All Forum Posts by: Tom C

I have tried tile paint in a shower that is sold at Home Depot. It works great for the sides and ceiling, but any place that gets foot traffic wore off.. I would not use it for a floor. You will be just wasting your money.

Well I am a little worried.. I just started a rehab project on a new rental that I picked up this month and the other day I was fixing the plumbing. This was a total mess. The homes been empty for almost 2 years and all of the water lines are steel. When I turned on the main, all of the dried dirt insides the lines clogged every shut off valve in the house. Which meant that I had to replace all of the shut off's and faucets.

So while I was running up and down the stairs from the upstairs bathroom to the basement turning the water on and off, priming each line, I must have twisted my knee and tore some ligaments, because it has hurt since last Saturday morning and swelled up yesterday, after I worked on my knees the night before, oh and it hurts like hell. I've tried to ignore it and continue working on the house, which I think has made it worse.

I can't afford any down time on this house. We are going on a weekend long vacation next month and that will only prolong this rehab. Not sure what to do at this point. There is not enough money in the budget to sub the work out and if I go to the DR, I am afraid of what he is going to say. I would like to at least work through the pain and get this done and worry about the consequences later, but I don't know enough about knee injuries to understand what kind of damage I could cause.

My wife is a nurse, so of course I can't trust her opinion.. :) I need some diehard rehabbers advice as to what you would do in this situation?

BTW: I think it is a MCL tear due to the location of the swelling.

Mills it's been 7 days, by time you get everyones approval on this board you are going to lose this deal..

Like mom always said Shi^ or get off the pot!!

Mike makes some great points. The only reason I haven't gotten into Duplex's is that they generate the same income as a SFR with twice the headaches and I see no point in that.

When you're talking about 3 and 4 unit properties, then you are going to pay more for it and everything associated with it cost more, taxes, insurance, maintenance, loan rates, which then requires better cash flow.

I haven't found a multifamily property yet, that will provide better cash flow then a SFR after figuring in all of the expenses related to those properties. Keep in mind I have looked at duplexes for 25 and 30K, but the rents are around 300 to 350 per unit and it takes twice as much in rehab cost, twice as long and now you have 2 Pita's you have to deal with for the same profit.

Not that I am opposed to multifamily. I just haven't found one that works yet.

Better check those taxes again.. Also, if you have 4 people already wanting to rent it. Sounds like you can up the rent.

Give Dave a call. He is experinced with investors and local.

Dave DiBello
330.722.2535 Office

If what you are willing to offer is a borderline 'good deal' and you don't have a real warm and fuzzy feeling about it, offer 5K less then that . You would be shocked at what kind of deals you can get right now.

Not sure if you read my last deal a couple of weeks ago, but it was a Fannie Mae home listed for 29,9K.. I looked at it and told my agent to offer 14K. Never thought they would come back. 1 day later they came back with 18K, I countered at 15K, then sent over their contract. I noticed that I was responsible for all CC, then I lowered my offer back to 14K and all CC. They took it.

The sad part is that I really didn't care if I got the place or not.

Keep looking and don't be afraid to make ridiculously low offers. Just be ready to make one.

Good luck

Freddie Mac recently announced guideline changes that will greatly affect residential real estate investors.
Beginning August 1st, 2008 the following changes will go into effect:

A borrower may not have more than four financed 1-4 unit properties, including the subject property.
For cash out refinances the borrower must own the property for at least six months prior to refinancing.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll042208.pdf.

Rein USA..

Basically, if your lenders conforms or sells their loans to Freddie or Fannie you may need to find a new lender.

You bet.. If you have the cash, make an offer with earnest money.. You can always pull that cash out later.

troyce1,

How many days went by from the time that you saw the property and thought about buying it, to now?