All Forum Posts by: Tom C

Keep in mind that if these are cheap rentals, your new tenants will fit right in.

Don,

I had a neighbor next to one of my rehabs that decided to walk away from their home sell me a bathroom vanity, mirror and lights for $30. The home was still in their name, foreclosure hadn't started yet and she needed the cash. Another neighbor down the street found out about it and tried to sell me all her kitchen cabinets. Would have been a great deal, but I am hoping to get this house once the bank takes it and puts it back on the market.

Kim,

Just a quick note. If you direct Leesa toward a $50K home, I would hope she would have enough equity after dumping a couple grand into it to cash out at 70% LTV without having to wait to pay down the principle. She should have plenty of equity at purchase if purchased correctly to pull $30K for another buy.

I can't say enough about my Section 8 office. They are great to work with and have help me with a lot of questions and issues. Getting around their crazy policies are another story. Seems to me that they should be able to tell a tenant how much they are willing to pay in rent before they come out and inspect the house and before the tenant puts in a move order with their old landlord. For some reason, they will not, which leaves the landlord and the tenant on hold until the inspector comes out and now the tenant just gave their current landlord a move order and may not have a place to live if the new landlord won't accept the lower then expected rent.

Tiara,

I have been thinking about also picking up a few of these homes in my area. There will always be a market for those $350 a month rentals. My only issue is the amount of time, drama and working in unsafe areas that have prevented me from grabbing a few of these homes. Now as Mike said, if you grab several, you can basically own the whole block and dictate your rents.

There would no way to even guess how much it would cost without knowing exactly where the splits are in your pipes to the individual units. If you have one main running up the wall and then splitting off in different directions once in the wall, they is will certainly cost much more then if you have several splits in the pipe once in the basement.

Most likely the 5.25 is with points. I am getting the same quote, but several points have been added.

If you have two parties arguing and disturbing the peace in one of your rentals to the point that your neighbors are being troubled. Then you would handle it just like any other disturbance. You will warn THEM and if it continues you will evict THEM. It doesn't matter to you who is responsible. That is not for you to decide. You are only providing a home to someone to live in. If either party is being threatened, they need to contact the police and get the TPO, Not you. You don't concern yourself with evicting someone, you don't have to. If one of the parties takes out a TPO against another, they are no longer allowed on the property. Not because you say so, because the courts say so. You don't enforce the TPO either. That is for law enforcement to take care of.

Out of all the domestics that I have handled, I don't think I have ever seen a landlord get involved. Don't make that mistake.

Also get to know your Section 8 case managers and build a relationship with them. Once they know that you are a good source of housing, they will be a invaluable resource for you. I have found that by emailing the case workers directly on your openings, they already know who which tenants will fit into your rates.

You can just run it on download, or save it and then go back to that location and run it then.