, time, and finance requirements. Learn what they are and what you want out of RE and you will be able to answer this question yourself. Sorry, i know you wanted a clear cut short answer but there isnt one.

Larry, Nice to see another REI from Illinois. What makes you say that you would Definitely need PM or HM to start? Private money and Hard money are good options but probably not the best options for a brand new investor. Do you have any well to do friends or family members that would invest with you? If not you may have a hard time finding money without a bit of a track record or quite a bit of skin in the game. Usually until you get to 4 or more properties its not to hard to get a conventional loan. Just some thoughts. Good luck and keep us up to date.

Kenneth, you are correct grounded manufactured homes offer very good cashflow potential. However, if they are pre 1976 they can be hard to buy because of a lack of mortgage options, even if you can pay cash keep in mind your exit strategy because your target market may not have that luxury when you go to sell. They also offer very little in expected appreciation, renter demographic is not ideal, and don't offer as much tax benefits as RE. All in All I say its not better not worse just different. Do your homework, find out what you want to accomplish with purchasing and see what fits in with your goals the best. Hope this helps.