All Forum Posts by: Drew Denham

Larry T. Thanks Larry, I was just told by some investors not to go older than 1950. I have two houses now - 1970 &1960 so I'm just trying to ask the right questions! Thx for the response

Roy N. what do you mean by the phrasing of my question???

Ben Leybovich what do you mean by the phrasing of my question???

HI all,

I found a multifamily foreclosure for $12,900 in my hometown in a B/C area. The house was built in the 1900's and i'm a bit leary of potentially buying a house that old. Thoughts?

What should I be looking out for?

So I found a foreclosure in my hometown - 30 days on the market - asking price 65k - Arv 100-110 rents about 950 per month but I don't have the down payment for it. My sister will loan me 35k cash but I doubt that will do it. What's different about this house is that it's on a neighbor city's MLS. This is the way I bought My first house and I was essentially bidding against myself. IDE like to make a low ball bid but I don't A) have the down payment for 55-65k (Fannie doesn't let you take a A "gift" from a family member on an invesemt and B) in don't think 35k will work as of yet. 401k loan isn't an option because I recently changed companies and rolled everything within Edward jones. Any ideas of where I could get cash ?

The rule doesn't apply everywhere... I learned that very quickly... In areas where the competition is high the 70% rule goes out the window. I'm in Grand Rapids Michigan and they are saying this place is the next Chicago. Properties are gone in 2 days so you better be ready to move quick. At this point, I'm not comfortable making a quick decion like that so I'm looking at other cities in Michigan to invest. Get to know your market. If you don't like it look else's where. Cash talk but make sure you do your due diligence before any offer. Good luck !

How do you know when not to over leverage yourself in mortgages? The buy and hold doesn't allow U to retire early, correct? I've kind of always liked Thad (flip this house tv show) where he would keep flipping until he could buy a rental outright. ThoughtCory Binsfield r Thanks. How do I get the down payments? I have one rental in a A- area 8 yrs left on the mortgage and it's a wash w payment and rent. I really don't want to pull the equity out but I project I can save 15k in 10 months. What's your strategy for having a down payment?

How do you know when not to over leverage yourself in mortgages? The buy and hold doesn't allow U to retire early, correct? I've kind of always liked Thad (flip this house tv show) where he would keep flipping until he could buy a rental outright. Thoughts ?

Bought a house listed for 39,900 and closed for 10k Don't be afraid to offer low'! If your realtor pushes you back find another one.

'Gautam Venkatesan Thank you! How do I find out what that amount is? Ask the realtor?