All Forum Posts by: Scott Carder
Scott Carder has started 5 posts and replied 156 times.
A checking account. A reserve may be needed at a moments notice, so it OK to have zero return on it IMO. Its also not really much money in the big scheme of things.
Post: New House, Broken Sewer Line, Legal Problem, What to do ?
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Main problem is the cost to pursue it may be equal to or greater than the fix. If its just one spot a plumber can dig it up and repair it for a grand. If its a total line that's a different story.
Post: Using HELOC to Make "Cash" Purchase of Rental
- Investor
- Owasso, OK
- Posts 166
- Votes 90
The danger is you stated you needed the rental income to pay the HELOC. What if a tenant trashes the place and doesn't pay? I don't mind borrowing to buy a rental, but I sleep good at night knowing my personal place is free and clear.
Post: Talking about contract terms when planning to assign the contract
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Originally posted by @Andrea Tapp:
How do you share information with your sellers when you are planning to assign a contract to another buyer? Do you disclose to your sellers that you are going to be selling the home immediately to another investor and ask them if you can show their home? We have 2 homes currently under contract and some of our buyers are asking to look at the homes and our sellers are questioning if we are reevaluating the deal? I informed the sellers while signing the contract that we would like access to the home before closing to bring in some contractors and also to bring in some other investing partners to look at the house. They agreed at that time that would be okay. But now they are questioning what we are doing?
So main question... How do you talk with your sellers in the very beginning about showing their home to other investors before closing?
Thank you!
It sounds as if they were not explained the situation. They assume you are the buyer.
Post: landlording nightmare
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Could you market it as a turnkey to an out of towner?
Kidding. I would let it go. Sorry.
Post: Do handwritten "I buy houses" signs actually work?
- Investor
- Owasso, OK
- Posts 166
- Votes 90
And the trash left behind.
Post: How do I handle HOA fees and rental cost
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Originally posted by @Lamont A.:
I'm in talks to purchase a townhome as an investment to be used as a rental. This complex have an $218 HOA fee that includes water, sewer, cable, lawn care, Ext. insurance. So what is the best way to structure this? I know I want to get at least $750 for rent, this alone will me a $200 cash flow without considering the HOA..
Do I just add the $218 on top or my desired rent?
Any suggestions
What are other similar units renting for? I would see what others are doing BEFORE you close the deal. It could be they only rent for 750 with those fees paid by landlord. I don't want to see someone stuck in a bad deal. Good luck!
Post: Thoughts on real estate agents carrying firearms...
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Originally posted by @Adam L.:
Originally posted by @John Thedford:
LOL..many great responses. I like the one from other investors saying that if the neighborhood is too dangerous for your comfort..sell your property to them! Motivated are we??:) I wanted to show a little gadget. It appears to be a Maglite flashlight. It doesn't work as a flashlight, but instead holds and shoots a .410 shotgun shell. If all else fails, hit the attacker with it:)
Disclaimer: no legal advice given. This item may or may not be legal in your state.
Ha ha. I can pretty much promise it is NOT legal in anyone's state.
I think it probably is legal in at least half the states. I remember my dad having an "ink pen" that could shoot .22 He picked it up at a local gun show.
Post: Treadmill shaking house and making noise
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Originally posted by @Mike Cumbie:
Wait 2 weeks and the problem will work itself out....
haha so true.
Post: Do I have to tell my bank that I get a loan for an investment?
- Investor
- Owasso, OK
- Posts 166
- Votes 90
Depends if your comfortable committing loan fraud. Maybe share a cell with the new jersey reality show people.