All Forum Posts by: Tom C

Curt,

That doesn't make sense, because the bank will still go off the appraisal or purchase value. Not your ARV. I hope you are right and good luck.

No seasoning issues?

I concur with Josh and Mike on this. You cannot be a control freak in this business. It was very hard for me to learn that at first.

Great way to make first impressions Howard..

Kel,

Just for the future, a 4 bed will move quicker then a 3 bed and you are more likely to keep the tenant. Although be prepaired to deal with kids and the problems they cause.

Steve,

Your total cost is estimated to be $41K, not $35K. This is the number you use to decide if it's a good deal. Even at $41K I would do the deal, if you are sure about those rents and the area. I can pick up duplexs at that price all day in my area, but the area sucks and rents are closer to $300 to $350 a month.

Any PR is good PR. What a way to promote a name!

Hassan,

Good luck.

You said a friend asked you for advice and it sounds like you have a good game plan, but have you actually invested before or is this your first try?

"You can tell that things have gotten to an INSANE level when the poorest in our society live in their Section 8 (or government) houses and spend their days watching their big screen TVs and talking on their cell phones. IT MAKES ME SICK!"

Mike,

I understand exactly how you feel. Over the summer I did a rehab on a new house. I worked every night after my full time job and every weekend. To get to the house I had to drive through the "bad" parts of town and every day I would watch these good for nothing bums sit on their front porch drinking beer and do nothing. The kids didn't go to school and it seemed like no one ever went to work.

Here we are, my wife and I working full time, then working after work on rehabbing, just trying to make a living, all while these bums sit on their ***'s and take our tax money every day. By time I finished with that house, I was sick. Sick of seeing this every day and sick of working our butt's off while they steal our money legally.

Good deal Curt.. What's your exit plan as far as refi out of the HML?

Just an update.. 2 of my rentals went vacant on 12/31 and I have deposits on both already for mid month move in's. I started advertising both homes in the middle of Dec on craigslist and a sign in the front yard. The only real industry in my area now is health care and both of these homes happen to be near 2 hospitals. Location is key during down times.