All Forum Posts by: Tom C

Also, you will need to let it season if you want to use the repair value. Othewise the loan will based off your purchase price. I am being told that most banks have gone to 1 year seasoning on the title now. Just 2 weeks ago it was 6 months.

Talk about a thread from the past.. It's scary how much we learn in a year.

I love the hunt.. And of course hoping to be able to get out of this cube and work for myself full time.

Explain yourself Daniel..

Under 20K for a SFR
Maximum rehab 5K
Maximum rehab time 2 months (Part-Time)
Must have 25 to 30K in equity ARV
Must obtain $550 + in rents. Any close to total investment at or above 25K must produce rents at $600 or above.
Area must be safe for wife and daughter to work.

You can apply the same to multifamily per unit as well.

All the ones I have purchased or even seen for that matter have been cleaned out and winterized by the bank.

Mark, Same in my town.. All of the slum lords pay water and trash to get around the dwelling permit issue.

Sons of Anarchy (Great Show)
Ghost Hunters
Grays Anatomy
Lou Dobbs CNN
The Ultimate Fighter
Tony Bourdain, No Reservations
Andrew Zimmern, Bizarre Foods
Lots of History Channel

You will be real lucky to break even for the year by time you look at your expenses with that kind of rent. If you can sell it quick I would. You need $550 to $600 per month rents to make this worth your trouble.

Jason,

The other part about my area is that we have several big apartment buildings and when you drive by during the summer, you can clearly see ripped screens with curtains hanging outside the windows. Some of these places are a real mess. I want to know how they get away with it, if one of my SFR's looked like this I would have the Health Dept all over me.