All Forum Posts by: Tom C

When I was a renter I lived in the basement of this duplex. I knew the landlord was coming in the back door of my apartment while I was gone. I found the door open several times. So I took a extension cord, and cut the one end off and spliced the wires, hooked one to the hand and grounded the other to the floor and plugged it in and left it that way for a few days. I don't know if it really worked, but I never found that back door open again.

Another problem I run into is that a bank will not loan less then 30K on a property and all of my purchases are less then 25K. So cash is the only way to purchase these homes.

Thanks Guys,

I actually really like this one. Really nice 6 inch hardwood trim throughout the house with oak hardwood floors in every room, but the kitchen. It has an excellent size kitchen with a dinning room. The neighborhood isn't the best, but I could live their and feel safe enough.

Here is a picture of one I am working on closing now. Right down the street from one of my other ones that just appraised at 64K It is a Fannie Mae. Since I have to pay all CC, I lowered my offer to 14K. Nice 3/ 1.5 with a 2 car garage. Again copper is gone. Listed price 29,9K, they countered my offer of 14,5 at 18K. Dealing with Fannie is a PITA!

Sure if you don't get caught. If you get caught, you and your agent can get in serious trouble. At least your agent will have to answer a lot of questions and you are going to have major problems.

Seriously, there are investors like me that just wait for investors like you to put your NOO property back on the market before your time is up. If you bid on a property during the OO period, then you are knocking investors out of that market. You are stuck in that house.

Lowest to date was my last deal.. 16K, 3/1.5 2 car garage $2,300 in rehab been rented for 6 months now for $600.00 per month. Picture below.

Working on other right now for 15K

[/img]

You won't see any of these problems in a HUD property report. If you notice almost all of them are generic and say the exact same thing. As far as your earnest money. The only way that I know you can get that back is if something in the house has changed since you won the bid. This is why I always do a final walk through right before closing, just to make sure someone didn't break in and trash the place..

Meaning that if something happens to the house, holes in the walls, someone throws a lit match in the back window, spray paint all over the outside of the house, use your imagination, between the time you won the bid and your final walk through before closing, you can get your earnest money back..

Here is another sign... Made an offer on a Fannie Mae last week that was listed for 29,9K. My offer was 14,5K. They countered in one day at 18K, I countered at 15K. They sent over new contracts and I noticed that I was responsible for ALL closing cost. I then added an addenum, that I wanted the purcahse price reduced by their amount of closing cost, which is around 1K. They sent over additional papework for me to sign. It looks like they are going to take my offer.

When has Fannie Mae ever countered in one day and has agreed to take a 50% lose? Auditor shows them taking the home back at 30K.

Still amazed they didn't throw my offer in trash.

It took me 2 months of papework and more paperwork and several adjustments on an appraisal to pull a 70% ltv. The property was seasoned for 5 months. It's do able, but takes time.

Jim,

Just wanted to follow up and say thanks for the advice, on and off line. Sometimes it is very hard to get rid of that backwoods mentality, especially after a drinks of Dewar's.. :)

Thanks again for the great advice. Still can't follow it, but it is great advice.

Thanks

I have had good experience with my S8 tenant. He is a single father, works and is responsible for the most part. There are things that I personally do not agree with about how he is getting free rents, but then has money for 3 cell phones and cable tv, but the system let's them get away with it and I am not going to change it. As long as I get paid and he takes good care of my house then I am satisfying my business requirement. I am in business to make money.