All Forum Posts by: Sam Wilson

"You're sitting on a goldmine trebek!"You still have what? 100k in equity in the property? Punt it. You can use that to set yourself up better on the next deal. It's going to take you an eternity to generate that in rental income- even if it did cash flow. Who cares about appreciation at this point. And who cares about $75 in negative CF per month?! You just made $150k or more on your first deal, paid off a bunch of debt and are not happy with the results? I'll take your version of a mistake everyday. Seriously. Just move on from it. Maybe the rents don't add up- but flipping this one is basic math.

We use county appraisal as a very rough guide for value. Sometimes it is high- sometimes it is low. Knowing your area is critical. I have a property right now the county appraisal site has for 99k. I'll be listing it for 119k. And I have also found that the sale/transaction history is not always ( ok rarely in TN) accurate. We bought a property one time using bed/bath data only to find the house had one less of each than appraisal showed. Oops. But that's the name of our game in the foreclosure business. We don't get to see inside all the time.

Here in Memphis, it seems that the restrictions on value of property makes this platform a no-go. The value of the property has to be 100k in order to qualify for a 75k loan, which is their minimum. I have no problem with the 75% LTV restriction. That just makes sense. However, we can buy 3 houses for 90k here in Memphis...nearly rent ready. Maybe 100k all in rehabbed and tenants in place. That, coupled with the fact that the application fee is $499 for any loan less than 250k makes me think they're just banking application fees and not getting a whole lot done. It will cost you $499 per application for them to say "yes or no". Maybe that is not the case. I'd love to hear a success story with someone using them for a rental.

I have not been through that, so I cannot say! All the best and let us know how it shakes out. I'd be very curious how this was resolved.

I know that is really dependent state to state. In TN, if the activity was "open and notorious" such as building a home over the parcel line, and it was done for 7 years or more (in TN), then the owner of the land previously now has no legal claim to it.  Getting lines redrawn I don't know about though.

Here's a good read:

http://www.moeland.com/adverse.htm