All Forum Posts by: Tom C

Well if the planets are in line, I will be making another offer tomorrow and again another REO.

Wish me luck.. This is going to be a 12K flip total rehab, worse case 25K with ARV of 70K.

Owners Wells Fargo... Should be interesting.

BMR,

I can't believe this is correct. Although, my CPA is not finished with my tax return, so I could be in for a big surprise. If I am driving my truck for business purposes, whether I am going to a rehab or rented rental property, those miles have to be deductable.

I would pick the property that will give you the best LTV. This will allow for a better rate and terms

I also know a landlord who disconnected the thermostat's in each apartment and hooked up new ones in the basement. He then set each one at a set temp and just let the tenants believe that they had control over the temp of their apartment.

Attorney review? What is that for and how much is that costing you?

Your first deal sounds good, your second deal I wouldn't touch. 60K for a SFR rental property @ hopefully $900 per month sounds pretty risky.

Brian,

I have found that you need to find a good hungry agent and use them to show you the properties. I would not rely on an agent to find my deals, many of them don't understand nor want to put the time into finding those perfect deals. Most will only give you the homes you request from the MLS based on the query you ask them to run. They will not take the time to run comps or check county records to review a deal before sending it to you. I find all my deals and then call my agent to open the door to let me in. If I want it, she writes up the contract and makes her $500 bucks.

My last REO, I paid no closing cost. The bank paid everything and I didn't even ask for it.

Loki,

I am familar with Sec 8, one of my tenants is currently on it. I did find one program that assist property investors with rehab expense for low income rentals. (Section 533 Housing Preservation Grant Program) I am now trying to obtain more information as to how to apply for these funds through my state.

Loki.. thanks for the info.. Have you been successful at obtaining any of this money yet?

Welcome Neighbor..